A few months ago, we wrote a story about the $160K-Plus Club: those law firms that pay their first-year associates more than $160,000 a year, the going rate within Biglaw. Earlier this week, we covered which cities give young lawyers the biggest bang for their buck — i.e., cities where the buying power of the median salary for that city is the greatest.
Let’s mash up these two stories. Today we bring you news of a law firm that (1) pays a starting salary of more than $160,000 and (2) is based in a city that’s in the top ten for buying power. Associates at this firm are — by our calculations, based on the NALP Buying Power Index — living as well as someone earning $414,000 in New York City. That’s a staggering sum for a first-year associate.
So which firm are we talking about? And are they hiring?
A correspondent recently posed this question: I’m a litigation partner at a big firm. If I go solo, will my corporate clients continue to use me for their smaller matters?
I’ll use this column to do two things. First, I’ll offer the customary answer to all legal questions: It depends.
Second, I’ll ask my in-house readers at large corporations to let me know (either by posting in the comments or sending an e-mail to the link in the shirttail below) whether their corporations use sole practitioners.
Will big corporate clients follow an individual lawyer who jumps ship and goes solo?
In a recent ranking of the world’s most valuable law firms, the litigation powerhouse of Quinn Emanuel topped the chart in “value per partner” (total firm value divided by number of equity partners). For QE, the “VPP” figure came out to a whopping $17.7 million.
So you can understand why masochistic talented lawyers pursue partnership at the famously hardworking firm with such fervor. Sure, occasionally you’ll hear about a partner walking away from the riches. But for many a young lawyer, making partner at Quinn Emanuel is a dream come true.
Over the weekend, QE announced ten new partners. Who made the cut?
You really don’t want to be sued in a corrupt, backwater swamp.
No, no! I don’t mean Louisiana! I mean a truly corrupt backwater swamp like, say, Sudan.
(I pick Sudan because it’s subject to sanctions by most first-world countries, so I don’t have to worry about someday being dragged before a Sudanese judge who isn’t tickled by my having called his country a “corrupt, backwater swamp.” I may well pay a price for having tarred Louisiana with that label, but my opening two sentences just wouldn’t have been funny if I hadn’t named a specific state. I’ll have to hope that judges in Louisiana have a sense of humor.)
You get sued in Sudan. You hire Sudanese counsel. You probe him about Sudanese substantive law, Sudanese procedure, and whether the Sudanese judicial system can be trusted. He answers your questions about corruption with vague assurances about how he’s a pretty well-connected lawyer, and most judges aren’t too bad, and corruption isn’t quite as rampant as outsiders seem to think. Then he goes on to explaining how he’ll defend your lawsuit.
That advice may be okay as far as it goes, but it’s missing the global perspective. Here’s one place where in-house lawyers — and sophisticated outside counsel — can add real value in litigation….
Life in a service profession — there’s nothing to it!
When you’re asked to do something, think about how you can make the other guy’s life as easy as humanly possible. Then, do precisely that. Presto! You’re a star!
When a client asks you to do something, do it. On time and right.
When a partner asks you to do something, do it. On time and right.
“On time” is typically pretty easy to understand: That means “on or before the established deadline.”
“Right” is slightly trickier: It certainly means, at a minimum, “done to the absolute best of your ability.” (There’s a chance that “the absolute best of your ability” won’t make the grade. That’s an individualized issue, not capable of being resolved in a blog post. But it’s a lock-cinch that you won’t make the grade by “submitting a crappy first effort, riddled with incomplete research, barely literate, and filled with typographical and grammatical errors, because all I’m really trying to do is get the client/partner off my back.”)
Now I’ve moved in-house, and life in an in-house service profession is just like life at a firm — there’s nothing to it! . . .
A prominent Manhattan lawyer is suing his own daughter. For libel. Because she allegedly harmed his reputation. By seeking an accounting of her trust fund. Which he set up for her and reportedly administers. Got that?
Yes, Dad v. Daughter. How could something this messed-up not be our Lawsuit of the Day? Especially given the claimed size of the trust fund, stocked with such goodies as Hamptons real estate?
It’s hard to get one’s head around these allegations, but the litigation is for real. Let’s take a look at the competing claims. And how much the trust fund was supposedly worth at one point — we’re talking seven figures here….
Around here, one can’t mention the concept of something being “overrated” without reference to one of the weirdest and most enduring ATL comment memes, a play on the late, great Hitch’s assertion that the four most overrated things in life are “champagne, lobster, anal sex, and picnics.” So who are the, um, lobsters of Biglaw?
Last week, we had a look at what our audience considered to be the most underrated Biglaw firms, by practice area. Today, inevitably, we turn it around and have a look at what you’re telling us are the most overrated firms.
Among other things, our ATL Insider Survey asks attorneys to nominate firms with overrated practices within the respondent’s own practice specialty. Litigators nominate litigation departments, etc.
To be sure, these survey results need to be taken with some buckets of salt — we realize that, for some, answering this question might be a chance to take an easy shot at a more successful rival or competitor. Of course, there are crazy people who will tell you that such paragons as Benjamin Franklin or Tom Brady are “overrated,” but that probably says more about the person making that statement than anything else. But that said, these survey responses are a fun glimpse at which firms Biglaw attorneys think are more sizzle than steak….
Apparently also underrated? The corporate group at Cahill Gordon, according to the ATL audience. Cahill received the most mentions as having an “underrated” corporate group in our ATL Insider Survey. Biglaw has a fairly stable roster of alpha dogs in each practice category (Weil in bankruptcy, Wachtell in M&A, etc.), but we wondered which firms’ practice groups deserve more recognition. So, among other things, our survey asks attorneys to nominate firms with underrated (and overrated) practices within the respondent’s own practice specialty. Litigators nominate litigation departments, tax lawyers do the same for tax groups, and so on.
Read on and have a look at the top three underrated firms in each practice area:
As outside counsel handling a new piece of litigation, where do you start?
At closing argument.
That’s an oversimplification, of course, but it’s a valuable one. When you’re retained to defend a new lawsuit, you have to figure out how your client can win. What’s the other side’s weakest point? What are your strongest points? Where’s the emotional appeal in your case? What legal angles can you exploit? You put all that together and then spend a couple of years developing an evidentiary record that builds your path to victory.
It’s not rocket science: Figure out how to win; get there. Good lawyers do it intuitively.
As in-house counsel, when we receive preliminary case assessments from mediocre outside counsel, we don’t get the route to victory. What do we get?
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: firstname.lastname@example.org.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
Non-attorneys would think the stress comes from preparing for a big trial, deposing a hostile witness, or crafting the perfect contract for a picky client.
But that’s nothing compared to the constant, nagging, real-life kind, the kind you get from the day-to-day grind of being a law-abiding attorney.
Connecticut plaintiffs-side boutique litigation firm (12 lawyers) seeks full-time associate with 2-4 years litigation experience, top tier undergraduate and law school education. Journal or clerkship experience a plus; highest ethical standards and strong work ethic required. Familiarity with Connecticut state court legal practice is preferred, but not required.
The firm handles sophisticated, high-end cases for plaintiffs, including individuals and businesses with significant claims in a wide array of matters. Our cases often have important public policy implications, and are litigated in state and federal courts throughout Connecticut. Representative areas of practice include medical malpractice, catastrophic personal injury, business torts, deceptive trade practices and other complex commercial litigation, and products liability.
Additional information can be located on our website, at www.sgtlaw.com.