A full house for last week’s in-house counsel panel at Betterment.
Last week, Betterment and Above the Law hosted a great panel discussion about working as an in-house lawyer at a relatively young company. The event, hosted at Betterment’s spacious and airy offices in New York’s Flatiron neighborhood, drew a standing-room-only crowd of around 200 people.
How can you get a job as an in-house lawyer for a startup? And what’s life like once you’re there?
Within the last month, three different people have contacted me to say that they’re approaching retirement, so it’s time to start serving on boards of directors. These folks came to me (of all people!) to network.
By keeping my ear so close to the ground, I’ve discovered the new, new thing. And you’re in luck — I’ll share it with you!
Everyone’s getting old and thinking about retirement.
Or maybe I’ve buried the lede. Maybe hordes of baby boomers are now thinking about finding a part-time job that pays good money and keeps you entertained after you’ve stopped working full-time.
That’s not a bad strategy, really. If you’re industrious, you could serve on four or five boards, carefully analyze the board materials before each meeting, monitor the companies’ fortunes, contribute insights and ask tough questions during the meetings, and follow up after meetings in pursuit of the corporate good.
On the other hand, if you’re less industrious, you could show up for a few board and committee meetings every year, enjoy cocktails and dinner with the boys, sit like a cardboard cutout during the meetings, and pocket a few hundred grand annually for your efforts, . . .
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In partnership with Betterment, ATL and David Lat will moderate a panel about life in-house, featuring GCs from Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
What’s more stressful: working in-house, or working at a law firm? Conventional wisdom might say that law firm life is more stressful — but that’s not the case for everyone, as recently explained by one of our in-house columnists, Susan Moon.
So in-house lawyers might be more stressed than many people think. But at least they’re getting paid a pretty penny to put up with all these headaches — mo’ problems, mo’ money?
That’s one conclusion to be drawn from Corporate Counsel’s new rankings of the nation’s best-paid general counsel. Conventional wisdom holds that in-house lawyers earn less than their Biglaw counterparts — but top in-house lawyers, the GCs of the nation’s largest companies, earn sums that meet or even exceed Biglaw partner pay….
* There’s a very good chance that if you go in-house, you could wind up making more money than even the wealthiest of Biglaw partners. But how much more? Take a look at the latest GC compensation survey. [Corporate Counsel]
* GM has hired outside counsel to review the way the company handles its litigation practices. Since we’re not sure which, we’ll take bets on whether this “well-respected outside law firm” is Wachtell or Jenner & Block. [WSJ Law Blog]
* A federal judge in California ruled that the state’s death penalty was unconstitutional. It seems that allowing a defendant to live with the “slight possibility of death” violates the Eighth Amendment. Damn you, appeals! [New York Times]
* “He hasn’t been charged with anything at the moment and we’ll deal with the charges when they’re filed.” Sgt. Bowe Bergdahl is currently being represented by Yale Law lecturer Eugene R. Fidell, a recognized military law expert (and husband of noted legal journalist Linda Greenhouse). [New Haven Register]
* We all know that George Clooney’s fiancée, Amal Alamuddin, has both beauty and brains. What we didn’t know is that she poses for incredibly embarrassing pictures, just like the rest of us. [Us Weekly]
When we last checked in on John Michael Farren, the former general counsel to Xerox and deputy White House counsel under President George W. Bush, things were not going well for him. Back in December, a jury found him liable for assault and battery against his former wife, Mary Margaret Farren. The jury awarded Mary Farren some $28.6 million in damages — an amount that reflected the brain injury and emotional trauma suffered by Mrs. Farren, who went from a lucrative job at Skadden to unemployment.
Criminal charges against Mike Farren remained pending at the time of the civil verdict. On Friday, the criminal case got resolved — and not in a manner favorable to Mike Farren….
I never heard these words before I went in-house: “If you send something to a person above me in the hierarchy, then send a copy to me, too.”
Now I hear (or speak) those words all the time. And those instructions seem pretty easy to grasp.
Remarkably, a fair number of people don’t seem to understand what those words mean.
I offer this column for the benefit of in-house newbies, and in-house oldbies who don’t understand, and lawyers at firms who might want to consider whether these instructions make sense at law firms, too.
If you’re sending something to someone above me in the hierarchy, then send a copy to me, too.
* Pennsylvania’s Governor Tom Corbett, who really wants to win his reelection vote in November, won’t appeal the decision striking down the state’s ban on gay marriage, making him the third governor to concede after a major loss in court. [Bloomberg]
* Sen. Ted Kennedy finally received his diploma from UVA Law, albeit posthumously. The school’s registrar kept it for more than half a century — they didn’t have his address. Lucky guy never received donation letters, either. [National Law Journal]
* An associate is suing her former boss for six figures after he allegedly sent her erotic emails about his fantasy workplace affair. Her fantasy of loan repayment may come true if she wins this case. [Oregonian]
* Apple’s general counsel Bruce Sewell gave some pretty great advice to recent graduates at GW Law: “Be someone [your boss] can talk to, rather than someone she can give orders to.” [Corporate Counsel]
* The New Mexico Law Review is dedicating an upcoming issue to articles related to Breaking Bad, which officially makes it one of the only law reviews whose pages will be read by human beings. [WSJ Law Blog]
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: 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!