Not too long ago – you know, when Biglaw firms were begging law students to work for them, no one cared about law school transparency, and having a J.D. guaranteed you a long and prosperous career – signing yourself up for six figures of crushing law school debt didn’t seem like such a big deal. Nor was it unheard of back then for first-year associates to buy nice big houses. But in the aftermath of the recession, many attorneys have to face the now onerous consequences of decisions they made in better economic times.
In today’s Career Center survey, brought to you by Lateral Link, we want to know how your debt currently affects your decision on where you work or want to work. Is it Biglaw or bust? Or are you able to turn a blind eye to your debt and find more compelling reasons to work where you want to?
Please take our short survey and then check in next week for the results.
In Tuesday’s survey, we asked whether you left your firm after collecting your 2010 year-end bonus (paid in December for 43% of respondents).
About 14% of respondents reported jumping ship after their bonus checks cleared, while another 8% were in such a hurry to leave that they couldn’t bother waiting around for their bonus money.
That means the vast majority of respondents, 77%, are staying put — at least for now. About 9% are sticking around a little longer in the hope that their firms up the ante with a spring bonus payment. Another 18% say they aren’t leaving, but sure wish they could. Finally, 50% of all respondents report that they are staying at their firms because they are actually quite content at the moment.
Which class years and practice groups are most likely to see post-bonus departures?
Earlier this month, we surveyed you to find out how satisfied you were with your 2010 year-end bonus. Half of all associates whose firms had announced bonus payments reported dissatisfaction with their year-end bonuses.
In today’s survey, we want to find out how many of you are actually going to put your money where your mouth is and leave your firm after collecting your bonus (whether due to dissatisfaction with your bonus or just general unhappiness with your firm). Or has all the recent buzz about springtime bonuses encouraged you to stick around for a while? As always, your responses are kept completely confidential.
Not surprisingly, the top reason for putting in extra billable hours was that people just had work that needed to get done, even though no one specifically asked them to work. But it likely also had something to do with the fact that 32% of respondents who worked said their firm does not recognize MLK Day as an official firm holiday. Instead, some of these firms consider it a “floating holiday,” meaning that attorneys can either choose to take a day off on MLK Day or on another floating holiday.
What were some other reasons given for working on MLK Day?
When it comes to working on holidays, we all know that Biglaw attorneys are some of the worst offenders. In today’s Career Center survey, brought to you by Lateral Link, tell us if you were off on Martin Luther King Jr. Day, or if it was just business as usual. Then check back later this week for the survey results.
In a previous post, we revealed that 73% of respondents to our survey met their minimum billable requirements last year. Today, we find out whether associates were satisfied with receiving 2009-level bonuses for a busier 2010.
After a year like 2009 (aka the worst year ever for Biglaw), 2010 was bound to be better. According to the nearly 1,000 survey responses we received, 2010 did in fact turn out to be a busier year for most associates. An impressive 73% of respondents hit their firm’s minimum billable hours requirements or unofficial billable hours expectations, which ranged from 1,600 to 2,200 billable hours. You can find a breakdown of the results by minimum billable hours required or expected, as well as by practice area, after the jump.
Stay tuned for our next post, addressing associate satisfaction with 2010 bonus payments. In the meantime, you can learn more about billable hours and bonuses at the nation’s top law firms on the Career Center, hosted by Lateral Link.
Every now and then we conduct reader surveys, to learn a little more about you. Today’s short survey — just two to four questions, depending on your responses — focuses on what you do and where you do it.
The survey is anonymous. The results will be used by us for a variety of purposes, both business and editorial (e.g., figuring out which stories to cover).
One short explanatory note. For the question about where you’re based geographically, the four domestic regions — Northeast, Midwest, South, and West — are based on the U.S. Census Bureau designations (which you can review here).
By most accounts, law firms had a stronger year in 2010 than in 2009 (although you wouldn’t know it from the disappointing bonuses that many of them paid out). Did a busier year translate into plenty of billables for all associates? In this week’s survey, we want to know whether you met your firm’s minimum billable hours requirement (or unofficial billable hours expectation), and how happy you are with your bonus for the amount of hours you billed.
Please take our short survey below (we keep responses completely confidential), and we’ll bring you the results next week. In the meantime, you can compare billable hours requirements between the leading law firms at the Career Center, hosted by Lateral Link.
Every now and then we conduct reader surveys, to learn a little more about you. Today’s survey, aimed at practicing lawyers, seeks information about your practice area.
The survey is anonymous. The results will be used by us for a variety of purposes, some of them business-related and some of them editorially oriented (e.g., figuring out which practice areas we should cover more).
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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: