Not since its pursuit was enshrined in the Declaration of Independence has “happiness” had a bigger cultural moment than now, and not just because of that “room without a roof” earworm. There is a new and rapidly growing science of happiness, a mash-up of economics and psychology sometimes called “hedonics,” which tells us that money can buy happiness, but only to a point. Meanwhile, in corporate America, we witness the emergence of a new C-suite character, the Chief Happiness Officer, who is responsible for employee contentment. Sort of like an HR director, but smiling and magical.
Recently, the U.S. National Bureau of Economic Research released a paper, “Unhappy Cities,” reporting the findings of a major survey asking respondents about their satisfaction with life. The authors, academics from Harvard and the University of British Columbia, found that there are persistent differences in self-reported subjective well-being across U.S. cities and, unsurprisingly, residents of declining cities are less happy than other Americans. (Interestingly, the authors suggest that these unhappy, declining cities were also unhappy during their more prosperous pasts.)
So there are unhappy cities; there are also unhappy (and relatively happier) law schools. When ATL’s own Staci Zaretsky learned that Springfield, Massachusetts — home of her alma mater, the Western New England University School of Law — made the list of unhappiest cities, it came as no surprise: “It’s hard to tell where the local misery ends and that of the law school begins.” Prompted by Staci’s observation, we wondered whether unhappy cities make for unhappy local law students. Or is the law school experience so intense and self-contained that one’s surroundings have little impact? What are law students in the happiest (and unhappiest) cities in the country telling us about their own personal satisfaction?
Clients are in the driver’s seat these days. Lawyers, even partners at prestigious and profitable firms, must bow and scrape before in-house counsel to land engagements.
It won’t be long before beauty contests actually include, well, beauty contests. What rainmaker worth his or her salt wouldn’t strip down to a swimsuit if required to do so as a condition of being hired? (Assuming that seeing the lawyer in swimwear would actually appeal to the client, that is.)
Not long ago, some Biglaw partners had to humiliate themselves in order to land a major matter. What did they have to do for the deal?
* “Those who support limits see the court right now as the T. rex from ‘Jurassic Park.'” Folks are pretty worried even more campaign finance laws will fall thanks to the Supreme Court’s ruling in the McCutcheon v. FEC case. [New York Times]
* Skadden Arps and Simpson Thacher are at the top of their game when it comes to mergers and acquisitions. Both firms did very well in new deal rankings released by Bloomberg, Mergermarket, and Thomson Reuters. Nice. [Am Law Daily]
* Former Massachusetts senator Scott Brown has reportedly ditched Nixon Peabody to try his hand at a U.S. Senate run in New Hampshire. We hope he doesn’t lose his shirt again. Oh wait… [Boston Globe]
* As it turns out, the book in the Harvard Law library once believed to be bound in human skin is actually bound in sheepskin. Congrats, this is slightly less creepy. [Et Seq. / Harvard Law School Library Blog]
* Celebrity chef Nigella Lawson was turned away from a flight to the U.S. after her admission to coke usage in a trial. She should probably stop sticking her nose in other people’s business. [The Guardian]
Here’s some friendly advice: when you’re drunk, try to keep your mouth shut. Or at least keep your work-related thoughts to yourself. This is certainly true for junior lawyers, but it goes for partners as well.
According to a complaint just filed by the Securities and Exchange Commission, an IP partner at a leading law firm had a few too many drinks, then got a little “TMII” — “too much (inside) information” — with his investment adviser. That adviser then traded on the material, nonpublic information, the SEC alleges….
Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Kristina Tsamis shares some career advice for JD/MBAs from a panel discussion hosted by Duke Law in conjunction with other peer law schools.
We spend a lot of time discussing the dismal employment outcomes for JD grads. Things aren’t so rosy for MBA graduates either. To talk about a dual JD/MBA degree in this context seems like a double fail — a one-two punch of more work and potentially more debt in exchange for the same sad outcome.
Enter the panelists of How to Use the JD/MBA Degree in Business and Entrepreneurship: all JD/MBA graduates who touted the usefulness of a dual degree during a discussion hosted by Duke Law in conjunction with other peer law schools. The panelists centered their advice on four main areas: what to focus on while pursuing the dual degree, how to select a good mentor, how to interview well, and how to stop being risk-averse.
1. Maintain the Right Focus as a JD/MBA student
That class in early English case law will leave you painfully ill-equipped for the modern practice of law. But there are some courses you should be paying attention to, both on the JD and MBA side.
I asked, and once again the readership delivered. I thought it would be interesting to hear from former Biglaw associates who had been passed over for partnership, and I was happy to receive some thoughtful responses.
As you will see below, and as I discussed in my columns relating to making partner, there are very powerful personal forces at work in these situations. As much as we can learn from our own disappointments, so can we learn from the experiences of others, especially those who have forged ahead despite a setback.
Biglaw can be a brutal business. We need to pause and reflect on the human toll that working in this environment can take….
Behind the blue door lies a world of great beauty.
You’d expect a top mergers-and-acquisitions lawyer to have excellent business sense. So it shouldn’t be surprising to learn that an M&A partner at a leading law firm bought a Manhattan townhouse for $837,000 that is now probably worth more than $7 million.
It’s a gorgeous home, very tastefully decorated (which can’t be said of all our Lawyerly Lairs). Let’s see some pictures and learn more about it, including the identities of the owners….
Cravath partners enjoy discounts at Subway, among other perquisites.
It’s rare for partners to leave Cravath, given the prestige, pay, and perks associated with partnership at the firm. And it’s especially rare for a Cravath partner to leave for a rival firm, as opposed to a Wall Street investment bank or major corporation.
Cravath has a very specific system for running itself, and that system has served Cravath very well over the years. As its competitors expend increasing amounts of effort to climb the prestige hierarchy and expand across the globe, Cravath remains at the top, serenely servicing its clients — and printing money for its partners. Part of the reason why Cravath so rarely loses partners to other firms is that it’s so profitable overall that even a partner being paid under Cravath’s lockstep system still does better than a “star” partner at many other firms.
So that’s why today’s news is so notable. A prominent young partner at Cravath has decided to leave Worldwide Plaza and take his talents across town.
Who is the partner in question, and where is he headed?
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
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.
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: