One of the memos is great; the other one is terrible. I know which is which. And, as I said, I haven’t yet read either one of them.
Isn’t trust terribly unfair?
Think about the many ways that establishing trust permeates a business relationship. Once the superior (whether that be partner, client, boss, or whomever) trusts the underling, the underling can do no wrong. And once the superior mistrusts the underling, the underling can do no right.
Which of the two unread memos in my inbox is great? The one from the guy I trust. All of his earlier memos have been great. They’re crisp, incisive, intelligent, and lucid; the one that I haven’t yet read is surely a thing of beauty, too. Which memo stinks? The one from the guy I don’t trust. All of his earlier memos have left me gripping my head in agony, trying to figure out what in God’s name this clown was trying to communicate and why anyone would think it was worth trying to communicate that drivel.
Trust permeates everything; it’s terribly unfair. Trust infuses more than just the memos I haven’t yet read. Trust permeates silence, too. How can trust permeate silence?
This is the second part of a series on getting yourself in the door to an in-house position. If it’s not up your alley, read no further. Based on the feedback I received from last week’s entry, this is helpful to some folks out there. Don’t worry, my tell-all book is in the works, and when I’m ready to retire, I’ll regale you with stories of love triangles and hexagons that will make your head spin. Until then, let’s work on getting you that gig in-house.
It is presumed that you worked hard on your resumes and cover letters in law school, vetted them through the career office, and had at least two or more folks review them before sending them out for OCI and beyond. If you’ve been practicing for a while, and are now looking to jump in-house, you’ve likely dusted off your resume and edited it to include the substantive work you’ve done, your many court appearances, and your list of mega deals that you’ve brought to completion. Or not. The reality may be that you don’t have all that much “sexy” work to list on your updated resume.
In the last installment of Moonlighting, we examined the importance of understanding the big picture at work. This week, we’ll consider one method of finding out more about the big picture: asking questions. Not the dumb ones. The good ones. So what are some good questions that can help us to see the bigger picture?
I solicited input from several general counsels, assistant GCs, etc., in different industries and here’s what they came up with. I know, I was surprised they got back to me too. I don’t know whether it had anything to do with the teeny white lie I told them — that they would be compensated for their answers with untold riches and fame — it’s a mystery. But here is what they said…
Okay, I confess: I made the headline intentionally provocative. You shouldn’t lie at all, and you should absolutely forbid witnesses from lying under oath. (If we, the lawyers, don’t obey the law, who will?)
I’m thinking today about a person who is not under oath and will be sorely tempted to tell an obvious lie. Don’t do that yourself, and advise others that it’s not great idea, too.
When are people tempted to tell obvious lies?
In the corporate context, a quarterly earnings announcement might boldly proclaim that the company earned $1 per share this quarter. The Street expected only 90 cents, so this appears to be great news. But there’s something else tucked into the earnings report that disappoints the analysts: revenue declined; margins compressed; organic revenue growth stalled; whatever. Thus, despite the happy headline, the stock price drops two bucks on the day of the earnings announcement.
The next week, you, or the head of your department, or the head of a business unit, or whoever, has to brief an internal audience about the quarterly results. The speaker will be sorely tempted to tell an obvious lie: He’ll pull excerpts from the slide deck used for the earnings announcement, emphasize that the company beat the Street’s consensus estimate by ten cents a share, and tell the gang that we had a great quarter.
Meanwhile, everyone in the room is thinking: “If we had such a great quarter, why did the stock price crater on the news? Do you think I’m an idiot? Why are you lying to me, and do you lie often?”
I’m no expert in corporate communications, but it strikes me that it’s a bad idea to tell obvious lies. How do you avoid telling obvious lies?
Once you’ve decided — either on your own, or with the help of your law firm review — to make the move in-house, what do you do next? The first thing to decide upon is a method to your madness. Disclaimer: If you’ve been engaged in a search for some time, or you are happily ensconced in a position that you love (which is impressive!), my next few columns are not for you. They will be lacking in gossip, or inside baseball stories of life in-house. Because the majority of mail I receive is in regard to the jump to in-house life, I have decided to devote a few columns to the nuts and bolts of making the leap.
There are so many companies of all sizes that looking for an in-house job can make looking for a law firm job seem like child’s play. There are public companies, privately-held entities, government contractors, non-profits, and so on. Start your search by considering company specialty — what the company does needs to match something in your career background. You wouldn’t seek a transactional securities position without any knowledge of the securities laws. It also helps to have at least touched upon the area of law in your private practice. However, it may not preclude you from a position if you’ve not written the latest securities treatise. If the company is a small entity with zero to five current counsel, your general legal knowledge will get you noticed far more than knowledge in a discrete area of law.
Companies of all sizes can be funny animals when looking for legal advisors. The most sought after trait is sound business judgment — something that is rarely discernible in the interview process. It may surprise you, but a less valued item, at least in the business world, is the rank of your law school according to the U.S. News survey….
Why do so many people think that you must be a blowhard to be an effective litigator?
I’ve recently heard several tales of business folks (or in-house lawyers) worrying that outside counsel is not aggressive enough. What prompts the concern is the lawyer’s performance during a conference call or at a meeting: The lawyer is civilized. The lawyer speaks quietly, asks probing questions, gives intelligent advice, and appears to be an effective advocate.
After the meeting, one of the participants says: “Are you sure we should use that guy? He doesn’t seem very aggressive.”
Remarkably (at least to me), I’ve heard the same thing at law firms. I’ve heard transactional lawyers wonder about litigators who are calm and intelligent at the lunch table: “He’s such a nice guy. I’m not sure I’d trust him in court.”
What’s my reaction? On the one hand, we can’t ignore perceptions. If a lawyer is so low-key that he doesn’t inspire confidence, then that is a legitimate concern. If I don’t trust the lawyer who’ll represent me at trial to defend me during a vigorous cross-examination, then that’s a real issue; we shouldn’t hire that lawyer. Confidence matters.
On the other hand, if the concern is simply that the litigator is not a blowhard — the lawyer speaks quietly and intelligently during business meetings, where there’s no need for bluster — then I have a very different reaction. In fact, I have three reactions:
Lawyers are great at thinking small — small picture, that is. We’re awesome at details, however painstakingly minor. We sport the “grammar police” badge proudly, even though we know that it’s the dorkiest one out there (wait, except for the “I memorized all of the two-letter words in Scrabble” badge — that one’s slightly dorkier). We find nit-picky, meaningless, hypothetical debates to be “intellectually stimulating,” while the rest of the world sees them as a complete and utter waste of time. And it’s all good. Details are essential to the practice of law. But so is seeing the big picture.
A law firm associate friend once represented a bank on a loan in which the borrower later ended up missing a payment date. Upon learning of the missed payment, he promptly drafted a default notice. When he presented the default notice to the law firm partner, the partner’s reaction was, “Whoa, Nelly… hold on there — no way are we sending any default notice.”
The associate was thinking small picture — how dare the borrower miss a payment to his client! In full gunner mode, he proceeded to take steps to ensure that the bank was paid the monies due (and, by the way, now at a default interest rate — haha!). He was only trying to zealously represent his client, right? Right? The partner, on the other hand, was thinking big picture….
When I was a kid, before many of you were born, there were ads during Saturday morning cartoons for a program called “RIF” -– an acronym for “Reading is Fundamental.” Started in 1966 in Washington, D.C., it is supposedly one of the oldest non-profit educational programs in existence. I mentioned RIFs in my last column, and trust me, in the corporate world, RIFs are not altruistic attempts to get at-risk youth to read.
RIF stands for “reduction in force” — i.e., layoffs, terminations, downsizing, etc. A RIF can take various forms. For example, a V-RIF, or “voluntary reduction in force,” is when a company offers early retirement or severance packages to certain employees. These are usually offered as a first attempt to reduce work force numbers, and they are the cleanest way to lower the population. At the other end of the spectrum is the I–RIF, or “involuntary reduction in force.” The term is self-defining.
I stated before that I have witnessed an I-RIF period, and that it was awful. By “awful,” I meant that seeing people let go from their jobs was uncomfortable for me, having come from private practice where such reductions were not (at the time) as publicized as they are today. My company handled the situation with as much grace as could be expected, and I honestly believed our then-CEO when she stated that the dignity of our people was at the forefront of how the reduction would take place….
You may be one of those people who realized early on that law firm partnership is not for you. For me, this was the case even before I started law school. Law was going to be a second career for me, and by the day of my first 1L class, I already had two small children vying for my attention. Surprisingly, having small kids while in law school full time was not easy. You really need to be engaged in your kids’ interests, which can be hard when you’re also trying to dodge Socratic bullets for the first time. There was one semester when it literally took me an entire week to defeat the Elite Four in Pokémon Yellow. Tough times, tough times.
I later went into Biglaw with the understanding that the experience would look good on my résumé, and that I would get what people refer to as “great training.” (And, of course, the money was nothing to complain about, either.) And I actually did enjoy the work. But you can’t work Biglaw hours and expect to just breeze through all of the Pokémon versions — Gold, Ruby, Platinum, Black, etc. — there are so many of them! It’s just not possible, and I will challenge anyone who says it is.
So once you’ve decided that the in-house life is the life for you (or that there’s no way in hell they’ll make someone who’s so obsessed with kids’ games partner), when’s the best time to make the move? Well, it depends….
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: firstname.lastname@example.org.
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!