Just a typical lapsed lawyer (J.D., Northwestern ’68)
Lawyers turn into ex-lawyers for a host of reasons. The transition can be voluntary or not. We all know that erstwhile attorneys have successfully gone on to become, among thousands of other things, consultants, teachers, writers, and entrepreneurs. Late last year, in partnership with our friends at Adam Smith Esq., we reached out to lapsed lawyers to ask them their personal stories. Why did they choose the law in the first place? Why did they leave? What are they up to now? Do they regret leaving the practice of law? (A whopping 93% said “no” to that last question.)
We were quite pleased with the level of response to our survey: 430 former (or “recovering”) lawyers shared their stories with us. The tales they told us bring to mind a sort of inversion of Tolstoy’s line about happy and unhappy families. Those who were positive about their time spent practicing had a diverse range of experiences; those who were unhappy mostly tell the same story.
Notwithstanding predictions of impending economic gloom or apocalyptic Mayan prophecies, 2012 brings some sort-of good news for incoming first-year associates: our survey findings show start dates have returned to pre-Recession timelines. We’re apparently (knock wood) past the days of first-years twisting in the wind with deferrals and rescinded offers. On the other hand, a majority of our survey respondents report that the size of the incoming first-year class has contracted significantly, with only 36% of you telling us that class sizes have returned to pre-Recession levels. For the full results of our survey, read on.
Our ongoing ATL School & Firm Insider Survey (take it here!), asks current law students, among other things, “What do you expect to do after you graduate?” A whopping 71% tell us that they expect to work for a firm. (This percentage was consistent across class years.) That this proportion is so high, and so at odds with the NLJ findings, can mean some combination of two things:
The ATL student readership skews heavily toward that minority of students who will actually snag Biglaw gigs.
Many (if not most) expectations of law firm employment will be dashed against the reality of a contracting job market. In other words, a majority of students think they are in the fortunate minority
After the jump, we’ll look at how wide the gap between student expectation and market reality is, even at the “go-to” schools:
Later this year, Above the Law will be launching a new, expanded Career Center. The new Career Center will be a resource for students and lawyers at all stages of their careers, and in all areas of legal practice (i.e., not just Biglaw). But we can be sure that news and insight into life at firms and schools will continue to be ATL’s bread and butter. With that in mind, today we open up the ATL School & Firm Insider Survey.
I assume a common reaction will be, “What with — among others — Vault, Chambers, U.S. News, and Am Law, why the hell do we need yet another employer/school survey?” Fair enough. And yes, all of the existing surveys have their merits. All of them produce useful content for students and potential laterals.
We do believe, however, that when it comes to information, the more the merrier. Moreover, the ATL survey is distinctive in some fundamental ways, and we’re going to justify its existence….
We can’t help but wonder if this bonus season’s dyspepsia is typical of lawyers and law students generally. What with the growing ranks of JDs who are despairing of ever paying off their debt, shouldn’t there be some significant cohort thinking, “phew…not only do I have a job, but now my firm will be forced to match”?
Thanks to all who participated in the Turkey Day survey. I am happy/jealous to report that an overwhelming 93.2% of small-firm respondents are able to take time off for holidays. And 76.6% do not need to do any work from home during the holidays. Half of survey respondents, however, are still required to check email during the holidays.
On Friday, I started the official “damn it, I will hold my breath” bonus watch. I’ve already lost my editorial bet with Lat (I thought they’d come out before Monday), and now I just want them to get it started.
Also on Friday, our new Breaking Media research guru Brian Dalton started running a poll asking you, our readers, when you thought the bonuses would start flowing. It’ll be an interesting test case to rate the predictive power of Biglaw reader groupthink.
The numbers say that you expect bonuses to drop any minute now….
I know what you did this summer –- so thanks for filling out the 2011 Summer Associate Experience Survey. We’ve highlighted a few more of the unique and memorable summer programs in 2011. For more summer associate program information, check out the updated summer associate program sections of the law firm profiles on the Career Center, sponsored by Lateral Link.
Now that 2011 summer programs have officially come to an end at Biglaw firms everywhere, law students are returning to their schools a little less naïve about working in Biglaw, a little bloated from all the free food, and seriously missing their fat summer associate paychecks. But how hard did they have to work, and how well were they fed on the firm’s dime?
Here at the Career Center, we know that summer programs are about much more than numbers and stats. So we surveyed summer associates at the top law firms in the country to find out about all aspects of their summer experience. Based on these survey results, brought to you by Lateral Link, we have completely updated the summer associate program sections of the Career Center’s firm profiles.
As befits the end of any school year, we’re also handing out some summer program superlatives to commemorate the 2011 summer class. Click on the links after the jump to see if the firm you work at, or want to work at, made the cut….
According to the more than 1,000 responses we received to this week’s Career Centersurvey, 65% of respondents took the Fourth of July holiday off to celebrate their freedom or something like that. That’s a huge jump from the 27% of respondents who reported not working on Presidents’ Day, and the 34% of respondents who reported not working on MLK Day.
For the unlucky 35% of respondents who reported working on Independence Day, what were the top reasons given for missing out on the festivities?
54% said that nobody specifically asked them to do work, but they had work they needed to get done.
29% said a partner or associate asked them to do work.
14% said a client asked them to do work.
9% said they needed the hours.
5% said everyone else in their office was working.
5% said that Independence Day is not recognized as an official firm holiday.
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!