Last week, I wrote about the ACC Annual Meeting. A highlight of that meeting was an interview with Lauren Stevens, linked here. The clip is over an hour long, with the interview starting around eleven minutes in; I can see the tl;dw comments now. Let me give you a summary.
This is a case of an in-house counsel getting prosecuted, twice, for doing her job. We are tasked with protecting our companies zealously. Just like any outside lawyer. And you know what, sometimes we’re the windshield, but most times we’re the bug, to paraphrase Mark Knopfler. This isn’t a fluff piece, it’s a column about stuff getting real, and what can happen to a gatekeeper simply doing her job….
Suppose you had two work colleagues. Both are great lawyers. Both produce superior results, and are admired and respected by their peers for their substantive knowledge and work ethic. Lawyer #1 shows up to most meetings a little bit late, sits hunched over, and speaks in low tones that are difficult to hear, making eye contact with only one or two people in the room. Lawyer #2 is always on time, sits straight, and speaks clearly and loudly enough for everyone to hear, while making eye contact all around the conference table. Lawyer #2 even has nice teeth.
Again, assuming both lawyers are equally competent in their subject matter areas, whom would you send to the next important meeting with the senior executives? Since this is not a trick question, no duh — Lawyer #2. Heck, I’d choose #2 over #1 for anything I even semi-care about (including proper dental hygiene).
Executive presence is one of those soft skills that they just don’t teach you about in law school. Yet, it’s a critical quality you’ll need to perfect in order for you to gain your clients’ trust and to progress in your career. Your pretty face and ability to spew out boilerplate assignment provisions in your sleep will not get you there alone. And despite its name, executive presence is not just for executives….
Merge; merge; merge. It’s all we hear about from law firms these days.
But corporations do these things in both directions: Corporations do acquisitions, but they also do divestitures. Corporations merge, but they also de-merge.
If it occasionally makes sense for a corporation to divest itself of a business unit, or to split itself in two, then it surely also makes sense for law firms occasionally to divest themselves of practice groups or split themselves in two. But we almost never hear about those things. (A reader of this column tells me that he googled “law firm” and “de-merger” and found only this five-year-old announcement about a firm in the UK.) (Don’t complain about my shoddy research. That’s more spadework than goes into a typical one of these columns.)
So here’s the idea: You have a global mega-firm that combines a fine M&A practice with a great litigation practice. Just as corporations sometimes think that combined business units would have more value if pulled apart, the law firm decides that everyone would prosper if the litigation firm were spun off from the transactional practice.
Divestiture! It’s not a dirty word in the corporate world; why is it never spoken among law firms?
This column was written in the middle of a swamp in Central Florida. Yes, I speak of Orlando, and specifically, the 47 square miles of property belonging to the Disney Corporation. I am attending the Annual Meeting of the Association of Corporate Counsel, but all my kids know is that Dad disappears for a while each day while they ride, eat, play, swim, etc., to their hearts’ content. I have written before of my membership in ACC and the benefits that I have enjoyed in my five plus years as a member. This week, Lat asked me to report in from the conference, and I was happy to oblige.
As an in-house attorney, there are numerous organizations seeking your membership. Depending on your specialty, there are national and even global organizations to join. However, if your company is like mine, and will cover the cost of a state bar membership and one association, the one to join that is truly comprehensive in scope and resources is ACC….
Hello readers! This post marks the one-year anniversary of my writing for Above The Law. **Hooray!** Whew, okay, now that all of that crazy excitement is over with, let’s move on.
Every once in a while, I meet people who ask whether there’s any value in doing a clerkship if they would eventually like to practice transactional law in-house. Like a dutiful little blogger, I consulted with several senior in-house attorneys on their thoughts about whether a clerkship is valuable for an in-house transactional practice.
The lawyers I consulted who hadn’t clerked generally saw little to no value in a clerkship with respect to an in-house transactional practice. Why spend an entire year of effort on something that’s not going to be directly applicable to your practice (and, by the way, pays diddlysquat), when you could be getting firsthand experience drafting contracts and working on deals on Day 1? Plus, it’s not like businesspeople have a clue what the difference is between a law clerk and, you know… a rock.
The attorneys who had clerked, on the other hand, saw many potential benefits….
Blind item: which fairly powerful, yet overly fey — and we’re talking Dana Carvey “Gay?? That’s ridiculous!!” fey — and married Biglaw partner with top school credentials, regularly double and triple bills clients?
