I asked, and once again the readership delivered. I thought it would be interesting to hear from former Biglaw associates who had been passed over for partnership, and I was happy to receive some thoughtful responses.
As you will see below, and as I discussed in my columns relating to making partner, there are very powerful personal forces at work in these situations. As much as we can learn from our own disappointments, so can we learn from the experiences of others, especially those who have forged ahead despite a setback.
Biglaw can be a brutal business. We need to pause and reflect on the human toll that working in this environment can take….
Now that my wife and I have a baby, people keep telling us that we shouldn’t just find a bigger rental, we should buy something and put down roots. My wife, politely, laughs and says, “We’re thinking about it.” I angrily roll my eyes and say, “Why don’t you think about going and f**king yourself.”
You see, we are both law school graduates who debt-financed our educations and now live in New York. Property ownership is not something that will happen for us… unless we just want to give up and move to an oil-soaked subdivision in Arkansas.
But I am not alone. A law professor has crunched some quick numbers and determined that at least half of the class of 2011 wouldn’t be able to own a home….
Only 56 percent of the class of 2012 secured full-time, long-term legal employment within nine months of graduation. In this economy, that passes as good news because that figure is up one percent from last year. It’s kind like telling a terminally ill patient that his parking tickets got dismissed.
Law School Transparency reports that when you exclude school-funded jobs, the employment number falls to 55 percent. And there is more bad news when you dive deeper into the statistics.
But this is the class of 2012, the first class that really should have known that this was going to happen….
Workplace satisfaction isn’t quite the hot topic it used to be. In the 90s, everyone got all touchy-feely because an unhappy employee could pick up stakes and move at a moment’s notice. Today, the primary axis of worker satisfaction is, “Am I working?”
But satisfaction surveys still fascinate, and Jacquelyn Smith of Forbes recently posted a new survey from a firm known as CareerBliss that used a multi-factor survey to determine the happiest and unhappiest jobs in America.
Wonder what came in the top spot? Well, OK obviously it was an associate. I’m not going to hide the ball here. If it was anyone else, we wouldn’t be writing about it. But what’s more interesting is who came in the rest of the top 10, because that really puts in terrifying perspective how terrible a job in Biglaw really is….
Last week I wrote about some aspects of client service in today’s Biglaw. Today I want to focus on Biglaw’s embrace of partner de-equitizations and layoffs. These tactics are one of the ways Biglaw has been dealing with the fallout of the Black Death that has struck our industry.
Unfortunately, it seems like this year has gotten off to a bad start Biglaw-wise, in terms of both demand and a continuing lack of creativity by management at nearly every single firm. That brings consequences. Stay tuned. I have already said that I don’t mind if the paunchy mid-section of the Am Law 100 starts embracing a “bottom’s out” approach to the partnership — but at least have the guts to embrace it, not spin it.
I am really starting to dislike the tone that managing partners are starting to adopt when they talk about eliminating partners. Yes, I said eliminate. You may have seen them. Public statements where managing partner X almost gleefully informs the public of the elimination of nearly ten percent of his “partners” in the face of falling revenues. And looks for applause because his firm’s PPP went up $17,000 as a result. Go read some of the recent Biglaw “report cards” for a taste of this rancid stew.
We should be clear about the consequences of such a practice….
There are very few things more disheartening than rejection. Whether you’re the dork in high school trying to work up the courage to ask that special someone to go on a date, applying to school, or looking for a job, no one wants to be rejected. And in an attempt to calm your nerves, loved ones will often say, “What’s the worst that could happen?”
But all the good thoughts and best wishes in the world don’t provide much comfort when you’re searching for your first law job and everyone else is doing the exact same thing (not to mention they went to much better law schools than you did). While it may not be the end of the world, rejection can really hurt. The mere fear of rejection can paralyze some, and if there’s constant rejection, it’s not uncommon for depression — or in my case at the moment, extreme pessimism — to start kicking in.
Knowing this fact, employers generally attempt to soften the blow of rejection to the furthest extent possible. They say comforting things like “you are highly qualified” or “have impressive training.” If they really liked you, you may even get a more personal statement that actually acknowledges something in your résumé, which at least means that they read it and tried to make believe that they cared.
“It comes down to this,” said Hayley Schafer, 30. “Is there anything else I’d be happy doing? No. Is there any way around paying off the loans? No. So, what the heck? A lot of it is just trying to put it out of your mind and maybe it’ll disappear.”
Schafer has more than $312,000 in educational debt and earns just $60,000. She must be a lawyer, right?
But Schafer’s not a lawyer or law school graduate. What does she do? The answer might surprise you….
There are certain milestones or achievements that are rarely obtained. Many times, people strive for these marks as a way to showcase their skill and talent, carefully crafted after years of hard work. For example, in baseball, there’s the perfect game or a fifty home run season, which was a lot more impressive before Brady Anderson did it.
There are also other, less desirable distinctions that many people earn for themselves. Like the 2008 Detroit Lions or Mark Sanchez, many are remembered for just how epically they fail. Unfortunately, I reached a distinction in that category this weekend.
As you all know, I’ve been feebly attempting to find a job for the past several months. Excluding the instant, automatic email responses, all of my efforts during that time have resulted in two interviews, a handful of “we will keep your application on file for future positions, but for now, go f**k yourself” emails, a pretty impressive kill/death ratio in Call of Duty Black Ops 2, and a lot of dead zombies. Also, I am pretty sure that I made one of my interviewers remember to forget my phone number after I possibly called a few too many times as his office no longer even bothers picking up the phone for me.
As for my accomplishment, I’ve amassed a rather long list of employers that have passed on employing me since late summer/early fall. Well, I haven’t kept an exact count on the total, but based on the number of cover letters that I still have saved on my computer, it looks like I’ve applied to 499 jobs….
Despite rumors of impendinglayoffs, many people thought that 2012 would be the year that Biglaw would make its comeback after being dragged through the wringer of the recession. You’d think that Biglaw’s “solid performance” last year would’ve served as an indicator of its hiring needs, but as with most predictions having to do with Biglaw, you’d be wrong.
The numbers are in for the fall 2012 summer associate recruiting season, and they’re nothing to write home about. In fact, according to the latest National Association for Law Placement (NALP) report, the median and average numbers of summer offers made to 2Ls took a tumble.
In an uncertain economy, this depressing kind of recruitment activity may be the new normal for Biglaw….
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
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