What is the future outlook for Biglaw? The Magic 8 Ball is not optimistic.
Last month, we wrote about a less-than-cheery report from Citi Private Bank’s Law Firm Group, the largest lender to U.S. law firms. The bottom line of that report for law firms: “With weak demand growth and the continuation of expense growth, it is likely that expenses will continue to grow at a faster pace than revenue, squeezing margins and making it tricky to achieve even low single-digit profit growth.”
As we mentioned in Morning Docket, there’s a new report out from our friends at Citi, and it also sounds pessimistic notes. It concerns the confidence levels of law firm managing partners.
What are the powers-that-be in Biglaw worried about right now? Let’s find out….
The fable of the ant and the grasshopper may have lessons for the world of large law firms.
As regular readers of Above the Law well know, most major law firms — with a fewnotableexceptions — did not pay spring or mid-year bonuses in 2012. Our associate readers generally viewed this news with disappointment, while our partner readers had less of a problem with it.
But perhaps even associates should have been supportive of their firms’ decisions not to pay spring bonuses. Storm clouds are gathering over the law firm world. So says a recent report by Biglaw’s biggest bankers, over at Citigroup….
Despite all the recent controversy surrounding U.S. Supreme Court decisions on health care, immigration and other issues, nearly two-thirds of Americans can’t name even a single member of the Supreme Court.
It's great to work this hard and get paid less than minimum wage. And by 'great' I mean 'amazingly horrible.'
Welcome to Above the Law’s ongoing series: “Jobs that will put y’all back in chains.”
Unlike many of our terrible jobs, today’s story about the terrible job market is at least a job for lawyers that involves the practice of law. And earning money.
Mind you, it’s not a lot of money. Depending on how many hours you work, it’s below minimum wage. And the ad says that the hours are grueling.
But the combination of low pay and hard work isn’t what makes this job particularly horrible. It’s the fact that the employer thinks they’re going to attract the best of the best with this pathetic excuse for legal work….
Whenever a law school solicits money from its recent graduates, it ends badly. Almost always. The best a law school can hope for is for the recipient to throw away the solicitation or delete the email. More often, the mere request can bring up bad memories and harden the ill will that recent graduates have toward their law schools (unless the request for donations happens to hit the inboxes of the few financially secure recent law grads).
Law schools aren’t even playing the long game anymore. If law schools keep their tuition manageable and help their students find jobs, then they will produce happy graduates who might feel lifelong allegiance to their schools. But instead of cultivating golden little eggs, law schools are all too happy to slay their gaggle of students with unreasonable costs and poor post-graduate options. Schools take the short-term money even while souring their students on the law school experience.
Of course, “sour” law graduates make for some funny emails. Check out how this class of 2010 graduate responded to his school’s alumni giving request. And if you want to copy and paste it into an email to your law school, I don’t think anybody would object….
Now that the dust has settled a bit, we’ve found out that Clark’s passionate letter may have been penned in one of those “can’t fire me, I quit” type scenarios. Clark may have purported to be going to the mattresses for her students, and she might have been doing just that. But as we all know, there are two sides to every story….
At some point, the deans of law schools will have to stand up and stand against the way universities use law schools as cash cows. At some point, law deans are going to have to tell their bosses that university programs cannot be funded on the backs of law students who are already paying too much for tuition in a still terrible job market.
And you know what? Standing up for what’s right, and standing up against the blatant price gouging happening at so many law schools, will cost some people their jobs.
Law students who read this resignation letter should ask themselves if their law deans are going to the mattresses for them every day, or if the deans are just rolling over and submitting to university pressures while trying to hang onto their jobs….
UPDATE (7:15 PM): We’ve added a response from the president of the university in question after the jump.
We’ve done a surprising number of stories about law school career service officers who push babysitting gigs on their unemployed students. I say “surprising” because after our first story, you’d think law schools would figure out that law students don’t like being put up for jobs that they could have secured in high school.
Since that first one, most CSO personnel and other law school staffers have figured out that babysitting jobs are best when the employer is a professor or somebody else connected with the law school. Then it’s less of a “career of last resort” and more of “helping out a member of your community” (who happens to be well-connected).
But it looks like one school has regressed to the point of just insulting its students with a babysitting ad that kind of rubs salt in the unemployment wound….
Law students are coming back to campus now, mainly for on-campus interviewing. How is 3L recruiting going for you, class of 2013?
Ha ha, just kidding. Hopefully when these kids decided to go to law school back in 2010 — despite overwhelming evidence that it was a risky proposition — these kids had some kind of back-up plan for just this situation.
Speaking of “overwhelming evidence,” there’s been a fun little infographic making the rounds around the blogosphere. It’s about the “new” trends in the legal market.
I’m not sure these trends are particularly new. In fact, I think these are trends that people should have been aware of for years. But since so many people show up to campus without critically thinking about their post-graduate job prospects, I’m going to guess this infographic is breaking news to a lot of returning law students…
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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