* If your firm has not yet given in to the demands of corporate clients for more reasonable billing structures, please be aware that a) your firm is behind the times, and b) you better be prepared to get your white shoes scuffed. [Boston Globe]
* Mirror, mirror, on the wall, which is the fairest firm of them all? According to the 2014 Acritas Brand Index survey, Skadden is the firm on everyone’s mind — for the third year in a row. They must be doing something right. Congrats! [Am Law Daily]
* Trendspotting: Because fast-growing technology equals fast-growing money when it comes to the law, LeClairRyan is the first second firm in the U.S. to open up a drone practice group. [Richmond Times-Dispatch]
* Bachelorette-in-waiting Andi Dorfman was granted an unpaid leave of absence from her job as an ADA to star in this summer’s edition of the reality show. We guess her boss gave her career a rose. [Daily Report]
Law firms have been in a “slow growth” phase ever since the nation began its recovery from the Great Recession. As we mentioned when we discussed the 2013 Am Law 100, “success now comes in the form of single-digit returns with regard to key financial metrics,” with Biglaw gains described as “modest” and “spotty” across the board.
Big-name lateral hires can sometimes bring in enough positive publicity and fanfare to make even the sickest of firms seem like the very picture of health and vitality. According to the latest American Lawyer Lateral Report, those lateral moves can be likened to a peacock’s tail: they offer “no advantage” for a firm’s ultimate survival, and may hinder the firm in the future. It happened at Dewey, and it can happen at other firms if they’re not careful. If only partners’ attentions weren’t so easily grabbed by the promise of higher profits.
So if this growing reliance on lateral hiring is truly capable of destabilizing law firms, wouldn’t you like to know which firms did the most lateral hiring over the past year? We’ve got the details for you….
Back when I was at the law firm, billing more hours than I knew were in a week, there were people who thought I was “gunning” for partnership. I billed a ton of hours, had basic social skills and a good mentor, and hey, I’d look pretty good in any “diversity” partner puff piece. Just add ten years of sustaining a maniacal pace, learning how to generate rain in a shrinking market, and navigating the political minefield of kissing the right people’s asses, and maybe I could have had a shot.
Suuuure I would have. Making partner at the Biglaw firm that you started with is functionally impossible. It happens so infrequently that setting it as a goal is about as realistic as children saying they want to walk on the Moon when they grow up. The odds were long before the economic crisis that caused partnerships to close their ranks and protect their profits like dragons hoarding treasure.
It’s not going to happen, but trying to get there ruins a lot of people. They can be having perfectly fine, perfectly serviceable Biglaw careers, but then somebody starts dangling the possibility of “partnership” in front of them, and suddenly they are trying to schmooze late into the night and kick their billable hours up into the 3,000-a-year range. And maybe if they’re lucky they’ll be able to get into a less prestigious firm, slog another couple of backbreaking years as “counsel,” and then get equity at some other shop.
Am Law Daily has the story of a man who finally got his shot at the brass ring, was fired over his alcoholism, and died a short while later. It’s a sad and extreme story, but many people fall in all sorts of ways on the path to partnership….
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.