I was in Atlantic City this weekend (shout-out to my Rutgers Law homies), so I missed the fascinating story in the New York Times about the “The Go-Nowhere Generation,” until the ABA Journal brought it up yesterday. In a nutshell, the piece suggests that the terrible economy has broken the already questionable will of the Millennial generation and turned them into risk-averse homebodies. Statistically, this generation of young people is less likely to leave home, leave jobs, or take professional risks.
Does that mean these Millennials are more likely to end up being lawyers? Maybe even more likely to end up as Biglaw lawyers? Because nothing says “risk-averse person willing to hang on to a crappy job for a long time because he can’t think of anything better to do” than “of-counsel” at a major law firm.
In fact, if these statistics are true, we might see a deluge of would-be lawyers continue once the children raised during this economy come of age….
Over the past few weeks, the ugly truth about the generational gap between those who claim the moniker of “Gen Y lawyer” and, well, everyone else, has been raging through the blogosphere. While younger generations have always looked at their elders as “stupid,” and not worthy of listening to, it has never been as much a part of the legal profession as it is now. The Gen Y cheerleading squad of lawyers and their marketers believe there actually is a “revolution” in the legal profession and that if those who have come before don’t get with it and move their practices to the iPad, they (we) will go the way of the dinosaur.
They also think their elders want them to fail, are scared of them stealing clients, and only offer criticism for these reasons. I hate to break it to you kids, but I want you to succeed, and my clients aren’t hiring you. They’re not hiring your website or your Facebook Fan Page. Really, they’re not…
I’m thinking again, as I did on Monday, about why lawyers go insane over time.
Years ago (long before MapQuest was even a gleam in its inventor’s eye), an older lawyer sent me directions for driving to his home. It was pretty easy to get from my apartment to his house; I had to make only three or four turns. But the directions were several typed pages long. Why?
Because this guy had been driven insane by mistakes in the past. He had told someone to turn east on a road, and the person had turned west. So now the directions eliminated that possible mistake: “Turn east (that is, turn right as you are proceeding northbound on route 1) at the light.” Someone else had missed the turn. So now the directions eliminated that possible mistake: “If you see a shopping mall followed by a McDonald’s on the right side of the road, then you have gone too far. Turn around, go back to the light, and turn east (that is, left as you are now proceeding southbound on route 1) at the light.” Having experienced all of these mistakes, the older lawyer felt compelled to help me avoid them, which made his driving directions nearly incomprehensible.
The modern workplace plays host to three generations: the baby boomers, Generation X, and Generation Y. A panel at the InsideCounsel SuperConference this week called the youngest of the bunch, Gen-Why?. The italics are likely meant to indicate a whiny tone, because this bunch, born from 1981 to 2001, are supposedly entitled and snotty. E.g., “You’re going to defer me for a year with a $60,000 stipend? Wah! I hate you!”
I attended the panel as did another legal blogger, Adrian Dayton. Check out his post on what’s wrong with Gen-Y. Despite their complaints about the young’uns, oldies tend to give in to their wishes, judging from the response one general counsel gave to a Gen-Yer who asked to head off to New Zealand for a year and have his job held until he got back.
A not-especially-snotty-or-entitled Gen-Yer was chosen for the panel: Jack Rossi, staff counsel at JetBlue, who scored an in-house offer directly out of law school. He admitted that some of the myths about his generation are true: he does like feedback and wants mentorship (and he’s gotten it in-house). An older baby boomer lawyer in the audience spoke up to say, “I wanted the same things as Jack, but I was not brave enough to ask for it… It was kind of ‘figure out for yourself.’ I think the fact that younger lawyers ask is actually a good thing.”
Honestly, there wasn’t a lot of tension in the room between Gen Y and Boomers, even when J.D. turned PhD panelist, Arin Reeves of The Athens Group, suggested Boomers were at fault for spoiling young folks given the wining-and-dining summer associate experience they created. “If you want to teach that work is the priority, take the events away,” said Reeves.
I think all of our Biglaw readers will agree with us in deeming that terrible advice.
In the room, greater tension seemed to exist between Gen X and Gen Y. “It sounds like we’re saying, ‘How are we going to accommodate an already spoiled generation?’” observed one Gen Xer.
Since I am Gen Y, and Elie is Gen X, we thought this would be an opportune time for a little ATL debate. I’ll let the old man go first…
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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