I told careful readers six months ago that I would soon be moving to London. I made the move on September 1, and here’s the local news:
Senior partners at major London law firms can’t afford to live!
Well, not quite: But senior partners at many major London law firms can’t afford to live in London itself.
I recently had lunch with — prepare yourself — a senior partner at a major London law firm. When I told him where I was now living, he said that it was nice that my commute would be so short:
“Twenty years ago, the senior partners at most big law firms lived in London. But today, unless you have inherited wealth or bought your home long ago, most senior partners at London firms can’t afford to live anywhere near the City. Partner pay just won’t cover the cost.”
As an expatriate American, this startled me: I’m confident there’s no American city where senior partners at major law firms can’t afford local real estate. But in London, this has the ring of truth to it. From an American’s perspective, everything in London is nauseatingly expensive (or “quite dear,” as the locals so quaintly put it). But the cost of housing goes far beyond “nauseatingly expensive”; it’s eye-poppingly, grab-your-chest-and-drop-to-the-ground, out of sight. It leaves partner pay in the dust. Here’s what I mean . . . .
Yeah, you read the headline right. We’re talking about the class of 2011. The class that Jim Leipold of NALP thinks probably faces the very bottom of the legal job market. You could make a movie — a horror movie, a goddamn snuff film — about the struggles of the class of 2011.
But there are people in the class of 2011 who did not crash and burn. It’s a struggle, it’s a war, and there’s nothing that anyone’s giving. But… at the end of the day, there are some people who are making it.
Apparently, success is so rare for the class of ’11 that some of them don’t even know how to handle it. Yesterday, the wife of an idiot 3L asked us how to stop her husband from making a huge mistake. Today we’re giving advice to a different person — a woman who has worked hard and come out of the muck and now finds herself in a position of strength.
Most people in the class of 2011 are just taking whatever they can get. Let’s see if we can help this lady with her distinctly “first world problem.” I’m not gonna lie to you, it’s gonna get weird. She has two offers…
We have entered June, and most recent law school graduates finished school a few weeks ago. The initial anxious adrenaline rush of receiving your fancy new bar exam study materials has faded, and summer tedium is setting in.
Our Bar Review Diarists are getting a little deeper into their studies. They’re beginning to realize studying for the test isn’t necessarily difficult. It’s largely boring. They are discovering how alluring a pointless shopping trip can be, and they are realizing how long it’s been since they have written anything by hand. In other words, it was kind of a bummer of a week.
Let’s see how Jeanette, Nathan, and Andrew are handling the summertime blues…
As we reported over the weekend, it’s looking like Dewey & LeBoeuf will soon find itself in bankruptcy (perhaps voluntarily, perhaps not). The specter of bankruptcy raises a question for the many former partners of Dewey: dude, where’s my car capital contribution?
Let’s find out — and get the latest dispatches on the Dewey death spiral, including news of a new home for former vice chair Ralph Ferrara….
I had a cup of coffee last week with an old friend who happens to be a legal recruiter.
“Are you going to try to pry me out of my job?” I asked. “That’ll be a pretty tough sell.”
“I couldn’t place you if I tried,” he said.
“You crossed that Rubicon two years ago. I do searches only for law firms, and they don’t hire in-house lawyers. You’re no good to me anymore.”
“Law firms buy books of business. Not only that — they buy only past books of business. Nobody buys a story — a promise of future work — these days. Firms buy only your past successes. That’s often incredibly stupid, but it’s what they do.”
The guy had my attention: First, I’m no longer a hot commodity; somehow, that annoyed me, even though I’m not looking to sell myself these days. Second, law firms are stupid about lateral hiring; this was a blog post waiting to happen . . .
Don’t you just hate it when rude and inefficient airline administrators ruin your vacation by stranding you on the ski leg of your vacation in Aspen, causing you to almost miss your cruise leaving out of Florida? It’s so annoying to have to stay in a series of luxury hotels across the country because the airline industry can’t get its act together.
I’m doing a silly parody of rich people problems, but honestly, if I have to choose between well-offf Americans and the fools and crooks who run the airline industry, I’m going to throw my lot in with the rich people every time. Especially when some employees are allegedly hurling racial insults at them.
It was a wild holiday vacation for the the Shulick family of Philadelphia. Luckily, patriarch David Shulick is a lawyer, so he knows that when the airlines push you around, you can sue….
Yesterday we covered a controversy at Yale Law School over an Administrative Law class with an oversubscription problem. The course, taught by visiting Stanford law professor Daniel Ho, wound up with a waitlist of about 100 students.
Some 3Ls who were denied admission into the class were quite upset, since this represented their last chance to take Admin Law. The situation was described to us as a “near riot.” As a tipster noted, “Only at YLS could students get this bent out of shape about not being let into a black letter law class.”
This morning we bring you an update to this story — which has a happy ending, we’re pleased to report….
In a few weeks, we’ll start hearing from prospective law students — i.e., 0Ls — who are already reading Above the Law (smart kids!), and who consult us for advice when choosing between law schools (not such smart kids). Last year, for example, we advised students choosing between such fine law schools as Illinois, Vanderbilt, Michigan, Northwestern, Columbia, Chicago, NYU, and Minnesota (with help from you, our readers; we hosted several reader polls pitting the schools against one another).
When I was a college senior choosing between law schools, I did not employ a very sophisticated approach. I simply picked the law school I got into that was highest in the U.S. News law school rankings.
Even though I have no regrets about my law school pick, my decisionmaking process wasn’t very sound. There are real differences between law schools, in terms of their educational programming, their cost to the student, their location (hai Stanford!), and a whole host of other factors.
Today’s story provides an illustration of the phenomenon. Right now, students at one top law school are in a “near riot” — our tipster’s words, not ours — because they feel they’re being denied the education they’re paying so dearly for….
If you were close to a computer yesterday, you probably noticed the article on Gawker about the Yeshiva University student who was “homeless by choice” while going to school. The student, who goes by the name of “David,” gave an interview to the Yeshiva Observer.
If you read the article quickly, you might have missed the part where we found out this David fellow is a 2L at Cardozo Law School. You might have missed the part where this 2L at Cardozo decided to go through a semester of law school while living on the streets.
The Yeshiva Observer interview which Gawker linked to focused on the crazy aspect of a privileged person depriving himself of shelter. But David reached out to Above the Law and gave us short interview, including insight into how his self-challenge affected his legal career….
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.