Clients increasingly don’t want to pay for first-year and sometimes second-year associates. Because of that, firms hire less of them.
– Kent Zimmermann, a law firm consultant at the Zeughauser Group, commenting on the hiring differences between Biglaw today and the days of yore. Since it’s a “buyer’s market for law firms,” summer associates need to be impressive to receive offers.
The summer of 2012 brought a great deal of worry for Biglaw’s summer associates. Would they receive offers of permanent employment after all of their hard work? (And by “hard work,” we of course mean completing work assignments amid multiple forays into the world of being wined and dined.) In fact, this year’s summers were so anxious about whether they’d get an offer that their average “worry level” was higher than it had been since the height of the recession.
But as it turns out, all of their worry was for naught, because nearly all firms indiscriminately doled out offers like they were going out of style. According to the American Lawyer’s Summer Hiring Survey, responding firms hired 15.5 percent more summer associates this year than they did in 2011. That said, while things seem to be looking up, that doesn’t mean that all firms handed out offers like candy.
When we last spoke about summer associate offer rates, we wanted to know which firms had low offer rates. Now, thanks to Am Law, we’ve got some dirt for you. Which firms fell below the 100 percent mark?
Yeah, you read the headline right. We’re talking about the class of 2011. The class that Jim Leipold of NALP thinks probably faces the very bottom of the legal job market. You could make a movie — a horror movie, a goddamn snuff film — about the struggles of the class of 2011.
But there are people in the class of 2011 who did not crash and burn. It’s a struggle, it’s a war, and there’s nothing that anyone’s giving. But… at the end of the day, there are some people who are making it.
Apparently, success is so rare for the class of ’11 that some of them don’t even know how to handle it. Yesterday, the wife of an idiot 3L asked us how to stop her husband from making a huge mistake. Today we’re giving advice to a different person — a woman who has worked hard and come out of the muck and now finds herself in a position of strength.
Most people in the class of 2011 are just taking whatever they can get. Let’s see if we can help this lady with her distinctly “first world problem.” I’m not gonna lie to you, it’s gonna get weird. She has two offers…
With offer season well under way, some law students may be wondering how to tell the world that they’ve landed summer associate jobs without sounding like complete braggarts. These law students must have read a Miss Manners book or two, because thinking about the feelings of others is the polite thing to do.
Other law students just don’t care about trampling on the self-esteem of classmates. “Sorry about your tiny pink feelings, but I got an offer.” That was way harsh, Tai.
There is just one more category of law student: the law student who feels only slightly guilty bragging about a job offer, so he thinks up a creative way to broach the subject with peers. And one law student at a leading law school has got this method of breaking the news about offers on lock….
In this week’s Career Center Summer Associate Tips Series, Lateral Link’sFrank Kimball, an expert recruiter and former Biglaw hiring partner, discusses the importance of evaluating your summer associate offer.
Succeeding in a summer program means more than receiving an offer of employment. While receiving an offer is probably the most important objective of a summer program, you have many more responsibilities. First, you must understand the fit between you and the firm, you and a practice area, you and the city, and you and the profession. That you are able to receive an offer of employment does not validate the wisdom of your choice.
Too often the summer zips by in a fog of assignments, reviews, baseball games, dinners at partners’ homes, and cocktail parties. You are making a very important decision. The law firm is not your fiduciary, and your parents cannot make this choice for you. There is no automatic next or right step. Only you can decide about fit, temperament, tempo, and style of practice.
So how do firms decide how many summer associates will get permanent offers? Why do some firms have high offer rates, while others tread closer to the 50% offer range? The law firm recruiting process is very similar to the rush process of fraternities and sororities. There are a ton of drinking and “rush events” that summer associates partake in as law firms try to woo in new associates; but on the flip side, summer associates still have to “prove themselves worthy” enough to be accepted in the Brotherhood of Six-Figure Salaries or in the Sisterhood of Big Law Prestige.
Unlike sororities, you will not have to strip down to your underwear as current members take black sharpies and draw marks on the parts of your body that can use some “improvement.” Rest assured, however, that you will still have to work to impress the people at your summer law firm to keep the number of black sharpie marks on your file to a minimum, and ultimately secure that coveted permanent offer….
In the first four parts of our Career Center “Tip of the Day” series, focused on how to evaluate a counteroffer, we covered the importance of re-evaluating your current employment situation, assessing what the new firm is offering, analyzing the counteroffer of your current firm, and considering the ramifications (both tangible and intangible) of accepting the counteroffer and reneging on the new firm. Our final tip focuses on recognizing buyer’s remorse for what it actually is: fear of the unknown.
In the first, second and third parts of our Career Center “Tip of the Day” series, focused on how to evaluate a counteroffer, we covered the importance of re-evaluating your current employment situation, assessing what the new firm is offering, and analyzing the counteroffer of your current firm. It is now time for you to consider the ramifications, both tangible and intangible, of accepting the counteroffer and reneging on the new firm.
In the first and second parts of our Career Center “Tip of the Day” series, focused on how to evaluate a counteroffer, we covered the importance of re-evaluating your current employment situation and assessing what the new firm is offering you, to determine whether it addresses the issues/shortfalls of your current firm. Today we’ll discuss how to carefully analyze your firm’s counteroffer to see if it is really better than the new offer.
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: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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!