* Dewey need to send them a wedding present? Because to be honest, we really can’t afford one. Fifty of the firm’s European lawyers jumped ship to tie the knot with Greenberg Traurig in Poland. [WSJ Law Blog]
* “I don’t think there’s enough space in the legal market to absorb all the Dewey lawyers that aren’t prepackaged in a group.” When Dewey get on the unemployment line in New York City? [New York Law Journal]
* Ropes & Gray is expanding its Chinese private equity practice with plans to double its Asian-based lawyers by the end of the year. For now, the firm’s just poaching partners from Norton Rose and Paul Weiss. [Bloomberg]
* John Edwards’s legal team began his defense, and they still don’t know if he’ll be taking the stand. Not to worry, because he’ll be torturing his daughter, Cate Edwards, instead. [CNN]
* Remember the Catholic school that fired someone for getting IVF? They’re asserting the “ministerial exception” against Emily Herx — an unordained woman who doesn’t teach religion. [Washington Post]
* Apparently this only matters when top-tier schools do it, but like UC Hastings, George Washington Law will be reducing its class size in the hope of keeping new student enrollment below 450. [National Law Journal]
This is Elie Mystal, coming to you live from Austin, Texas, and the 2012 conference of the National Association of Law Placement. It’s my favorite annual conference, because every year, NALP just gets all the law school career services officers and all the law firm recruiters in a room, and tells them all the trends in legal hiring. We’re not talking about anecdotal evidence or law firm spin. It’s the one time each year we get to look at some hard numbers.
And in case you live under a rock, let me tell that every year since the recession, the numbers get more and more terrible. Looking at some of these statistics is as close as you can come to physically witnessing a dream die a horrible, mangled death.
This year, the numbers are worse than ever! And that’s the good news. NALP’s Executive Director, Jim Leipold, thinks that we’ve probably “hit the bottom” in terms of new associate hiring, with the class of 2011 suffering the absolute nadir of this process. While he doesn’t know if things will get significantly better any time soon, he figures they pretty much can’t get any worse.
I recently received a cold call from a recruiter. Back in the day, when we were young and cocky Biglaw associates, we’d often just say “no thanks” and hang up on headhunters. For most of you, a call wondering if you’d like to explore a great opportunity in some department or other at another firm hasn’t occurred in years.
The economy just isn’t the same. For me, it’s been quite awhile since I received such a call. First of all, it’s fairly difficult to reach us; our numbers aren’t publicly available, thus making solicitations and cold calls something of an anomaly. Second, now that I’m in-house, the usual course is to seek out a recruiter, if necessary, rather than the other way around.
Well, my interest was piqued, and I chatted with her for about a half-hour. She works for a company with revenue much greater than I am used to, and a market cap well above my current employer’s. The job itself entails working on technology deals for a greater salary and overall compensation package. The company would also relocate me to a very palatable locale. Finally, the location is near many potential employers for my wife.
Seems like a great opportunity on its face. But, as one of my mentors has sagely stated, the devil you don’t know can be much worse than the devil you do know….
The rumor mill has been churning nonstop over the past week about Dewey & LeBoeuf. In our recentstories about the firm, we’ve discussed reports of financial difficulties, partner departures, and possible layoffs of lawyers and staff.
During this time, firm management has remained fairly tight-lipped. But earlier this evening — a Friday evening, of course — the firm broke its silence. Chairman Steven H. Davis sent out a firm-wide memo, acknowledging the rumors and confirming that yes, Dewey will be conducting some layoffs and engaging in other cost-cutting measures.
The lateral hiring market has improved substantially over the past year. With that improvement, associates are receiving a greater number of cold-calls from recruiters. For many junior associates, these calls are a new phenomenon. Your choice of a recruiter — and the way you manage the process — will have a profound impact on your short-term and long-term opportunities.
There are many good recruiters and many benefits to using a good one. However, not all recruiters are created equal. Jordan Abshire, legal recruiter and Managing Director at Lateral Link, offers some great pointers on handling the cold-calls and selecting a good recruiter, as well as some background information on the recruiting process….
There is a neighborhood in Chicago that smells like chocolate. The reason is due to Blommer Chocolate Company’s Chicago factory. I have never been inside, but according to a documentary I once saw regarding chocolate factories, inside there is a chocolate river, Oompa Loompas, and an eccentric chocolatier.
Much to my surprise, there was an opening at Blommer for over a year. Among other qualifications, the position required the applicant to be able to taste and consume chocolate and other products. Who would not jump at the chance to work there? Admittedly, there were a few negatives to the position (see here), but overall it sounded much better than a typical job wherein one does not get to taste and consume chocolate (at least not as an integral part of the daily routine).
If only there was some professional whose job it was to match open positions like this with qualified applicants….
Legal recruiters find work for lawyers — and sometimes they create work for them. We previously covered, for example, the litigation between mega-recruiter Major Lindsey & Africa and one of its former employees, Sharon Mahn.
Sometimes recruiters go after each other, and sometimes they go after law firms — firms that don’t pay them the placement fees to which they’re entitled. Recruiter Alan Miles, principal of Alan Miles and Associates, went after Bingham McCutchen — and won, big time.
I spoke on a panel with two other in-house lawyers at the Indiana University Maurer School of Law a little while ago, and I learned two interesting things about lateral mobility. I’m not one to keep secrets (other than client confidences, of course), so I figure I’ll share.
The first item came from a question a law student asked of Steve Beard, who’s the general counsel of Heidrick & Struggles, a recruiting firm. The student asked when the best times are during your legal career to make a lateral move. I didn’t have a clue, and Beard works for a headhunter, so I figured it was time to listen.
Beard said that headhunters will call you most aggressively at three times in your life. First, you’ll get calls when you’re roughly a third-year associate. At that point, the market perceives that you’ve been trained in the fundamentals of being a lawyer. If someone is looking for a competent person still early in a legal career, that’s more or less the time.
You’ll then apparently have to endure a few years of relative silence. The phone won’t start to ring regularly again until you’re six or seven years out of law school. The market will then perceive you as having become a fully formed lawyer, capable of performing most of the tasks in your niche. Corporations figure that they can hire a sixth-year associate, train the candidate about a particular business, and fit the person easily into a corporate structure….
* Ashby Jones asks: Is it time for stricter regulation of law schools and the information they disclose (or don’t disclose)? In other words, “Should Congress gin up the Law Student Truth in Education Act of 2011?” [WSJ Law Blog]
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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