In-house legal jobs are growing in prestige. As our very own Mark Herrmann recently noted, in-house lawyers were once viewed as “the folks who couldn’t succeed at real jobs,” namely, jobs at firms. But that’s no longer true today, Herrmann argued, citing the trend of Biglaw partners leaving their firms for gigs as corporate counsel.
What is behind the growing allure of in-house jobs? Sure, the work is interesting and exciting, and yes, bossing around outside counsel is fun. But improving pay packages also play a role. As you can see from the rankings of America’s best-paid general counsel, GCs at top companies can take home millions.
And those rankings, by Corporate Counsel, focus on cash compensation. In-house lawyers can make many multiples of their cash comp through stock.
Take Vijaya Gadde, Twitter’s general counsel. She became GC less than a year ago, but she already owns tens of millions in TWTR shares, as revealed in recent reporting about the end of Twitter’s IPO lockup period….
* Cheerios is claiming that “Liking” them on Facebook constitutes a waiver of the right to sue. Let’s take this moment to encourage everyone to Like Above the Law on Facebook. [NY Times]
* New study determines that the United States is an oligarchy instead of a democracy. You’re telling me that a government explicitly founded on the principle that only a handful of wealthy men should have a voice grew into an oligarchy? Quelle surprise! [UPI]
* In the continuing saga of NYU’s allegedly shady spending, there are now reports that former NYU Law Dean and current NYU President John Sexton used school funds to convert two apartments into a duplex for his son. His son was married to an NYU Law employee and as I’ve said before, a school located in housing-scarce Manhattan should be able to do something to house professors, but as they say, “the optics” aren’t good. [Chronicle of Higher Education]
* Musings on what it’s like to clerk in the midst of “flyover country” (presumably like my early childhood home of Des Moines). It makes a valiant effort to redeem itself at the end, but this article is exactly why most parts of the country think New Yorkers are elitist dicks. Which, we kind of are, but you don’t want to broadcast that. [Ramblings on Appeal]
* The judge in the New Orleans Affordable Housing case may know the real identity of one of the anonymous commenters in the case. And if one of the anonymous trolls was a federal prosecutor poisoning the well in the case — like everyone suspects — it could aid the defense. [Times-Picayune]
* For those of you across the pond, there’s a one-day event for lawyers on the business case for Corporate Social Responsibility. It’s in England because American companies have already passed on the idea of corporate responsibility. [International Law Society]
* ATTENTION LAW STUDENTS: Tomorrow is the last day to enter our annual Law Revue competition. The deadline is tomorrow at 5 so send them in. Entries have been coming in all day, so don’t get left out. [Above the Law]
* It looks like the Supreme Court just made a decision even worse than McCutcheon. [SCOTUSBlog]
* New York’s disciplinary procedures for lawyers are “deficient in design and operation.” So come to New York if you plan on being a shady lawyer, I guess. [NY Times]
* And, hey, while we’re at it, here’s Steven J. Harper’s take on the same Op-Ed. [The Lawyer Bubble]
* UC Hastings Professor Osagie Obasogie is quoted in this informative piece about the changing nature of collegiate debate as it ventures more and more into the domain of critical race theory. As one of the people who helps run the CEDA tournament discussed in the article, I thought this was an interesting account. [The Atlantic]
* FBI makes a cheesy video to teach young Americans not to spy for China. It’s really worth a watch. [National Journal]
* A high school teacher in Australia won a defamation suit against a student who said mean things on Facebook. [IT-Lex]
* The Legal Broadcast Network interviewed Kyle McEntee of Law School Transparency about how improved tools help law students. [Legal Broadcast Network]
* Demand is down, but fees are up. The good news is that Am Law Second Hundred firms saw gains in billable hours purchased by corporate clients — and that’s about it for the good news. [Am Law Daily]
* OMG, Dewey want to see the unsealed case records against D&L’s ex-leaders. DA Cy Vance wants our prying eyes to see all but one document. Secret seven identities… incoming! [Bloomberg]
* It looks like that time Sheryl Sandberg refused to lean in is really paying off in court. Facebook is a witness, not a defendant, in an antitrust case about non-poaching agreements between tech giants. [Reuters]
* Gaming the rankings for dummies? Law school deans are now pushing the ABA to require that law schools post their transfer students’ LSAT and GPA credentials. [Capital Business / Washington Post]
* The easy way to decide whether you should be working in law school is to determine what you like more: money or grades. One will help you get the other later in life. [Law Admissions Lowdown / U.S. News]
* Dewey know who Zachary Warren is? Per this failed firm’s insiders, he seems to be a “man of mystery” who apparently worked in the “bowels of the bureaucracy” that ultimately led to D&L’s demise. [Am Law Daily]
* “You can cross-examine the witness. You can’t cross examine an email.” Defense of the Dewey defendants may be tough when it’s time for trial — and you can bet your ass there’ll be a trial. [New York Law Journal]
* Fear not, friends, because Patton Boggs has found a way to weather the storm. It’s the same way most barely buoyant firms stay afloat: more layoffs. Expect more on this news later today. [National Law Journal]
* Paul Ceglia, the man who claims he owns half of Facebook’s fortunes, can’t toss his criminal charges. Sometimes wheeling and dealing with allegedly faux contracts will land you in the clink. [Bloomberg]
* Because no father wants to see his daughter become “tabloid fodder”: Rachel Canning, the New Jersey schoolgirl who sued her parents, is being “savaged” by the public. Aww, poor little Millennial. [Daily Record]
* Were you curious about who would be on the Mount Rushmore of Tax Law professors? No? Well, here they are anyway. [TaxProf Blog]
* The so-called “trial penalty” is really a myth and empirical data confirms that defendants who reject plea deals and go to trial actually garner a “trial discount.” Yep, prosecutors aren’t overreaching at all. [PrawfsBlawg]
* President Obama called for patent law reform in the State of the Union address. Now we have some insight into what he’s thinking about. [Patently-O]
* Congratulations to Matthew Skinner, the next executive director of the LGBT Bar Association of Greater New York! [LeGal]
It’s got to be annoying for judges when lawmakers write laws that are designed to be so freaking vague that courts will be forced to fix them once the inevitable lawsuits come around.
Florida lawmakers are trying to make your Facebook account safe from your boss who wants to get his or her Orwellian hands all up in your personal business. The legislation prohibits employers from demanding your social media passwords as a condition of employment.
BUT… the business lobby has been able to force an amendment that still allows employers to demand your passwords if your account is used for a “business purpose.” What’s a “business purpose”? Nobody knows. It’s probably going to be whatever your boss says a “business purpose” is. Then, they’ll fire you, you’ll sue, and a judge will have to figure it all out, because the legislature couldn’t get its act together….
Is the internet good or evil? Well, neither — the internet, just like the information you find on it, is really what you make of it. Some people use information for good purposes, and some use it for bad.
Here at Above the Law, we tend to see the internet as a force for good. We use our bandwidth on the web to entertain and to educate. Our view is that, in general, more information is good. With more information, people can make better choices about their lives and careers. Should I go to law school? If so, which law school? And what about law firms? Which firms are the best places to work?
But you can use the internet for anything, really. For some folks, to quote the popular song from the musical Avenue Q, The Internet Is For Porn — and so much more, from the shady to the downright illegal….
Professor Joel P. Trachtman (JD Harvard Law School) has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
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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:
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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: email@example.com.
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!