The ALS Association’s “Ice Bucket Challenge” has been wildly successful, raising more than $107 million to support the nonprofit and its great work fighting amyotrophic lateral sclerosis, also known as Lou Gehrig’s Disease. The success even prompted the association to file trademark applications for “Ice Bucket Challenge” and “ALS Ice Bucket Challenge” (ultimately withdrawn, so as not to stop other worthy causes from using the challenge).
Let’s give a round of applause to these great firms.
Earlier this week, the American Lawyer released the results of its annual survey of Biglaw midlevel associates (third-, fourth-, and fifth-year associates at large law firms). We’ll start with the good news: midlevels seem to be quite happy. The average composite score for satisfaction hit 4.08 — the highest in a decade, and higher even than last year’s healthy figure.
But just like last year, which revealed a significant gender gap in terms of job satisfaction, this year’s rosy news comes with caveats. The latest survey shows, for example, that women, African-American, and LGBT lawyers are less satisfied than their non-minority counterparts in terms of measures like training, fairness of evaluations, and partnership prospects.
Now let’s move on to the juicy stuff: the firms with the happiest — and unhappiest — associates. Plus a new ranking from Am Law, focusing on which law schools best prepared their students for Biglaw life….
Back in June, when I reviewed employment data for the law school class of 2013, I sounded some cautiously optimistic notes. I wondered whether a stable job market and shrinking law school classes could produce better employment outcomes for many law grads.
Could the jobs picture be even brighter than “stable”? Check out what looks like a big expansion of the U.S. Department of Justice’s prestigious Attorney General’s Honors Program, along with other opportunities to work as a lawyer for the federal government….
If you are a connoisseur of social media, you’ve seen thousands of links and updates about the situation in Ferguson. You’ve seen a number of reports about the crisis in Gaza. You’ve been kept abreast about our military operations in Iraq. It’s been a busy August for news.
Of course, you’ve ignored most of those links and instead been on a targeted hunt for Ice Bucket Challenge vines. If you are over 40, let me explain: instead of giving money to support research on Lou Gehrig’s Disease, people are dumping buckets of ice water on themselves. Actually, most people are giving $100 to ALS research AND dumping buckets of ice water on themselves. Awareness! It’s working, so read this before you judge.
The… whatever this is has made its way to law school campuses, thanks to the UVA Law School Office of Career Services. As our tipster put it, there is video of UVA Law CSO “getting ice buckets dumped on them by a row of bros.” Does that sound like something you would like to see?
Longtime readers of Above the Law will recall the tale of Aquagirl. She’s the former Cleary Gottlieb summer associate who, while in a state of inebriation, stripped down to her underwear at a Chelsea Piers charity benefit and jumped into the Hudson River. This might have been an effort to demonstrate her swimming prowess (she was on the swim team in college), but ultimately she had to be rescued in a boat by either the Coast Guard or the NYPD. Her exploits are now the stuff of legend, the bar by which summer associate misadventures are measured.
In these pages, we’ve referred to Aquagirl simply by her nickname, in keeping with our general policy of anonymizing summer associate stories. But that policy admits of exceptions. We will now unmask Aquagirl because she’s back in the headlines for newsworthy conduct — this time heroic rather than scandalous….
Last month, when we covered BuckleySandler’s midyear bonuses, we included a shout-out to Cahill Gordon. Cahill has paid out generous summer bonuses to its associates dating back to 2010, and we wondered whether the firm would continue the streak.
The answer: yes. Cahill just announced its latest summer bonuses. The timing is good, since rising 2Ls will soon be picking which firms to interview with during on-campus recruiting. (Note Cahill Gordon’s nice rise in the latest Vault 100 rankings, which are widely consulted by law students during the OCI process.)
How big are the Cahill midyear bonuses this time around?
It pains me to say this, given my own predilection for prestige worship, but here’s a question: does prestige matter as much as it used to? In an era of greater access to information, a law firm’s overall prestige arguably matters less than it once did.
If a client is looking for an excellent firm in a particular practice area, it can now easily access information about which firms, and even which individual lawyers, excel in which niches. It no longer has to rely on a firm’s brand name as a proxy for a specific strength. And other factors matter to the public as well. Is a firm a good place to work? How stable is its partnership, in this era of increased lateral movement? Is the firm growing or declining?
But make no mistake: prestige is still hugely important. Which is why the Vault law firm rankings are so eagerly anticipated each year.
The latest rankings from Vault of the country’s 100 most prestigious law firms just came out. How do they look?
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Sometimes folks ask us, “What’s in it for me?” For example, on last week’s story about the epic UVA email screw-up, one reader wondered why UVA students told us about it in the first place.
Well, venting about something can be therapeutic. But sometimes tipping ATL can help people out in more specific and concrete ways. Here’s a great story involving a reader who emailed us about a problem that we helped to get fixed….
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!