With nothing else to rank at the moment, U.S. News decided to try its hand at “news” and put out an article analyzing the expected fallout from the new mortgage lending rules coming down from the Consumer Financial Protection Bureau. The new rules are intended to stem the tide of future foreclosures by clamping down on profligate lending.
But all clampdowns leave people out in the cold.
To put this more directly: if you thought being a lawyer with good credit would put you in a position to buy your own home, you’re probably wrong….
Earlier this year, K&L Gates generated some (generally positive) press by issuing an unusually detailed disclosure of its firm financials. The report reflected a reassuringly conservative financial position, with zero bank debt and limited retirement-plan obligations (a trouble spot for many other law firms).
It looks like K&L Gates is keeping to its conservatism. It’s trimming its headcount in D.C. and Seattle, presumably to reduce expenses….
The federal government isn’t exactly in rapid growth mode right now (which may explain the pain of D.C. law firms). But if you’re interested in working for the government, some opportunities still remain.
If you’re a 3L or law clerk who’s interested in the Honors Program, you need to submit your application materials very soon — about a week from now. The Honors Program application deadline is SEPTEMBER 3, 2013 (and note that the Labor Day holiday falls during this period, which could affect your ability to obtain transcripts or contact references). For complete application information and the full hiring timeline, see the DOJ website.
We wish you good luck — because you’ll definitely need it….
Earlier this week, we took a look at a contract attorney project in D.C. that has been making the contractors sad. I mean more sad than normal.
We received a lot of actually interesting comments (!) in the thread after the story, as well as emails giving us more details about the project. It appears that the staffing firm, Compliance, has taken some steps to ameliorate the poor working conditions for the contract attorneys. It also looks like the working conditions could actually be improved if they dropped a Port-a-Potty in the middle of the conference room.
But it’s not all bad. Sometimes speaking out can lead to improved working conditions. Let’s take another look at how the other half lives, and you know, scare the bejesus out of 2Ls doing OCI right now who are really hoping to get jobs….
We don’t do enough reporting about the struggles of contract attorneys. We should do more, because that’s where the jobs are. Biglaw firms have been able to keep traditional associate hiring down thanks to an explosion in the use of contract attorneys. Getting one of these hourly wage jobs actually represents success in a market saturated with underemployed attorneys.
Now I remember why I don’t do a lot of reporting on contract attorneys: acknowledging that these, and not high-paying traditional associate salaried positions, are the jobs coming back in the “recovery” is terribly, terribly sad.
This might come as a shock to you, but being a document monkey on an hourly wage is not all that it’s cracked up to be. These hard-working people generally want to work as much as possible (kind of the opposite of traditional associates) for obvious reasons. But they are often frustrated by all sorts of bureaucracy and poor treatment in their quest to wring some value out of their J.D. degrees.
We have some emails detailing the struggles of one group of contractors working on projects in D.C. Hopefully, this will inspire other contract attorneys to share their experiences with “the new normal”….
When my late grandmother heard I was going to law school, she recommended that I go into matrimonial law. It was her view that in a divorce, the real winner isn’t the husband, or the wife, but their attorneys: “The couple ends up with nothing, the lawyers end up with everything!”
That’s not exactly true. My grandmother — who worked as a doctor and not a lawyer, in a country that doesn’t have divorce — was hardly an expert on family law.
But there’s no denying that some divorces are very expensive for the couples — and very lucrative for the lawyers. One Biglaw partner and his (soon to be former) wife have racked up seven figures in legal bills. And they’re not even done yet….
[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)….
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: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!