During a time when demand for legal services is flat, average revenue per lawyer is down, and managing partners’ overall confidence in the market is slipping, the proper keeping of time for all of those billable hours generated by toiling associates has never been more important. For better or worse, law firms are desperately trying to incentivize associates to submit their hours on time.
As we mentioned way back in 2010, “Time keeping is more accurate when you do it every day (as opposed to trying to recreate your days at the end of the week or month). Firms are struggling to collect from their clients. And, for what it’s worth, billing hours is part of the job for attorneys.”
Another part of an attorney’s job is the ability to follow rules. One Biglaw firm just rolled out a new time entry policy, and if its associates don’t follow these rules, they can expect some pretty negative consequences when bonus season comes around…
As The Economist concisely explains, a verein is “a Swiss partnership that lets [law firms] maintain separate national or regional profit pools under a single brand.” For purposes of preparing its influential Am Law 100 rankings, the American Lawyer treats a verein as a single firm — a decision that some at non-verein firms object to.
Let’s hear some of the complaints — and then, interestingly enough, a defense of the vereins’ financial performance in 2013, which might have been better than Am Law suggested….
Potentially landscape-altering deals don’t come along every day, and a deal that would merge a 1,000-lawyer firm with a 700-lawyer firm would be exactly that. And it’s not just headcount — the marriage of these two firms would have placed the joint entity at No. 9 in revenue for 2012.
But just because two firms are talking merger doesn’t mean it’ll happen. We’ve been let down before.
Indeed, we’ve been let down by one of these firms before. Way back in February, we reported that Pillsbury Winthrop was talking with Fulbright & Jaworski about a merger. Nothing ever came of that, but members of the management at Pillsbury are still on the prowl for a big, strong firm to sweep them off their feet. It’s all very romantic.
And now they just might have found the partner they’ve been looking for….
Today, we turn toward Texas. Texas is beloved here at ATL as an apparently bottomless source of colorful legal news. The state is a frequent battleground for high profileconstitutional fights while also generating a steady stream of tabloid fodder, from “judges behaving badly” to “tragic homicidal mayhem.” (Of course, there’s also the running joke among the ATL commentariat that, for what a New York Biglaw associate pays for his cramped studio apartment, one can buy a 3,500-square-foot wife house in Texas.)
But of course this is a limited, distorted view of the legal industry in Texas. Texas is a huge, diverse state with a relatively strong economy and a unique legal culture. Biglaw firms thrive in all three major cities, both local outposts of national firms, or more significantly, Texas-bred firms such as Baker Botts and Vinson & Elkins. Our ATL Insider Survey (13,000+ responses and going strong, thanks), asks attorneys at firms to evaluate their employers in terms of compensation, hours, training, morale, and culture. After the jump, we’ll look at how firms in Texas stack up in these categories — and how they compare to the national averages…
Back in December, we told you about a football coach who had recently been fired from his position as a cornerbacks coach for West Virginia University. Back in 2010, we told you about this same football coach, because he’d recently been picked up to work for the Detroit Lions. There’s a reason we keep telling you about this football coach: it’s because he gave up what could have been a prosperous Biglaw career after graduating from Harvard Law School to work for free to pursue his dreams on the field.
Here at Above the Law, we’ve been writing about the “Biglaw boys’ club” for quite some time. According to the latest report compiled by the National Association of Women Lawyers, when it comes to firm life in the fast lane, women continue to have difficulty ascending to the ranks of firm leadership. In fact, that study concluded that in the Am Law 200, women hold only 20 percent of the positions on firm governance committees. What’s worse is that only four percent of Am Law 200 firms have a firmwide managing partner who’s a woman. So much for girl power.
But when it comes to Am Law 100 firms, the American Lawyer recently conducted a similar study, and the results were less than awe-inspiring — in their discussion of the results, the editorial staff go so far as to refer to it as “the law of small numbers.” Lovely. Apparently the glass ceiling is still strong in Biglaw.
So what does the leadership hierarchy look like for women in the Am Law 100? Let’s find out….
Law firm mergers seem to be popping up as frequently as, well, problematic emails between married generals and their gal pals. Just a week after SNR Denton’s three-way merger with international firm Salans and Canadian firm Fraser Milner Casgrain, we’re learning of another law firm combination with Canadian and European elements.
The law firm of Fulbright & Jaworski is a leader in many fields — at least 31 of them, according to the latest Chambers rankings. In addition to recognizing Fulbright as a leading firm in 31 categories, the influential Chambers guide also named 99 Fulbright lawyers as leading individuals in their practice areas.
Occasionally we have an opportunity to look at how soft law school has become. Gone are the trials by fire immortalized in the book One L. Now it seems that law schools are taking their teaching cues from Harry Potter and Professor Dumbledore.
At the University of Texas School of Law, they’ve divided their classes into “societies” that compete against each other in games, wear special uniforms, have dedicated house mentors, and employ special Care Bears who hug people when they get back from the library. Okay, one of those things isn’t true.
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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!