Blind item: which Biglaw firm, when faced with a lawyer deponent from a small shop who was clearly mentally unstable, chose to do nothing, ignoring its reporting obligations?
I mention the above anecdotes because they are all true, and because they all include reportable ethical breaches. When we were inducted into the Second Department in Brooklyn, and in ethics class, our reporting obligations were hammered into us — yet, nothing is ever done. Why?
If you took a poll in which you had to answer how good a lawyer you are, how would you rank yourself — below average, average, or above average? With the “illusory superiority” phenomenon at work, more than 50% of you would respond that you’re an above average lawyer. Now, you don’t have to be good at math to figure out that something’s not quite right here.
Because I care about my ATL readers, I’ve decided to make it my mission in this post to enlighten those of you below average lawyers as to your not-so-great-as-you-think-ness. The key to getting around illusory superiority is to not rely on your own fallible opinion of yourself. Instead, look to other more objective indications of your inferiority.
What are some signs that you may be a below average lawyer?
I am told there is a fad wherein you get up on a faux bicycle, and make your legs go around on pedals as fast as possible until the room starts spinning. To my Cheetos-stained mind, this sounds like an awful idea. (Hey, at least my mind is not nicotine-stained.) But the “spinning” I am talking about goes by several different identities: panic, anxiety, etc. It is caused by a single source: error.
As lawyers, we are expected to be perfect. Oh, not perfect people, oh no no no. But perfect in our writing, analysis, and so on. Laypeople have no understanding of the pressure that we regularly practice under, be it in Biglaw, or for overly anal-retentive judges. We are not allowed mistakes, there is no such thing as a first draft, there is instead a “perfect” draft that gets reviewed to the level of uber-perfect. However, because we are human, and not perfect, there is always a chance for disaster — missing a deadline, missing a citation, or worse.
Once error is introduced into our perfect worlds, spinning can set in if not immediately and staunchly held in check. Now, it is true that we aren’t following the NYC St. Patrick’s Day parade on shovel duty, but the pressure under which we practice manifests itself in some horrible things such as alcoholism, divorce, and suicide….
I assumed that pretty much everyone had seen the music video by now — multiple times. Scores of news sites, including CNN, ABC, and the Huffington Post have written it up. There have been tons of positive responses from significant players in the entertainment industry (including T-Pain, who tweeted, “Words cannot even describe how amazing this video is…”). As of writing this article, it has over 170 million YouTube views, and is currently the number one downloaded music video on iTunes. Heck, they even did a “dance cam” of the video at Dodger Stadium and non-Koreans watching the game broke into the dorky-becomes-cool horse dance!
But I kept finding that friends, even people active in social media, hadn’t yet experienced the greatest music video ever (did I mention flash mobs in Australia?). I had thought that just because there was promotion, you know — everywhere — for it, the video was more broadly known than it actually was.
Promoting yourself at work can be similar. No, not celebrities tweeting your awesomeness or dance cams in the office conference room. What I’m talking about is that you may think that you’ve made your contributions at work obvious to those around you. But you may be surprised to find that they’re clueless about your efforts, just as I’m surprised to find that people around me haven’t yet heard about the Gangnam Style music video, which is after the jump….
Sometimes the customer is right. Once in a while, the customer is so very correct that I will go to the trouble of writing down a noteworthy quote or two. Recently, during a call with a CIO of a major corporation, she told me (and several others on the call) that what had occurred was at the level of “nothing less forgivable.” And she was absolutely dead on in her assessment of the situation. I dropped my usual schtick of “lawyer,” and had an honest and candid conversation with her. I sought her counsel on what solution(s) she would propose to the problem, and I promised to get back in touch.
The facts of this situation had to do with HIPAA compliance. Now, if you’re running a financial firm, it’s unlikely that you are overly concerned with HIPAA; instead, you have to worry more about Gramm-Leach-Bliley. And if you run a fireworks stand, you really need to focus on keeping sources of flame away from your establishment. My point is this: in no matter what field your business exists, there are acts that could cause a cataclysmic problem for you and your future.
As an in-house attorney, you must always be on both sides of the field with these issues — offense as well as defense. You must be vigilant about interactions with other entities, and you will sometimes be on the receiving end of criticism flowing back to you. Neither is much fun (though, as an old litigator, offense is still kind of enjoyable now and again), but both are absolutely essential. Especially your response skill set….
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: