It turns out that it’s also the key to giving great speeches.
And to making great pitches for new business.
And to impressing clients, and your boss, and anyone else who matters to you.
Now that I think about it, it’s not a bad guide to planning your business development activities, ginning up theses for your articles, and plotting your blog posts. It would be a great way to design your firm’s website, too.
Eureka! The key to all professional success on earth!
This is my first column of 2014, so I’m due to join the ranks of those who make predictions for the coming year.
But my predictions will be slightly different from others, because mine will be based on fact.
In the last months of 2013, I heard that two different law firms had reduced partners’ draws to offset the firms’ poor financial performance. At least one of the firms reduced draws retroactively — announcing near the end of the year that partners’ salaries would be reduced as of January 1, 2013 (which slices partners’ incomes dramatically in the last few months of the year). Both firms shared the pain among all partners — folks suffered in the equity and non-equity ranks alike. (This is a particularly nasty trick to play on income partners: “Here’s your partnership deal: If the firm does better than expected, you’re a mere income partner; of course you will not share the wealth. On the other hand, if the firm performs worse than expected, we’ll permit you to share the pain, and we’ll cut your pay. Here’s the partnership agreement! Sign right here on the dotted line!”)
I’ve now been in-house for four years, and my ear has lifted pretty far from the law-firm ground: If I heard about two law firms suffering from such terribly bad years that they were forced to reduce their budgets as year-end approached, then I’m guessing that many more than two firms suffered this fate. This means that, for many firms, 2013 was not a good year, which leads me to my predictions for 2014 . . . .
This is as close to titillating as I’ll ever get in one of these columns: When a senior lawyer (or executive) leaves a company in December, what does that mean?
Basically, Ecclesiastes is all about changing jobs: “To every thing there is a season.”
When a partner at a law firm moves laterally in January, that’s like leaves changing in autumn. The partner waited to receive his (or her) year-end bonus from firm A and, having pocketed the bonus, then moved on to firm B. That makes the lateral acquisition cheaper for the new firm.
The in-house world is a step slower: When an in-house lawyer (or executive) moves to a new company in March or April, that’s like snow falling in winter. The in-house person waited to receive his (or her) annual bonus in March (more or less) and, having pocketed the bonus, then moved on. That reduces the hiring cost for the new company.
But when an in-house lawyer (or executive) leaves a company in December, that’s a blizzard in May! The game is afoot! (Blogging is so good for me. I just learned that Shakespeare said that first, although I was thinking of Sherlock Holmes (who said it later) when I typed the phrase.) Quickly, Mr. Watson! What can we deduce from an out-of-season executive departure?
I’m an honest guy: I confessed publicly when The New York Times solicited me to write a piece about the legal profession and then rejected my submission (because it had been preempted by a DealBook special).
I confessed publicly again when I submitted a second piece — this time about the future of legal education — and was again promptly rejected.
But enough of confessions: Today, I’m here to gloat! Here’s a link to “Have We Met?” which appeared yesterday in the “Sunday Review” (formerly “The Week In Review”) section of The New York Times.
Part of me says that I should end this column right here. I should say something snooty like, “Hey, Lat! I published an essay in the Times yesterday. Isn’t that enough recreational writing for a week? I’m outta here.” But Lat would probably complain, saying that I hadn’t pulled either my weight or enough people through the “continue reading” icon. What can I tuck behind that icon that will suck you through the jump?
Aha! Three things! First, how do you get an op-ed published in the Sunday Times? Second, if you pull off that feat, how much does the Times pay you for your work? And, finally, do I have a clever story linking what I wrote in the Times to Above the Law? You’re in luck! . . .
Suppose your company has a system: All payments are run through the finance center in New York; all emails are encrypted by a certain process; all reports on a certain subject contain items 1 through 10.
As sure as I’m sitting here, someone on the sales side of your company will tell you that we must make an exception for his new client. For this client only, we should run the payments through Canada, use a different encryption service, or delete item 5 and add items 11 through 14 to the report.
Because you’re reasonable, you’ll explain that this isn’t possible: “We have a system that is hard-wired into the computers. We have 3000 different clients. We are able to offer clients only what the system permits. If we start making exceptions for particular clients, then costs will escalate and we’re sure to make mistakes. Please don’t ask us to tailor our systems to fit your client, because we just can’t.”
The sales guy will then sputter and turn red in the face: “But this client is different! This is the firm’s biggest client! And the best! And the one with the highest margin!” . . .
If you don’t like jokes or games, then you’re a stiff. No matter; you can join the party anyway! One website guaranteed to fascinate stiffs has created some remarkable maps; I’ve linked here to one showing all nuclear explosions since 1945. If that map doesn’t tickle you, click through the categories and find others that do. Go ahead; it’s my birthday!
