The client always has more leverage but certainly, for the high-end work, the firm is calling the shots.
– Kent Zimmermann, a consultant with Zeughauser Group, commenting on the premium hourly fees charged by Biglaw attorneys in sought-after practice areas like mergers and acquisitions, corporate finance and securities, white-collar defense, and litigation.
(That’s interesting, but what were the highest and lowest rates for partners and associates in 2012? We’ve got that info, and more, after the jump.)
It’s that time of year again. First-year students of the bright-eyed and bushy-tailed variety are frolicking into law schools across the country for their first week of classes, blissfully unaware of the jaded upperclassmen who inhabit the same building. At this point, the biggest worry of 1Ls is whether they’ll be highlighting their books in rainbow colors — that, and if they’ll be able to get into their lockers.
In this edition of Locker Wars, we meet a member of the class of 2015 who fears that the administration at his law school already considers his classmates “dullards” because they’ve locked themselves out of their lockers so many times that an instructional video had to be sent out….
Let's hope nobody you make fun of ever decides to kill themselves. Otherwise you might end up like Ravi.
* So, your colleague or family member dies, suddenly, after allegedly being worked into the ground. But it’s my blog post about it that “turned the sad situation into a nightmare”? I think instead of lamenting for a fluff piece in a local paper, the media geniuses at Dinsmore should respond to a legitimate press inquiry. [West Virginia Record]
* The Dharun Ravi trial is under way. I’ll be calling it the Ravi trial, not the Tyler Clementi trial. Because Tyler Clementi is the kid that tragically killed himself, while Dharun Ravi is the very much alive person who has already had his life ruined even thought he didn’t kill anybody. [Metropolis]
* Are law firms finally starting to make money off of their investments in social media? [Legal Blog Watch]
We tend to think of the biggest Biglaw firms as “sweatshops,” while we view small firms, midsize or regional firms, or even Am Law 200 firms as “lifestyle” shops. The thought is that the big bad firms that service Wall Street clients will grind you up and spit you out, while somewhat smaller firms will allow you to have a normal life as you pursue your career.
It’s a great story, but it’s not necessarily a true one. Sometimes working at a smaller firm or a regional firm just means the same work with more pressure and less pay. Attorneys at such firms, whether partners or associates, don’t always have the kind of resources that Biglaw attorneys enjoy. There aren’t multiple layers of staffing available to double- or triple-check every document. It’s a lot of stress.
And stress can be just as deleterious to your health when working at a regional firm as it is when you work for a truly huge firm. This week, we’ve been fielding a bunch of reports about an associate who passed away at home after working what some tipsters report as maniac hours at his regional law firm the week before.
It’s a sad story, one that some accuse the law firm of trying to cover up, but it’s another opportunity for us to remind readers to take care of themselves even when work seems overwhelming…
Professor Joel P. Trachtman (JD Harvard Law School) 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!
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!