Is there really a value to recruiting home-grown associates based on 1L grades? Is there a negative connotation to not competing with the top-tier firms for law school talent? Can firms only fill their “real” needs by looking across the market for lawyers 3 or 4 years into their careers?
There are pros and cons to recruiting associates (and partners) through either method. Let’s take a look at how to build a law firm….
Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Peter J. Devlin, President and Chief Executive Officer of Fish & Richardson, assumed the firm’s top management position in 2000. Under his leadership, Fish has opened several new offices, expanded its burgeoning international practice, bolstered its reputation as a national firm at the pinnacle of the IP and business world, strengthened its financial performance, and positioned itself for further growth. Mr. Devlin’s law practice emphasizes client counseling in the areas of patent infringement and validity opinions, patent due diligence, product clearance, and licensing; and in U.S. and foreign patent prosecution, focusing on medical device technologies, electronics, and software. Before joining Fish, Mr. Devlin worked for Raytheon Company, first as an electrical engineer and then as a patent attorney.
Ed. note: This is the first in a new series, “Across the Desk,” from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” will take a thoughtful look at recruiting, career paths, professional development, human capital and related issues. Some of these pieces will have previously appeared, in slightly different form, on AdamSmithEsq.com.
As noted in the American Lawyer recently, the lateral recruiting boom of recent years continues unabated. As the Am Law article points out, “At the same time [as they’re focused on hiring lateral partners], firms appear to be homing in on their poor performers. Nine out of 10 survey respondents said their firm has ‘unprofitable’ partners, and seven out of 10 said their firms have partners at risk of being deequitized or ‘put on performance plans.’ As one survey respondent put it: ‘There are too many partners without sufficient billable work.’”
Now, wouldn’t you think it would make sense — if firms are worried about underperformers — to pay some attention to associates as well as partners? After all, some of those associates should, speaking theoretically at least, be your future partners.
Yet there’s unrebutted evidence that firms look at the wrong criteria when hiring associates….
Last week I discussed the associate bonus process from your typical partner’s perspective. I want to talk a bit more about ways firms can take advantage of the glut of prospective associates out there, while increasing the odds of finding those rare jewels who will make partner — with each associate making less, but getting a better lifestyle (and a shot at a Biglaw career) in the bargain.
Some caveats. First, the ideas below are not intended for the Simpsons — thisSimpson, not those Simpsons — of the world. They will continue to attract the very best, and should continue their current structure. Why? Because the Cravath model that the elite firms instituted makes for great partners and strong law firms. The problem is that almost every Biglaw firm adopted the Cravath model, and not all of them should have. Most firms do not have the institutional client base of the elite firms, and therefore don’t need the tremendous fixed costs and inflexibility with respect to associates that the Cravath model brings. As firms expand, contract, or just struggle to stay afloat post-Biglaw Breakdown, it seems like a great time to try some new approaches to talent structures and compensation. There is nothing wrong with some experimentation, as long as the protocols are transparent, and management is prepared to cut bait quickly if things are not working out.
Now over the years we have seen firms experiment with their junior associate hiring models. Most of these programs involved trying to turn junior associates into some form of quasi-apprentices. None seem to have taken root. And in my mind there is no sense in implementing a drastic, global overhaul of your associate model, before trying some more limited changes on the practice group level.
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!
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!