As we have chronicled in these pages, technology is transforming all facets of the legal profession. It’s changing the way that litigators conduct discovery and try cases (and the way that judges decide those cases). It’s changing the way that transactional attorneys do deals.
And it’s changing the way that lawyers get hired. One new startup, Lateral.ly, provides an example of how technology could make a difference.
Ed. note: This is the latest installment in a series of posts on lateral moves from Lateral Link’s team of expert contributors. As Michael Allen, Managing Principal at Lateral Link, recently announced, “We are pleased to announce the hiring of Ryan Turley [pictured], who brings years of legal and recruiting experience to Lateral Link. We recently sat down and he gave me his thoughts on the Chicago market and how it compares to the national market.”
As we become further and further distanced from the recession of 2008 and 2009, the market seems to be settling into a new equilibrium state that has seen a modest uptick in the demand for legal services and a sharp rise in the volume of lateral moves since 2009.
My own stomping ground, Chicago, is no exception. From 2009 to today, the Windy City has seen a significant increase in lateral moves:
When a firm starts losing partners to its rivals and slowing down their hiring (or even conducting layoffs), it’s usually a bad sign. But one Biglaw firm that’s lost a number of high-profile partners over the last year is touting its new, streamlined approach. You see, they meant to suffer all those defections and lose some of their biggest clients. It’s all part of reinventing the firm for the modern business climate.
Is this just good public relations, or are they on to something?
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Justin Flowers is a Principal with Lateral Link. He oversees attorney placements (both partner and associate level) and client relationships with the top international U.S.- and U.K.-based firms in Asia, the Middle East and Emerging Markets. Justin also establishes and maintains relationships with firms new to the international markets in general, or to a specific market, who are in need of attorney placement services on an international level. In addition to his work in international markets, Justin also advises domestic U.S. boutique law firms on their strategic growth and hiring. He practiced law as a litigator for several years before becoming a recruiter. Justin earned a J.D. from NYU School of Law and an undergraduate liberal arts degree, cum laude, from the University of Oklahoma, where he attended the Honors College.
At the halfway point of the year, 2014 so far has been a perfect storm of big ticket corporate work, with the U.S. IPO market on record pace and global M&A activity surging to aggregate value levels not seen since 2007. This year’s torrid deal pace is already turning the normally relaxed summer months into a period of high recruiting activity.
No doubt about it, summer gets a bad rap as lateral seasons go. But whether or not you intend to take advantage of the current deal market driving demand, summer should be a time for action.
If you are considering a lateral move “early next year,” then there’s nothing to be done in the next couple of months other than take advantage of your firm’s renewed enthusiasm for the summer associate class, right? Wrong. Here’s why:
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Jonathan Birenbaum is a Director in our New York office and focuses his practices on lateral partner, group and associate placements and client services in the New York area and Canada. Prior to joining Lateral Link, Jon, was a legal recruiter with a New York City boutique legal recruiting company where he placed associates and partners in a variety of practice areas with AmLaw, regional and boutique law firms in New York, California, New Mexico and in Toronto. Prior to his career in legal recruiting, Jon was a litigator with the City of New York, the New York State Attorney General’s Office and in private practice as a healthcare litigator with two New York City firms. Jon holds a J.D. from St. John’s University School of Law in New York and a B.A. in Political Science from the University of Wisconsin-Madison.
I started out as a legal recruiter in 2007. After success with a series of lateral associate placements, the recession hit and associate hiring slowed significantly. The owner of my recruiting firm encouraged us to start cultivating a partner portfolio to broaden the scope of our work. Since then, I have facilitated numerous lateral partner placements with regional, Am Law 200, and boutique law firms. I have come to understand that the recruiting process can differ greatly with the size of the law firm. Partner candidates and their recruiters must take these differences as well as the candidate’s scheduling and timing needs into account when devising the best search strategy for that individual.
The first partner I recruited was an undercompensated yet well-respected defense litigator. I introduced him to an Am Law 200 firm as well as to a regional firm based in Pennsylvania. My candidate appealed to both firms because of his national reputation, the key client he represented (a major North American transportation client), and his history of strong billables and collections. Both firms immediately expressed an interest in meeting with him….
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 six years. You can reach them by email: firstname.lastname@example.org.
Our advice to any Mandarin speaking 2L summer associate who is interested in a future transfer or lateral US associate move to Hong Kong / China: It’s not just about corporate and other transactional practices any more. If you are more interested in litigation than transactional, don’t hesitate to choose litigation or a litigation-related practice area. There is a sharply growing need at top US firms in Hong Kong / China for laterals and transfers in US litigation (mostly FCPA / White Collar work), Anti-Trust, and Disputes / Arbitration. This is not just a trend, it’s a permanent change on the landscape. We find it exciting that Mandarin speaking JDs now have more options to choose from in positioning themselves for a future Hong Kong / China move. Feel free to contact us at email@example.com if you are a summer associate interested in Asia and have any questions about choosing a practice. It can be one of the biggest decisions you make in your career and yet one usually made without much analysis. Also, feel free to contact us if you are an associate interested in joining an FCPA / White Collar practice or Disputes practice in Asia. We have made numerous such placements in the past few years and a number of our candidates are interviewing for FCPA / White Collar positions at present in Asia.
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%…
It’s springtime in D.C., and we all know what that means. No, we’re not talking about the cherry blossoms; that was last month. We’re talking about the spinning of the revolving door.
We have some interesting moves to mention taking place in the nation’s capital. One top government lawyer is returning to private practice; one top Biglaw partner is going back to government, perhaps for good; and one major law firm, potentially party to a high-profile merger, is losing some partners to a rival — after holding them prisoner for a while….
Ed. note: This is the latest installment in a series of posts on lateral moves from Lateral Link’s team of expert contributors. Kristina Marlow is a Director with Lateral Link’s D.C. office who brings almost 20 years of experience in the Washington legal market to her work with associate and partner candidates. Prior to joining Lateral Link, Kristina spent a decade at Gibson Dunn, first as a litigation associate and then as the D.C. office’s hiring manager. A Michigan native, Kristina earned her J.D., cum laude, from Georgetown University Law Center’s evening program and a B.A. in Journalism from Michigan State University, where she was named “Outstanding Senior.” She also worked as an appellate clerk, as an economic analyst for the federal government, and as a reporter for the Chicago Tribune.
The job seeker had done (almost) everything right: Graduated with honors from a top law school, clerked for an appellate court, practiced at an “A-List” firm, and then went to a government agency to top off his experience and make him partnership material. Imagine his shock when I advised him that landing a general litigation position in Biglaw now that he was 12 years out of law school would be tough without a book of business. After all, he had seen the “revolving door” in Washington; how could it be shut now, he wondered? I conceded that many attorneys in D.C. do move with ease between government and private practice, but that the ones he read about in the Washington Post were high-level officials who firms know will bring in business. “And I’m just a worker bee,” he acknowledged….
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.
It’s the legal profession’s equivalent of a long-term relationship.
When Michelle Waites, Senior Patent Counsel for Xerox Corporation, attended The LGBT Bar’s Lavender Law conference several years ago, she wasn’t sure what to expect. She left having forged a lasting business relationship that still endures today.
It was during The LGBT Bar’s event – an annual gathering of more than 1,600 lesbian, gay, bisexual, transgender and allied legal professionals – that Waites first met Marla Butler, a partner at Robins, Kaplan, Miller & Ciresi LLP, who specializes in patent law.
Today, the two are still close friends as well as professional colleagues. Butler’s firm continues to work with Xerox – a business partnership forged via The LGBT Bar.
On November 19th, The Bar will present its first-ever conference outside the United States. Dubbed “A Lavender Law Experience for Europe,” the day-long Business Legal Conference will replicate programs such as the one that brought Waites and Butler together for legal professionals in Europe.
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: