Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
Junior associates who weathered the worst of the recession are seeing a break in the clouds. Although the overall rate of lateral attorney hiring in 2014 is roughly on pace with — if not a little behind — last year, the market for junior associates has skyrocketed. According to some reports, the hiring of associates with between 1-3 years’ experience increased by 180% compared to the same period last year. Curiously, while the market for junior associates grew, the market for more senior associates (4-6 years experience) fell 17.6%.
This is not simply a case of fleet-footed Millennials creating new demand. Using Lateral Link’s state-of-the-art job database (which is free to all members), the search firm has tracked aggregate firm demand (as demonstrated by public job postings as well as non-public exclusive searches) for associates, partners, counsels, and in-house attorneys by experience, practice area, region, and other criteria. The tracking showed that searches for junior associates have increased by 50%…
Ed note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Philip Segal reveals two tips that will help new associates keep their jobs longer.
While there are plenty of things they don’t teach in law school on the theory that “you’ll learn it on the job,” two of those omitted subjects would help new lawyers do a better job and probably hold on to a job longer.
The two are: how to find simple facts and how to bring in business.
Litigators don’t get the go-ahead to sue unless their clients are convinced that the other side has enough assets to make it worth the cost of litigation. Litigators, family lawyers, and many others often have basic factual questions, but law school does little to prepare you to find out:
My last post focused on how much it can suck to be a junior associate in Biglaw today. In fact, much of what I say about Biglaw could be construed as a tad critical by the cynical and jaded (or sane).
So let me begin with a caveat: what I write is never aimed at my former firm, or any firm in particular. In fact, if you choose Biglaw, I have no doubt that my firm is one of the best places to practice. My crucial point, which is not controversial, is that Biglaw’s pathologies cannot be isolated to one or two crazy partners here or there. The problems of Biglaw are endemic.
So before we get too far down that Biglaw-bashing road, and especially for the folks gearing up for OCI, let’s look at what you can get from Biglaw if you decide to say “damn the torpedoes” and push ahead despite all warnings.
Companies like Google, Microsoft, and Facebook have hired thousands of employees over the last decade by relying on brain teasers such as “Why are manhole covers round?” and “How would you weigh your head?” One psychology professor concluded last year that this sort of “puzzle interview is being used with greater frequency by employers in a variety of industries.” Earlier this week, however, a top human resources executive at Google reported that his company had scrapped the practice, offering the following admission: “brainteasers are a complete waste of time.” Google realized that its tests failed to identify the traits that correlate with success. For instance, Google now seeks managers who are “consistent and fair,” even if they aren’t good at estimating how many golf balls can fit inside a school bus.
Law firms are overdue for a similar reassessment of how they select junior associates. And as a corollary, law students should pay attention to the skills that law firms ask them about.
Let’s start with the employers. Several years ago, I organized a focus group of partners from top-10 Vault firms. I wanted to learn which skills Yale Law should emphasize as we continue to modernize the way that we train our students. The partners (including two corporate attorneys) all said that legal writing was the most important skill for junior associates.
The simplest way to know how candidates write, of course, is to evaluate their writing….
Last week I spoke with an In-House Insider, a Biglaw refugee turned in-house counsel. You can see what our Insider has to say about the state of Biglaw and client relations here and below.
As with the initial installment, the only changes I made to the Insider’s words were those done to protect their identity, and the Insider was given the opportunity to revise their points once I added the questions and commentary.
Again, I thank the Insider for the candid observations and thoughtful opinions on these core issues. Now, on to the discussion….
But enough of that. Let’s hear from the managing partner of our law firm:
Ah! Orlando in March! What a fine time and place for our annual firmwide retreat.
I want to welcome everyone to this magnificent resort, and I want to take this opportunity to say a few words about a subject that’s dear to our hearts: Billing time.
To paraphrase Sir Thomas More in “A Man For All Seasons“: “When a man [fills out his timesheets,] he is holding his own soul in his hands like water; and if he should open his fingers then — he needn’t ever hope to find himself again.”
For the junior associates in the crowd, consider this: You will, at some point, have a slow month. You’ll get nervous that the firm will punish you for not having billed enough hours. To protect yourself, you’ll be tempted to borrow from the future. You’ll think that, if you add just four hours to this month’s time, you’ll have hit your billing target. If you charge those four hours to your largest client, no one will notice that you’ve slightly padded the bill. And you’ll figure that you’ll make this up to the client in some future month; you’ll work four hours some Saturday morning that you won’t write down, so the client will come out even in the long run. “That’s not really fraud,” you’ll think, so you’ll have eased your conscience. . . .
Last week I discussed the associate bonus process from your typical partner’s perspective. I want to talk a bit more about ways firms can take advantage of the glut of prospective associates out there, while increasing the odds of finding those rare jewels who will make partner — with each associate making less, but getting a better lifestyle (and a shot at a Biglaw career) in the bargain.
Some caveats. First, the ideas below are not intended for the Simpsons — thisSimpson, not those Simpsons — of the world. They will continue to attract the very best, and should continue their current structure. Why? Because the Cravath model that the elite firms instituted makes for great partners and strong law firms. The problem is that almost every Biglaw firm adopted the Cravath model, and not all of them should have. Most firms do not have the institutional client base of the elite firms, and therefore don’t need the tremendous fixed costs and inflexibility with respect to associates that the Cravath model brings. As firms expand, contract, or just struggle to stay afloat post-Biglaw Breakdown, it seems like a great time to try some new approaches to talent structures and compensation. There is nothing wrong with some experimentation, as long as the protocols are transparent, and management is prepared to cut bait quickly if things are not working out.
Now over the years we have seen firms experiment with their junior associate hiring models. Most of these programs involved trying to turn junior associates into some form of quasi-apprentices. None seem to have taken root. And in my mind there is no sense in implementing a drastic, global overhaul of your associate model, before trying some more limited changes on the practice group level.
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.
You spend three years of your life going to law school. You spend over a hundred thousand dollars on getting that education. You take a difficult entrance exam to prove that you are qualified to practice law. You’d think that after all that you’d be able to convince sophisticated clients of your value as a lawyer.
You would, of course, be wrong.
The Wall Street Journal reports that over 20% of corporate clients simply refuse to pay for first- or second-year associate work on some matters.
This is a terrible indictment of the value of a legal education….
Over the 13 years I ran Shepherd Law Group, I employed lawyers of varying ages. I had fortysomethings (full disclosure: I’m 43, although I really don’t look a day over 42), I had thirtysomethings, and I had twentysomethings. This last group, the so-called Millennials, were almost a completely different species. For example, in law school, these newbies click-clacked on laptops in the classroom — even during exams. They communicated with law professors using the email. And they had no idea what a mix tape was.
In practice, it turns out that they work differently, too. I remember walking into the office of one of my newer Millennials when she was working on a summary-judgment brief. Her desk looked like the desk of any brief-writing lawyer, with files and cases and books all over it. But what really struck me was her computer desktop. It must have had 20 windows open, many with tabs hiding other screens.
But at least one of the screens was Facebook, and another was an instant-messaging client. I could see that the IM screen was showing an active conversation. Another screen showed Pandora, which was streaming music I didn’t recognize (it was Portishead) at a reasonably low volume.
I was stunned. How could she get the brief done with all these distractions?
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!
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.
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!