Some people go to law school not in the hope of making buckets of cash, but to bring justice to their communities. With long hours and low pay, being a government attorney is a noble pursuit. The catch is that some of these poor souls didn’t know just how poor they’d actually be.
To that end, they certainly didn’t expect that they’d be paid a lower salary than the courthouse custodian, and they had no clue that they’d be members of the working poor.
Which state is allowing entry-level government attorneys to live in squalor?
Ed. note: This is the latest installment of The ATL Interrogatories, brought to you by Lateral Link. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Richard J. Morvillo, co-founder of Morvillo LLP, is a nationally-recognized expert in SEC enforcement matters. Over the past 35 years, he has been involved in over 200 SEC investigations, including some of the highest profile cases the SEC has handled. Rich was recently named by Best Lawyers in America as the “2013 Lawyer of the Year – Securities Litigation,” and Chambers USA has recognized Rich as “one of the deans of the securities enforcement bar.” He has served on the adjunct faculty of Georgetown University Law Center, teaching a course in “Professional Responsibility in Corporate and Securities Practice.” See his complete bio here.
1. What is the greatest challenge to the legal industry over the next 5 years?
For those AUSAs taking the plunge into Biglaw because they orgasm over having a “former federal prosecutor” handling their “white collar” work, my advice is call me when you realize you’re merely reading compliance documents and walking corporate executives over to your old office to give proffers. For now, you can stop reading here.
Leaving government work to “open your own shop” is a unique proposition. If you’re leaving Biglaw, your main concern is not making what you’re making now. If you’re “going solo” right out of law school, you’re worried about making any money at all.
Leaving government service is leaving a guaranteed salary, the precious “benefits,” and if you’ve been there for a good amount of years, a level of comfort not found in small law firms (with the exception of the federal public defenders who have fallen victim to the sequester and deserve better). The main reason people leave government is the perception that there is more money in the private sector. That was mostly true before the economy tanked. Now it’s not so certain, and it’s something you need to consider before cashing out on your accrued vacation and sick time…
Here at Above the Law, we try to pay attention to every sector of legal employment. We often find ourselves skewed rather heavily toward Biglaw, but as we all know, not everyone wants to work in Biglaw — including some of the people who are ensconced in high-paying Biglaw jobs themselves.
Imagine a place where you won’t be shackled to the billable hour. Imagine a place where you’ll get all government holidays off without having to worry about showing up just for the sake of appearances. Imagine a place where your clients are people, not corporate entities. If that seems nice to you, it’s because it is.
Today, we’re going to open the floodgates for the members of our audience, prospective law students in particular, who aspire to some day work in government and public interest jobs. Which law schools should you be considering if you’d like to have the best odds of reaching your goal?
Here at Above the Law, we spend a lot of time talking about bonuses to associates working in Biglaw firms. As you might have noticed from our bonus coverage over the past month or so, the size of these payouts is underwhelming to many who are receiving them.
But that coverage only deals with those few, those happy few, who are lucky enough to receive any type of bonus whatsoever. For many in and around Biglaw, their bonus this year will be $0. Their spring bonus will not exist. And they won’t even have Cravath to blame for it.
We’re talking about paralegals. We’re talking about secretaries. We’re talking about government lawyers and law clerks and a bunch of other people who worked really hard in 2011 and might get no bonus at all.
Numerous applicants to law school claim that they want to become lawyers in order to serve the public interest — and some of them are telling the truth. Alas, after burdening themselves with six figures of law school debt, they find it difficult to follow through on their public-interest dreams. The path of least resistance, or at least the path to the fastest repayment of loans, is working for a large law firm.
Working for a prominent law firm is great — lucrative, prestigious, honorable work — provided that it’s actually what you want to be doing (as opposed to, say, public interest work in Nepal). Unfortunately, many who toil in Biglaw do so primarily for the debt-dispelling powers of the paycheck.
There was a time in this country where the holiday season was a time to be rewarded for a good year of work. People received bonuses. People received pay raises, so their salaries could keep pace with their growing experience and maturity (or at least keep up with inflation).
The America where that kind of stuff happened now only exists in memory. In post-recession (or mid-double-dip-recession) America, the holidays are a time when the people at the top jealously guard their wealth, while everybody else tries to figure out how to make “sacrifices” for the greater good.
Usually, this type of thing can be seen most clearly in the private sector (click here for Above the Law’s coverage of bonus season). But today the Obama administration is getting into the holiday spirit by freezing salaries on federal employees for two years.
So, if you’re a J.D. holder who joined the Department of Justice or another federal agency to escape the Biglaw recession, the pay cut you thought you were signing up for just got bigger.
And it probably also means that a few federal attorneys will be trying to get back into the private sector — which will be great, because it’s not like the market for attorneys is oversaturated or anything….
I’d love for Mark Cuban to own my basketball team. He’s a self-made billionaire who focuses on the fans and (for all the bluster) leaves the basketball decisions to basketball people. Compare that to current Knicks Owner James Dolan — a man living off of his daddy’s success, who thinks he’s smarter than he really is, who has run the once-proud Knicks franchise into the ground, and who may be in romantic love with Isiah Thomas. You’d take Cuban any day of the week over little Jimmy.
You’d probably take Cuban as a client as well. Stephen Best, the Dewey & LeBoeuf attorney currently representing Cuban in his SEC insider trading case, seems to be happy with his client. And we haven’t even seen his legal fees.
But if you are one of Cuban’s adversaries, it must be brutal. To paraphrase Rory Breaker, if the milk’s sour, Mark Cuban ain’t the kind of pussy to drink it. NBA referees know that. And SEC attorneys are about to learn the same lesson…
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.
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 firstname.lastname@example.org or email@example.com. 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!