[W]ith self-biting candor, I must acknowledge an undeniably deeper flaw in my scholarship. My goal was to capture the minds, if not hearts, of real world decision-makers in my field…. This proved, alas, to be the deepest debacle of my life as a professor. My labor law articles sank like whale excrement in the seas of jurisprudence, and the most I’ve ever mustered is a solitary citation by a state court judge.
This weekend, I had the unenviable task of going on Fox News and “defending” Detroit. I wasn’t sure what I was supposed to be defending: poor city government, white flight, crumbling infrastructure… the best thing anybody can say about Detroit right now is that Miguel Cabrera is still sober. My solution was to sell Detroit to Canada. Our neighbors to the north seem to do a better job of providing civic services in a business-friendly environment without the kind of gridlock and recriminations that dominate every “solution” ever offered to Detroit’s long-standing problems.
Understand, this is a city that can’t even file for bankruptcy without getting dragged into legal quicksand. Former Jones Day partner Kevyn Orr was named Detroit’s emergency financial manager just four months ago. Evidently, it doesn’t take long to look at Detroit’s books and cry uncle, but now a judge is trying to block Orr and the city from restoring financial sense.
Don’t worry, as usual there will be people making money in Detroit. It just won’t be the people who actually live there…
Despite the problems and challenges facing large law firms, making partner at a Biglaw firm remains a big deal. As an old friend told me a few years ago, comparing his pre- and post-partnership existences, “My life has been transformed. I feel like I’ve been let into a special club. Overnight, the same people treat me in completely different ways.”
My friend isn’t the only partner who feels like he got kissed by a princess and turned from a frog into a prince. Others recognize the transformative power of making partner as well. In the words of our very own Anonymous Partner, “You now occupy a new professional status, and the nature of making partner is such that no matter how badly you screw up the rest of your life, you have accomplished something very rare. It is a life milestone, on par with getting married or winning the lottery in terms of its immediate alteration of your identity.”
Comparing making partner to winning the lottery is apt: many lottery winners don’t live happily ever after (as brilliantly captured by this Onion article, Powerball Winners Already Divorced, Bankrupt). A fascinating new piece in The New Republic goes behind the scenes at one major law firm and shows that being a Biglaw partner in the twenty-first century isn’t all peaches and cream. In fact, aspects of being a partner sound as appealing as rotten fruit (and this isn’t just sour grapes)….
As if the Rodney Dangerfields of the professional world weren’t reviled enough, Americans have stepped forward to slap lawyers in the face yet again. Please, take your law degree and wipe your ass with it, because in the court of public opinion, you’ve contributed nothing to society…
This means that if I picked my outside counsel randomly, I’d be disappointed 19 times out of 20. I don’t like those odds, so I don’t pick outside counsel randomly.
And if I picked my outside counsel based on which outside lawyers told me that they personally think they’re great, I’d still be disappointed 19 times out of 20. I still don’t like those odds.
I don’t know if other inside counsel view things the same way I do. But, if they do, it makes business development awfully tricky. If there’s nothing you can say or do to cause me to hire you, what forms of business development might work?
Overcapacity. The Biglaw word du jour. Too many lawyers working in Biglaw to meet demand. Or is it too many lawyers in Biglaw to foist on that subset of clients still willing to pay those rates that guarantee profits-per-partner increases? Either way, the word is out. Biglaw is suffering from overcapacity. Something must be done.
Some firms will undoubtedly send out the message that every single one of their lawyers is in great demand. Debate among yourselves whether or not these firms are “stealth layoff” candidates.
Other firms have already taken action (e.g., Weil Gotshal) — sweeping, public action. Hopefully they did not enjoy what they were “forced” to do too much. The first cut is the hardest, as they say, and who can say that one of these firms won’t decide to wield the layoff katana like a sake-infused samurai?
Some say that San Diego has the best weather in the continental United States. But it seems that the climate there might be less than hospitable for large law firms.
Last year, Baker & McKenzie closed its office in San Diego, finding the metropolis didn’t live up to its nickname of “America’s finest city.” And now we have news of another Biglaw firm shutting down its S.D. outpost.
It’s not on the scale of the massive Weil layoffs, but the closing could cause a significant number of lawyers and staff to lose their jobs. Here are the details….
Alas, the nickname is less funny in the wake of yesterday’s big layoff news. The firm announced it will be cutting 60 associates and 110 staffers from the payroll. Despite the generous six-month severance for associates, some probably feel like their legal careers have been mangled. The firm also plans to reduce the compensation of about 10 percent of its partners (roughly 30 out of 300, some income and some equity partners).
Let’s take a closer look at the layoffs and try to make sense of them….
The official NALP numbers are out for the class of 2012, and they stink. We’ve known for a while that they were going to stink, but the final numbers stink slightly more than we thought they were going to stink.
While we had been hoping that entry-level hiring would be slightly up for the class of 2012 over the class of 2011, it’s actually slightly down. The overall employment rate for new law school graduates fell to 84.7%. It’s the fifth consecutive year that figure has fallen. The last time the numbers were this low was in the aftermath of the 1990-1991 recession. Things stink.
You don’t have to tell the class of 2012 that their hiring stinks; they’ve been living in it for over a year now. And you don’t have to tell the class of 2013 that their prospects aren’t much better; they’re out of school now, they know. Rising 3Ls in the class of 2014 might be deluding themselves that everything is going to be sunshine and roses for their class, but if they aren’t busy securing jobs this summer, they’ll learn what bitterness and failure taste like soon enough.
In fact, the only people who seem to need to be told that hiring is REALLY, REALLY BAD are American law schools, who continue to make statements and push programs as if getting a job in this market happens in a classroom instead of on a telephone or at a networking event…
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.