Before this column launched, I spent several moments stewing over possible pseudonyms. After all, branding is everything. So, I wanted to come up with a name that said to my audience that I was a small-firm expert and a super-cool chick. Naturally, I picked the name that is synonymous with post-menopausal Jewish bubbies. Perhaps I still have a thing or two to learn about branding.
I am not the only small-firm lawyer with a problem selecting the right name. Indeed, after Jay Shepherd opened my eyes to the hyphen-crisis, I began noticing a comma-crisis. Specifically, I noticed that there are a lot of small firms with way too many last names strung together with commas.
Why is it that many small firms have such problems coming up with the perfect firm name? Let’s explore this age-old question….
* I used to get something called a “heart attack” at the old Tasty in Harvard Square. I never died from it, and I was pretty sure that scientists hadn’t yet perfected the way to distill a major coronary event into a sandwich. [WSJ Law Blog]
You always hear this business axiom: “The customer is always right.” Whether true or not, you’re supposed to at least let the customer believe that he or she is correct. But in my experience, that doesn’t always work.
Before I went to law school, I was a banker. (That sentence makes me sound old, since I started law school 20 years ago this fall. Whatever.) Anywho, in my years as a banker, I frequently had to explain to customers the vagaries of the American banking system. “What do you mean my money’s not in my account? I just deposited the check. Of course it’s there!” No, sir, I’d have to say. Your money’s not there. Your check hasn’t cleared. The customer was very often just not right.
Turns out, practicing law isn’t much different. Your clients are often wrong. And your job as their lawyer is often to tell them that they’re wrong.
Did you watch Lost? I was a big fan of the show, which ran on ABC from 2004 to 2010. The series required quite a commitment from its viewers, since it had a large ensemble cast and was a true serial — you really couldn’t miss any episodes. After the third season, the producers made the unusual announcement that the series would definitely conclude at the end of the sixth season. Since so many elements of the show remained a mystery until the very end, it became a guessing game as to whether the writers would be able to tie everything together into a satisfying ending.
Toward the end of the final season, the show revealed a location that we’d never seen before that was crucial to explaining the Island’s secrets. (I’m not giving anything away here if you haven’t seen it.) But the location, a glowing cave, was rendered with cheesy special effects that looked like they’d been borrowed from the original 1960s “Star Trek” series. The bad effects were so jarring that they took the viewer out of the story, causing you to say, “What’s with the cheeseball special effects?”
What the heck does this have to do with improving your legal writing? Find out after the jump.…
There comes a time in the career of every law-firm lawyer when she realizes that her bosses are acting like idiots, that “they’re doing it wrong,” and that she could do a better job if she were running her own law firm. Most of the time, that idea goes no further: the lawyer rattles off a few choice curse words, ignores the partners’ shortcomings, gets the work done the way they want it, and lives to fight another day.
But for a small minority, this outburst becomes an epiphany, and then turns into a dream (kind of like Inception, but in reverse), then an obsession, then finally a reality. Others, like me, always knew that they they were going to start their own law firms, and it didn’t take frustration with partners for that idea to form.
So when’s the perfect time to start your own firm? The answer is the same as for the question of when’s the perfect time to start having kids:
But forget the “perfect” time. When’s the best time to start your own firm?
That might surprise people who know me casually, like my professional acquaintances. I work hard to keep it in check. Over the past 17 years as an employment litigator (representing companies), I’ve gotten better at controlling my anger. But it hasn’t always been easy.
Because lawyers can be pretty adept at pissing people off.
In fact, I know many people who left litigation — even left practicing law altogether — primarily because they were sick of dealing with obnoxious opposing lawyers. And I’m not talking about thin-skinned, confrontation-avoiding types. I’m talking about solid, talented litigators who just stopped finding it fun to fight with douchebags all the time.
And this is more of an issue for newer small-firm lawyers, who are much more likely to deal with opposing counsel early in their careers than their Biglaw counterparts. (Maybe someone else here can write a post on dealing with obnoxious document reviews.)
So to help you deal with the toolbags that all litigators face from time to time, here are five tips that I’ve picked up along the way….
My first job out of law school was at a five-lawyer employment-law boutique: two partners, two other associates, and me. (OK, it was my only job out of law school; I started my firm after four years at this boutique.) The other two associates were third-years when I started. To be sure, they were both excellent lawyers and had already gained much experience working in a small firm with top-quality partners.
(I’ve often said that I’d take a third-year small-firm associate over a Biglaw third-year any day. The Biglaw associates have spent two years reading cases and writing memos; the small-firm lawyers have actually been doing, you know, lawyer work.)
I got along well with both associates, but one of them had more of a hierarchical view of the firm. One day, after I’d been there a couple months, that associate said to me, “I have an assignment for you.”
Being the new kid at the firm, the proper and deferential response might have been “Great. Thanks. Happy to help.” But my answer was less proper and by no means deferential.
And even though it ruffled some feathers, I’d recommend it to any new associate at a small firm. What I said was …
I’ve got news for you: The future of practicing law will not be about cloud computing. It won’t be about tablets or offshoring or client self-help or virtual law offices. It won’t be about e-discovery, or practice management, or paperless offices. Yes, these things will certainly all happen; many are happening now, and a number of them are helping to give small firms an advantage, or at least level the playing field. But they will not be the biggest change in our industry.
I recently gave a speech on what the practice of law would look like in 2019. I chose that year for two reasons. First, it’s the year that the classic sci-fi movie Blade Runner takes place, with a younger-than-Calista-Flockhart-is-now Harrison Ford playing a cop who rides in flying cars and hunts robots that look like humans.
I’ve got news for you, guys: There won’t be any flying cars eight years from now. (Which is probably just as well, as people will insist on texting while flying.)
But the other reason I chose 2019 is because it will be the hundredth anniversary of something nearly every lawyer deals with all day every day.…
Funny story: One day during my third year of law school, I overslept and missed an important session of my Sales class. The problem is, when I tried to get the notes for the class, the only one who had … pardon me? Yes, Sales. No, not UCC Sales. “Sales.” As in “How to Market and Sell Your Legal Services.” … So, anyway, the only one who had the notes … what’s that? You didn’t? Seriously? So how were you supposed to learn how to sell your services as a lawyer?
Turns out my story, which was going to be hysterical, was also completely fabricated. Like you, I didn’t learn a damned thing about sales in law school. But at the time (the early nineties), that seemed OK. It’s a profession, you see. Sales is for commerce. Lawyers aren’t in commerce; we’re in a vocation.
As the practice of law careens away from its eighteenth-century traditions, where clients just find you, lawyers today (and especially small-firm lawyers) need to rely on sales skills to bring in business. Since we didn’t learn these in law school, we have to rely on our natural sales ability. Unfortunately, lawyers tend not to have any.
In fact, as a group, we suck at sales. But the reason we suck will probably surprise you.…
Ever since I stopped billing by the hour in 2006, lawyers are constantly asking me, “How do you set your prices?” It’s a topic I’ve lectured on and written about frequently, and my new consulting firm, Prefix, LLC, focuses on teaching lawyers how to do it for themselves. But today, I want to turn the question around:
How do you set your billing rates?
It’s an important question, and one you should know the answer to.
I know what the books on starting your own firm say (I’ve read them). Most of them come up with a formula along these lines: Decide how much profit you want to make in a year, add your estimated annual overhead, then divide the sum by the number of hours you think you can bill in a year. That’s your hourly rate.
That’s not how anyone sets their billing rates, regardless of what the books say. Instead, their rates are based on three factors.…
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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