If you work in Biglaw, there is a very good chance that you represent at least a few publicly traded companies. For these companies, and their employees, thinking about business performance is usually framed temporally in quarters — as in “it was a great quarter” or “we need to close out this case by the end of the quarter.” Of course, investors and the public are kept apprised of company performance through quarterly reports as well.
I must confess that this time increment, the “quarter,” took some adjusting to. In fact, until I joined Biglaw, and worked on a case for a publicly-traded client, I had never used the term in a temporal context. By now, after over a decade of working with publicly traded corporations and their employees, corporate-speak such as references to quarters has become much more familiar to me. And while I would never ask my kids what their expectations are for school performance this quarter, I see definite value in measuring professional performance along that time frame….
Do law firms set performance objectives for their lawyers?
I worked at two different lawfirms over the course of 25 years, and I remember only one meeting where anyone sat down and talked with me about setting performance objectives. We set the objectives; no one ever followed up to see whether I’d achieved them; and the rest was silence.
Perhaps some firms regularly set performance objectives for lawyers, but that was nothing I’d experienced before I moved in-house.
Many corporate law departments set performance objectives for in-house lawyers, and many people do this poorly. “Setting objectives” is viewed as an annual chore inflicted on the supervisor that he cannot ignore; the computer system keeps nagging him about it and ratting him out to others up the ranks. The supervisor finally relents and types a few objectives into the system: “Meet budget. Work closely with business units. Negotiate alternative fee agreements.”
Now that’s out of your hair, and no one will bother you until next year.
Here’s proof that I view my readers at ATL as family: In this post, I’m going to share with you the results of my recently concluded 360-degree performance review and tell you how I plan to improve my personal job performance. (That may not be quite as sexy as pictures of naked judges, but you must admit that I’m making terribly personal information awfully public.)
I’d never been through a 360-degree review before. As part of the process, I completed a self-evaluation, so we could see whether my self-perception matched how the world perceives me. In addition to my self-rating, I received anonymous feedback from (1) the person to whom I report (who was classified as a “peer,” so that his responses would remain anonymous), (2) five other “peers,” or people who hold jobs equivalent to mine in the company and who work with me occasionally, and (3) seven “direct reports,” or folks who report up to me through the ranks. The human resources guy who discussed the review with me did a very nice job; he knows a fair amount about performance evaluations. (Aon is not just the world’s leading provider of insurance and reinsurance brokerage, but also the leading provider of human capital consulting. This means that (1) at long last, Aon finally just got some free publicity out of my having written this column for almost a year, and (2) we have many colleagues at Aon who do human resources consulting for a living, so they’re slightly better at delivering the results of reviews than the kid down the block or the head of your practice group at your law firm.)
What did I learn from the results of my 360-degree review?
The firm is not calling these cuts “layoffs.” Instead, the firm is finishing up semi-annual performance reviews and making cuts along those lines. The firm provided ATL with this statement:
Dewey & LeBoeuf maintains a semi-annual performance review process and we are currently in our year-end cycle. We do not comment on the specific outcomes of our performance review process or individual review conversations.
Some explanation about the Dewey & LeBoeuf review system, plus thoughts from tipsters, after the jump.
Professor Joel P. Trachtman (JD Harvard Law School) 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!