Would you rather be a great lawyer or be perceived as being a great lawyer?
For many people, I think the answer to that question varies over time: At age 30, you’d rather be a great lawyer. At age 60, you’d rather be perceived as being a great lawyer.
Because, over time, your reputation may come to track reality. If you’re perceived as great when you’re 30, but you’re actually no good, that truth may out over time. As you age, your reputation may catch up with you.
By the time you’re 60, your professional horizon will have shortened, and it’s less likely that the world will unearth your incompetence. If you’re perceived as being a great lawyer when you’re 60, you may well make it to retirement unscathed.
What of law firms? Would you rather that your firm be great or be perceived as being great?
I typically limit myself to one rant per column; today, I’m letting fly with two.
My first (narrow) rant is aimed at the Supreme Court of the State of Ohio: Hey, guys, have you heard? It’s the 21st century!
I have the misfortune to live overseas (in London) while maintaining licenses to practice law in three states — California, Illinois, and Ohio. California and Illinois give continuing legal education credit for courses taken by webinar, which seems entirely reasonable in today’s world. Ohio alone opts against reason; for standard CLE credits (as opposed to self-study or publication credits), you must attend a CLE class in person. Riddle me this: Where do you find a live, in-person CLE class in London, England, that’s approved for Ohio CLE credit?
When I was recently back in the states, I was forced to endure 2 1/2 consecutive days of live CLE courses, which will keep me in the Ohio bar’s good graces for the next couple of years. But now I’m throwing down the gauntlet, Ohio: I’m not doing this again in 2015! Give CLE credit for webinars, or I’ll go inactive in Ohio, survive on my California and Illinois licenses, and you’ll be out the $350 registration fee! Not only that — I’ll lobby every other similarly situated person to do the same! It’ll cost you millions! (Shhhh! Please don’t tell the folks at the Ohio bar that I’m probably rallying a group of one: All lawyers licensed in both Ohio and another state — so they can go inactive in Ohio and keep on practicing — while living overseas. If I don’t tell the Ohio bar folks and you don’t tell ‘em, they’ll probably never figure it out. After all, these are the clowns who didn’t think to give CLE credit for webinars.)
But that’s all process; now I’m moving on to substance. The CLE presentations themselves provoke today’s second rant. What mistake, I ask you, do you see made by just about everyone who teaches CLE courses (or, indeed, gives any presentations to live audiences)? More to the point, how can you avoid embarrassing yourself publicly when you speak?
If you’re hiring a lateral partner at this level, then quality is assumed….
If you’re using Bigg & Mediocre, then quality is assumed….
If you’re hiring only from the top ten percent at the top ten schools, then quality is assumed….
Let me start again:
By the time you get to major league baseball, quality is assumed.
Right. But I’d rather have Babe Ruth than a journeyman outfielder.
We instinctively realize that, in every endeavor known to man, there are true superstars. But, when we talk about lawyers, we somehow assume that they’re all fungible. Or, in the examples I just gave, that all the lawyers within a certain rarefied group are fungible. That’s just not true. There’s quality, and then there’s real quality. In the words of Arthur Schopenhauer: “Talent hits a target no one else can hit; genius hits a target no one else can see.” Talent is nice; genius is better.
If you’re with me so far, then you don’t believe that all law firms are created equal; you don’t believe that all lawyers (or partners) within a single firm are created equal; and you understand that many law firms are basically incapable of true quality control….
When you’re a real litigator — at a firm, in the trenches, arguing stuff and getting your hands dirty — you see and hear the coolest things.
So I’m sharing a couple of litigation war stories with you today, and soliciting you to share others in the comments.
I’m in the California Court of Appeal in San Francisco. My case is third or fourth on the calendar, so I’m watching the arguments before mine. In the first case, the appellant had been convicted of a bunch of gruesome crimes. It was hard to tell without having read the briefs, but the litany plainly included rape, murder, and the desecration of a corpse. Defense counsel had not exactly lucked out in the selection of an appellate panel: He was arguing to three female judges, all of whom had formerly been prosecutors.
For reasons not entirely clear, counsel was trying to reverse the conviction for desecration of a corpse. He insisted that no evidence supported the verdict, because there was no evidence (I kid you not) that the defendant had jammed the stones inside the victim after she had died. As one of several arguments, counsel tried an appeal to reason. He asked the (seemingly) rhetorical question: “But why would my client have shoved rocks inside the body after she was dead?”
The question wasn’t so rhetorical, after all. One of the judges leaned forward incredulously and asked, with a snarl: “Excuse me, but . . .
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: