Ed. note: This is the first installment in a new series of posts on partner issues from Lateral Link’s team of expert contributors. Today, Larry Latourette, Executive Director – Partner Practice, brings us his insights on what it’s like to practice law in the era of mandatory retirement, and how older partners can make a lateral transitions to new firms.
When I first met “Mark” for lunch this summer, he appeared to be in his mid-fifties, in excellent health, and talked about his competitive tennis game, needing to put his teenage kids through college, and his thriving legal practice that he couldn’t imagine giving up in the next ten years. In reality, Mark was 64, faced forced retirement from his firm in nine months, and wanted to know what his options were for moving laterally to another firm.
As a legal recruiter, I have met a growing number of lawyers like Mark who are bumping up against their firms’ mandatory retirement age. This trend will, in fact, accelerate over the next five years, for several reasons. Like other sectors of the economy, the Baby Boomers have had a dramatic effect on lawyer demographics. About 60 percent of law partners are now 55 or older, and by some estimates, a quarter of all practicing attorneys will be 65 or older by next year. At the same time the population is graying, however, it is also living longer. Especially with the increasing number of women in the legal profession, the life expectancy of lawyers who are 65 is now almost 20 years higher, with most of that time spent in good physical and mental health. Finally, the recent downturn in the economy has also caused some lawyers to postpone retirement as their nest eggs have dwindled.
Objectively, there is no question that most older lawyers are up to the challenge of practicing law….
Looking to rock your law school exams without even trying? Good luck with that. Unless you are a part of the small minority that can take an exam with little preparation and a couple shots of tequila, you will have to do some work to do well throughout your law school career. While reading all your assignments, briefing all relevant cases, and kissing up to all your law professors may help your grades a little, there is still no guarantee that all that extra work will earn you the top grades you are gunning for.
There is a strategy to doing well in law school. Most importantly, know that there is no one strategy that works for everybody. You know how you like to study, and you know what works best for you. That being said, the recruiting professionals at Lateral Link have compiled a list of tips below that worked for them and the attorneys they have placed at top firms around the world….
As we pointed out in Part 1 and Part 2 on looking for another job, three of the biggest suggestions for conducting a job search without getting caught include keeping the job search entirely out office, knowing where your resume is going, and networking on the down-low.
In this last post, we offer our last tip on conducting a stealth job search…
As we pointed out in last week’s post on looking for another job, job seekers should be cautious about the job-search process, even if they only want to test the waters.
While many attorneys fear getting caught by their employer for searching for a new job, there are things one can do to keep the risk of being caught as minimal as possible. Keep in mind, there is no foolproof plan, but you might be able to leave your job without burning any bridges along the way by sticking to some of our tips. Aside from the previously mentioned suggestions of keeping your job search out of office and knowing where your resume is going, we offer you this tips on conducting a stealth job search…
There will be a point in your legal career when you decide to look for another job — and for the majority of lawyers, there will be many of those points. Whether you are ready to leave your current job, or just want to test the waters, job seekers should be cautious about the search process. Unfortunately, many attorneys would rather remain unhappy in their current jobs than search for a new job for fear of getting caught by their employer.
Even though there is no foolproof plan, and there is always a risk of getting caught before securing a new position, below are some tips on how you can conduct an effective job search while keeping the search under wraps from your current employer. In this Career Center post, the first of three, Lateral Link offers tips on how you can conduct a stealth job search….
You’ve heard the comments time and time again — a judicial clerkship is a great opportunity you should pursue if given the chance. Besides the prestige of the position, clerkships offer law school graduates a rare glimpse inside the chambers of the country’s brilliant and respected jurists.
While the writing and researching experience is invaluable, there are additional opportunities law clerks should look into before their clerkship ends. Now on to the tips….
As the market continues to grow with applicants across various practice areas, qualified or not, it’s more important than ever for your résumé to stand out, especially from the competition.
This week, Lateral Link Director Amy Savage gives her tips on developing a convincing résumé, because the look of your résumé can be one factor in getting interviews at firms or companies you’re passionate to work for….
If your job is wearing you out, or you just plain hate it, have you ever considered that you may be contributing to the problem? Lateral Link has come up with four bad office practices that are detrimental to your career.
Find out if you’re guilty of any of these bad work habits, and how you can break them….
You detest your boss. You can’t stand your coworkers. You want to die if you have to work another 100-hour week. If that sounds familiar, then you’re in good company with many other attorneys who hate their job. Unfortunately, you’re not going anywhere anytime soon. Maybe you’ve only been at your job for a year or less, or you have no other job prospects at the moment.
When you’re stuck at a job you loathe, what can you do to not only survive, but even thrive in it? Try these tips, provided to you by the experienced recruiters at Lateral Link….
Networking isn’t just for job seekers. And it isn’t even just for the rainmakers who bring in business. It’s what every attorney (and attorney-to-be) should be doing right now — whether you’re a first-year associate at a Biglaw firm or a senior attorney at a small regional firm. Too often, attorneys wait until they need something before they start networking. But by then, it’s too late to build an effective network from scratch. If you really want to make a go of having any kind of a long and successful legal career, learning how to network early on and effectively is key.
If you already have a network in place, don’t assume you are done because you keep in touch with a few friends from law school and attend MCLE seminars once every three years. Today’s tips, brought to you by the experienced recruiters at Lateral Link, will give you ways to improve your network….
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.