Following the lead of Kilpatrick Stockton, Orrick, and other Biglaw firms, Greenberg Traurig has created some new non-partnership-track attorney positions. They pay less than traditional partnership-track — or, in GT parlance, shareholder-track — positions, but the billable-hour requirements are lower and the training is better.
What do these positions look like? Let’s find out….
When combined with the January layoffs, which hit around 35 lawyers, CWT has axed upwards of 130 attorneys. This makes it “America’s firingest law firm.” (We can’t claim credit for that turn of phrase, which was coined by a tipster, but we will try to popularize it through frequent usage.)
As we reported earlier this week, résumés from Cadwalader refugees are flooding the market. But will they find a welcome reception?
Maybe not. Here’s an email that a boutique law firm in New York sent to a legal recruiter who tried to submit CWT résumés for an opening:
CORRECTION: Actually, the email was sent to the recruiter UNSOLICITED, not in response to anything. It was apparently sent, out of the blue, to a group of legal recruiters.
Sent: Tuesday, August 05, 2008 To: [Legal Recruiter] Subject: FW: Resumes
Thank you for staying in touch with our firm. Please note that we are not going to be accepting resumes for Cadwalader candidates.
Duval & Stachenfeld | 300 East 42nd Street New York NY 10017
Ouch. Are Cadwalader lawyers now the Untouchables of the law-firm caste system?
(It should be noted, however, that the Duval firm is more elitist when it comes to its lateral hiring. As discussed here, for entry-level hiring, the firm looks well beyond the top-tier law schools. But for midlevel and senior associates, it tends to poach from the Skaddens and Lathams of the world — and pay accordingly.)
UPDATE / CLARIFICATION: We have received a letter from Bruce Stachenfeld, founding partner of Duval & Stachenfeld, clarifying the situation. An excerpt:
When I (the managing partner of D&S) heard about the CWT layoff news my immediate reaction was that I felt very bad for my friends at CWT. It is a great firm suffering from some market turmoil and all of us running law firms know that adverse market forces can happen to any of us.
My other reaction was that since we are hiring junior lawyers a possible win/win/win would be for us to talk to CWT directly about whether we could hire some of their adversely affected people. This would permit us to find some super-star-high-quality associates – would permit CWT to help its people locate new jobs – and would permit some of the adversely affected associates to get new jobs promptly.
So I did the logical thing and contacted one of my friends at CWT to discuss this. After my discussion I sent a letter to be sent to some of the associates who had the requisite background to fit into our real estate group. It remains to be seen if we will end up hiring CWT associates. My hope is yes.
Since resumes had started to come in (through legal recruiters) I instructed our recruitment coordinator to inform legal recruiters that I would not be accepting resumes through legal recruiters due to our close relationship with CWT. I thought it appropriate to let the legal recruiters know this promptly to avoid misunderstandings with them about recruitment fees.
The 50-lawyer firm, based in New York but with a small L.A. office, starts first-year associates at $60,000 — or $100,000 below the starting salary at many Am Law 100 firms.
Mid-year and senior associates, however, are promised the same total pay — or more — that they’d earn at Latham & Watkins or Skadden, Arps, Slate, Meagher & Flom.
For third-years on up, the firm says it checks what top New York firms like Cravath, Swaine & Moore are paying in base salary and bonuses, and matches that. Last year, the firm added a $10,000 sweetener.
So what exactly is the point of this unusual system?
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.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.