* Utah appealed its same-sex marriage case to the Supreme Court, making it the first state whose law was smacked down by an appellate court to do so. Let the countdown begin. [National Law Journal]
* In the ruling that saved Alabama’s abortion clinics, Judge Myron Thompson likened the right to have an abortion to the right to bear arms. We can think of a few people who would take issue with that. [CNN]
* In case you’ve been wondering why tax inversions are hot right now, you can blame it all on some bicycling tax and M&A lawyers from Skadden — call them bikedudes at law, if you will. [WSJ Law Blog]
* Law schools tout the fact that their graduates are finding jobs in “J.D. Advantage” positions. Meanwhile, it remains unclear how much of an advantage a law degree actually offers in these jobs. [Am Law Daily]
* In a lawsuit peppered with crazy allegations, a law prof at Florida A&M claims in a gender discrimination complaint that male professors are “paid considerably more” than female professors. [Tampa Tribune]
Once again, we’ve had a slow summer in terms of summer associate gossip. Thanks to the plight of recent law school graduates and their ever-lasting joblessness, it’s a “buyer’s market for law firms” out there, and they’re using it to their advantage.
Summer associates have worked harder than ever before, and they’ve been on their best behavior. Trust us when we say we would have already heard about it if they weren’t, and the only sounds we’re heard have been the chirping of crickets.
We long for the days of lesbianic liplocks and helicopter hijinks, but we suppose we’ll have to settle for what the new normal has given us, which has been nothing short of boatloads of boring.
Given all goody-two-shoes summer associates this year, we’d like to think that offer rates will be absolutely awesome. Let’s find out which firms are rocking the 100 percent offer rate — information that rising 2Ls will want to know as the new on-campus interviewing season starts up…
Ed. note: Please welcome Above the Law’s guest conversationalist, Zach Abramowitz, of blogcasting platform ReplyAll. You can see some of his other conversations and musings here.
Before leaving Biglaw for good, I considered doing what I felt like was the next best thing to launching my own startup: working at a firm whose clients were primarily startups. The pitch from recruiters was always the same: startups and venture capital clients are much better to work with than their “big company” and private equity counterparts.
But I wasn’t buying it. Biglaw is Biglaw. It doesn’t matter if your client is Alcoa or three co-founders with the hottest new dating app (it uses an algorithm to tell you who at the nightclub wants you to buy them a drink); clients will be demanding, and legal work is legal work.
But more and more of my former colleagues who have made the jump have been telling me that there’s truth to the claim that “startups are more fun.” So, to get some clarity on this issue, I decided to invite Ed Zimmerman, the founder of the tech group at Lowenstein Sandler and a columnist at the WSJ Accelerators Blog, to join me for a conversation on this topic. Since on-campus interviews are right around the corner, I thought this topic would be nicely timed.
And since we’re creating the conversation using ReplyAll, make sure to keep checking back on our conversation as it develops over the course of the week…
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.
* All work and no play makes summer associates sad, but they had a really great time this year, what with the lucky law students attending Broadway shows, sporting events, and Russian cabarets. Sounds like fun! [Am Law Daily]
* Alas, not everyone was getting wined and dined this summer. Some lawyers can’t even find a place to work. According to the Bureau of Labor Statistics, the legal services sector lost ~200 jobs during the month of July. [WSJ Law Blog]
* It may be the “worst time in the history of legal education to go to law school,” but because of new programs being launched, at least some of our recent graduates will be less screwed. [New York Times]
* “The ABA is used as a whipping boy for standing in the way of innovation,” but soon it’ll vote on revisions to its accreditation standards. Welcome to the party, ABA, thanks for being late. [National Law Journal]
* It took 15 doses of lethal injection drugs to execute Joseph Wood when it should’ve taken one. Don’t worry, it wasn’t cruel and unusual punishment — the Arizona Department of Corrections says so. [CNN]
* In New York, an appellate court upheld a decision requiring a bank to forfeit interest and attorney fees for dragging out a foreclosure settlement conference through 18 court dates spanning 16 months. If you outlaw needlessly dragging out litigation to bully the other side, only outlaws will drag out litigation to bully the other side. [WiseLawNY]
It’s been a while since I’ve done a terrible jobs report. With Alex Rich around to offer a more nuanced understanding of the contract attorney ghetto, I’m content to just lock my doors and drive past those emails as quickly as possible.
I would have ignored this terrible job too, but somebody responded to the job opening and wished… very bad things on the potential employer. It’s not every day you see a “take this job and shove it” email from somebody who doesn’t actually have the job…
* “We’re in uncharted waters.” Following a split vote down party lines, the House of Representatives authorized Speaker Boehner to move ahead with his lawsuit against President Obama. [WSJ Law Blog]
* “Vultures! Don’t take our pound of flesh.” Despite last-minute settlement talks, it seems Argentina has defaulted on its debt for the second time in 13 years. Oopsie! [DealBook / New York Times]
* The U.S. Patent and Trademark Office has added 19 additional schools to its law school clinic certification pilot program. IP is hot right now, so congrats if your school made the cut. [USPTO.gov]
* What are some of the pros of working before going to law school? Well, if you can’t get a job after you graduate, you can go back to your old field, so that’s a plus. [Law Admissions Lowdown / U.S. News]
* California probate attorneys’ hearts were all aflutter following Shelly Sterling’s win against her husband, specifically because of the new precedents the Clippers case left in its wake. [National Law Journal]
Many people consider going to law school because they think they have no other career options after college. For most of these people, their GPA wasn’t great, and they have an average or even bad LSAT score. So they resign themselves to going to an average law school with plans to do really well in their first year and then transfer to a top school.
We warn the noobs that going to law school on a whim is a bad idea. We tell them about the many law students who don’t make it to the top of the class and are unable to get a job after graduation. So they are back to square one. But our warning does not address a fundamental problem: what alternatives do these people really have?
While that is ultimately not our problem, I want to talk about some alternatives to law school that an applicant should consider:
Despite surveys showing that being a law firm associate is the unhappiest job in America, we know a fair number of happy lawyers. We don’t tend to write about them very much — we like our stories to have a little more bite or edge around here — but there is such a thing as a happy lawyer (affiliate link).
Still, there’s no denying that the stereotype of the miserable lawyer has some truth to it — and that, after a while, some of these lawyers leave the legal profession. Most people who go to medical school end up practicing medicine for the long haul; many people who go to law school end up doing something different after a while.
If you’re thinking of leaving the law, what should you do?
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: