Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Elizabeth Katkin, a Senior Director at Lateral Link, where she focuses on partner and practice group transitions and developing strategic relationships with top international firms and companies in the Middle East and Europe.
Do you have one or more of the following frustrations with your current law firm? Inadequate overall or relative compensation. No platform to support or develop your practice. Feeling shut out of management decisions — or even having a voice.
Perhaps you are just beginning the search for a new firm, or perhaps you know where you are headed next — a place with a great footprint, support in the practice areas you need, and a group of lawyers that feels like a good fit. In the world of law firm management today, you already know that what you see is not always what you get. It is essential to gauge the financial and management health of a firm before you move, both to ensure your happiness and viability at the firm and to ease your exit in the event that there is trouble in paradise.
Here are five things you should understand before giving your withdrawal notice to your current firm:
As we mentioned earlier, prominent litigator David Bernick is leaving Boies Schiller for Dechert. Bernick joined Boies Schiller just a year ago, to much fanfare, so some were surprised to see him go so quickly.
But others were not shocked. As the always insightful Alison Frankel observed on Twitter, “Is anyone who knows David Bernick surprised he was mismatch at firm dominated by David Boies?”
Perhaps not. Some of our readers predicted this union wouldn’t last long….
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Nicholas Goseland, a Director at Lateral Link, where he oversees attorney placements and client services in California and Asia.
Seeking to chart a course for China, Fenwick & West recently moved quickly to recruit a pair of corporate partners, Eva Wang and Carmen Chang (who will serve as a part-time advisor), to spearhead the firm’s new office in Shanghai. The move is already paying dividends.
Less than two months after her arrival, Wang, who once served as VP and general counsel of Spreadtrum Communications Inc. (NASDAQ: SPRD), has secured a mandate to represent Spreadtrum in its announced acquisition by Tsinghua Unigroup Ltd. for $1.78 billion. The deal will present numerous cross-selling opportunities for Fenwick partners in the coming year and generate a lucrative stream of fees for the firm, which has already assigned 16 attorneys to the matter….
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by the firm’s chairman, Bryan Schwartz.
I spent all of July on sabbatical from the law. I didn’t field a single work-related email, or phone call, or even check the news. For an entire month, I focused on fly-fishing, golf, and family. I focused on myself.
Now, I don’t say all that to make anyone jealous. (If I were going to do that, I would have mentioned my week in Punta Cana.) I say that because, as I sit down to write about how law firm “culture” should impact lateral decision making, I keep coming back to my sabbatical. I was as unplugged from legal practice as I’ve been in years — okay, decades — but it told me more about culture than any month in the office.
As anyone who has been through it knows, the recruiting process is rife with talk about law firm culture. Interviews that pass without glowing reference to a firm’s “collegial culture” are as rare as sightings of the Dodo bird. But let’s face it: some minimum amount of camaraderie among peers is a pretty low bar to meet.
The cultural questions that should concern laterals most do not have to do with the frequency of happy hours, the annual barbeque, or the degree of a partnership’s collective inebriation at the holiday party. Instead, the most important question of culture is this: does this firm have a motivating purpose beyond the production of income for its individual lawyers?
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Angela Hickey, LP’s Executive Director and a member of the firm’s Executive and Compensation Committees.
Gladys Knight had the Pips, Han Solo had Chewbacca, and Walter White had Jessie Pinkman. To be successful, you need the right support — and that lesson is as true in legal practice as it is on the Millennium Falcon
Lateral candidates, however, often travel to their new firms alone. How can they tell, ahead of time, whether this new firm will give them the support they need for their practice to flourish? What questions can they ask to discover what their new support system will look like? The first step in getting answers is to define what the oft-used term “support” really means…
Ed. note: This is the latest installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.
An intriguing demographic dilemma is approaching a powerhouse law firm, Jones Day, as several senior partners and chairs are straddling the mandatory retirement age. The firm currently has over eight partners — including numerous practice leaders and partners in charge — above their proclaimed mandatory retirement age, and over ten partners nearing the cutoff, which probably signals that Jones Day gives some partners a pass when it comes to retirement. For example, Mark Sisitsky, Hugh R. Whiting, and Bob Mittelstaedt, just to name a few, are all very respectable partners who are refining with vintage.
Jones Day generally restocks from within by promoting partners in the first quarter each year. In 2013, the firm internally promoted 29 partners in the first quarter, each with an average of 12.5 years of experience. Although Jones Day is five months away from the next round of promotions, Lateral Link has identified around fifty associates who are in the running for a partner promotion (although only a handful will ultimately get the nod). We have an idea who fits in both categories and have been fairly accurate in our projections from the past….
At more senior levels, however, Davis Polk is evolving. Under managing partner Tom Reid, the firm is increasingly focused on the bottom line. It’s adding lateral partner talent, which it historically hasn’t done very often, and it’s asking more from its existing partners in terms of business development (and subjecting some less productive partners to, shall we say, heightened scrutiny). It’s offering buyouts — rather generous ones, it should be noted — to reduce the ranks of support staff (and the associated expenses).
The old Davis Polk, prioritizing prettiness and peacefulness over profits, might have quickly and quietly settled a lawsuit with a recruiter, without regard to the legal merits, just to avoid the ugliness. The new Davis Polk, in contrast, won’t go down without a fight….
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Rob Romanoff, the Managing Partner of Levenfeld Pearlstein.
When it comes to the ultimate departure, you can’t take it with you. When it comes to professional departures, however, it’s a different matter entirely. Whether or not you can take it with you — that is, whether your clients will follow you to a new firm — is a very open question indeed, and a critical one in any lateral candidate’s recruitment.
But how much portable business is enough to catch the eye of suitor firms? How can lateral candidates even determine the amount of their portable business? And how do they actually go about moving it? Let’s consider these questions in turn…
Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Peter Donati, the chair of Levenfeld Pearlstein’s Labor & Employment Group and the head of its Compensation Committee.
We’ve been conditioned to believe that lateral moves are all about money. Popular thinking — which may not be far from the truth — holds that law firms, held in collective thrall by the American Lawyer’s profit-per-partner numbers, focus on lateral hiring as the first step in a virtuous cycle that will increase their PPP metric, in turn attract more profitable laterals, and so on and so on. Laterals themselves, meanwhile, are viewed as economic actors lured away from their firms primarily through the prospect of increased, or guaranteed, compensation.
(Given the prominent role that guaranteed compensation is said to have played in the downfall of Dewey, and the pains Weil Gotshal took to point out its relative lack of compensation guarantees when announcing its recent layoffs, this particular carrot may be falling out of fashion. Even Weil conceded, however, that it has compensation guarantees in place for first-year laterals.)
In light of the focus on dollars in connection with lateral moves, it may surprise the reader to hear the head of a compensation committee say that in many cases, lateral candidates do not talk enough about money. To be more specific, lateral candidates often don’t scratch beneath surface questioning about their prospective new firm’s compensation system. If they did, their answers would inform them more deeply not only about their future paychecks, but the character of the firm they are considering….
Last week, we wrote about reductions to the ranks of lawyers and staff at WilmerHale. We noted that the cuts, made in connection with twice-annual performance reviews, seemed to focus on IP litigation and on the Boston and Palo Alto offices.
Today we bring you additional information about the reductions, which look a lot like stealth layoffs. They seem to be more widespread, in terms of offices and practice areas, than previously reported.
And they might be due to some earlier overhiring, reflected in an interesting email we received….
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: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.