As we mentioned in Morning Docket, the American Lawyer recently released its highly influential, closely watched Am Law 100 law firm rankings. They say that “slow and steady wins the race,” and with regard to economic recovery, Biglaw firms seem to have taken that up as their new motto.
Yes, partners are still living as large as they ever were, but their success now comes in the form of single-digit returns with regard to key financial metrics. The divide between the “haves and the have-nots” in the world of major law firms has grown to epic proportions, and some Am Law 100 staples have fallen out of the top hundred firms altogether. Welcome to the new normal.
Are you ready to get excited about “modest” and “spotty” gains across the board? Let’s dig in….
* “Given health care, I don’t care if he speaks in tongues.” Chief Justice John Roberts botched Barack Obama’s presidential oath at his first inauguration, but this time he managed to get it right. [New York Times]
* What was more important to Justice Sonia Sotomayor than swearing in Joe Biden as VP at noon on Sunday? Signing books at Barnes & Noble in New York City. Not-so wise Latina. [Los Angeles Times]
* D.C. Biglaw firms — like Holland & Knight, Covington, K&L Gates, and Jones Day — allowed others to bask in their prestige at their swanky inauguration parties. [Capital Business / Washington Post]
* It’s been 40 years since SCOTUS made its ruling in Roe v. Wade, and this is what we’ve got to show for it: a deep moral divide over women being able to do what they want with their own bodies. [Huffington Post]
* The latest weapon in the fight against terrorism is the legal system. The Second Circuit recently issued a major blow to those seeking to finance militant attacks in secret. [Thomson Reuters News & Insight]
* “Firms don’t just hire a body anymore.” The 2012 BLS jobs data is in, and if you thought employment in the legal sector was going to magically bounce back to pre-recession levels, you were delusional. [Am Law Daily]
* Three months have come and gone since Hurricane Sandy rocked law firm life as we know it in Manhattan, but firms like Fragomen and Gordon & Rees are still stuck in temporary offices. [New York Law Journal]
* This seems like it may be too good to be true, but it looks like New York’s chief judge may be on board to grant law students bar eligibility after the completion of only two years of law school. [National Law Journal]
* Law professors may soon be in for a nasty surprise when it comes to their salaries if their schools follow Vermont Law’s lead and remove them as salaried employees, paying only on a part-time basis. [Valley News]
* Resorting to a life of crime to pay off your law school debt is never a good thing — unless you’re doing it while wearing a Bucky Badger hat. We’ll have more on these allegations later. [Wisconsin State Journal]
Major law firms like to tout their dedication to furthering women’s success in the law, but if you look more closely, you’ll find that many Biglaw firm talk a big game, but have little proof back up their words. Take, for example, the fact that according to a recent survey conducted by the National Law Journal, the percentage of women lawyers in partnership positions has increased only 2.8 percent since 2003. In the meantime, the National Association of Women Lawyers says that the percentage of women in equity partnership positions has been “fixed” at just 15 percent for the past 20 years.
Well, whoop-dee-doo at all of these wonderful statistics that we’ve been choking down for the past decade. Women are apparently supposed to be happy about this kind of painfully slow progress. But what about the firms that have actually honored their commitments to women lawyers?
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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.
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