The law firm of Dewey & LeBoeuf now finds itself in Chapter 11, but the story of Dewey has not yet reached its end. We’ll now turn the pages in the Bankruptcy Reporter.
Yesterday Judge Martin Glenn of the U.S. Bankruptcy Court allowed Dewey to use cash collateral to fund its wind-down operations, even though this collateral should really be seen as belonging to the firm’s secured creditors. Judge Glenn initially denied this request, at least when it was coupled with giving the secured creditors a lien on recoveries from future litigation. In deciding to let Dewey tap into the cash, Judge Glenn did not decide what the lenders might get in exchange for letting the firm use their money. That will be decided later, at a June 13 hearing.
With things quieting down on the Dewey news front, let’s turn to analysis. Here are some insights into what brought Dewey down and what other firms can learn from its fall, from a former managing partner who now works as a consultant to the legal industry….
A retail business owner asked me why I don’t believe in pay-per-click advertising or spending money on SEO strategies for my practice, as it has worked well for his stores. So I asked him: “What would you do if you needed a lawyer?” “I would call someone, get a name, and then look that person up,” he said. “You wouldn’t just do a Google search?” “No, never. After I got a name, I would check out the lawyer’s background, maybe see if he’s written anything that gives him credibility.”
No kids, he’s not talking about cute tweets or postings with links on a Facebook Fan Page. He’s talking about real writing, and he’s talking about getting your name from real people.
Now I know that I’m wrong, don’t know what I’m talking about, and am facing a sure death of my practice by suggesting that there are other ways of getting your name out there besides vomiting all over every social media platform, but it’s okay. When it all dries up, I’m sure I will have plenty of job offers from the wildly successful lawyers of the commentariat.
For those wondering if the life of a lawyer will ever be anything more than keeping track of your Google prowess by taking calls of, “I found you on the internet. How much do you charge?,” I have good news — it can be. There are actually real people out there that are looking for quality. It’s not that they found you first; it’s that they found you after a little research. If you’re going to be the type of lawyer that is found after someone gives your name, you might as well have something on the internet that evidences you have done more than just listen to some unemployed lawyer’s advice on building a practice.
My ideas are all free, and if you’re not afraid to use your real name, you may get some benefit from using them….
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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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