* U.S. Attorney Preet Bharara wants to know more about why Governor Andrew Cuomo shut down an anticorruption commission. [New York Times]
* The ABA weighs in on the “unfinished business” controversy affecting bankrupt law firms, their lawyers, and their clients. [WSJ Law Blog]
* Better late than never: students and professors at UC Davis Law are pushing for the posthumous admission to the California bar of Hong Yeng Chang, who was denied a law license in 1890 solely because of his Chinese heritage. [Associated Press; South China Morning Post]
* Speaking of late, a robber sent to prison 13 years late because of a clerical error just got released. [ABA Journal]
Most days, I’m proud of owning my own small law firm. And while technically, I’m not a solo — I’ve had an assistant for over eight years now as well as a revolving crew of of counsel, part-time associates and independent contractors — many of my colleagues lump me and most very small law firms into that category nonetheless. So when other solos act foolishly or unprofessionally, it reflects poorly on the rest of us.
Understand, I’m not picking on solos. Let’s face it — large law firms are hardly paragons of upstanding conduct; one needn’t look further than the recent Dewey & LeBoeuf scandal as proof. But for whatever reason, when Biglaw behaves badly, that conduct doesn’t diminish the reputation of Biglaw in the eyes of judges and other lawyers as it does for solos.
So that’s why it bugs me when solos do stupid — and often avoidable — things. Here are my top three peeves:
* Two Biglaw firms and their even bigger revenue meltdowns: Patton Boggs and Bingham McCutcheon have posted the most dramatic revenue declines revealed thus far by Am Law. [Wall Street Journal (sub. req.)]
* Dewey know why this malpractice case is being brought against an ex-LeBoeuf Lamb partner? You know your case is screwed if one of the questions the judge asks you is “[W]hy are you here?” [Am Law Daily]
* Those who remain at Heenan Blaikie, the imploding Canadian Biglaw firm, are pretty “pissed off” they haven’t received word on their severance packages. So much for that “orderly wind down,” eh. [Law Times]
* Career alternatives for former Biglaw attorneys now allegedly include breaking and entering and assaulting state delegate’s wives. We’ll probably have more information on this juicy story later today. [NBC29 WVIR]
When I started my law firm twenty years ago, there were just five things that I knew.
I knew I didn’t have any clients. I knew that my husband and I could scarcely afford the loss of my paycheck, let alone come up capital for me to invest in my practice. I knew that I was way too mortified at having been laid off from my former firm to share the real reason for starting my own firm. I knew that when I finally opened for business, in truth, I was just putting on a game face every day, biding my time until something else came along or until I got pregnant and could, like some of my other law school classmates, gracefully exit the law. But I also knew, somewhere deep down, that I had it in me to be a good lawyer.
Those five things are all that I knew for sure when I started my law firm. Clearly I had a lot to learn. And while there was plenty of information on the black-letter, nuts-and-bolts aspects of starting a firm, the kind of advice that I really wanted to know to jump-start my practice — specifically, whether the solo option was actually feasible — was in short supply. Moreover, as an attorney with a traditionally big-firm practice (energy regulatory law and litigation), I was even worse off because attorneys familiar with my field and doing what I hoped to were particularly rare.
So to spare those of you starting out from what I went through, here are five things that I wish someone would have told me when I started out:
Are partners just puppets of their law firms’ clients?
Mr. Armstrong sat at the controls of Morgan Stanley, which employed and paid Blank Rome millions of dollars in fees, thus allowing Blank Rome to be the ultimate ‘puppet master,’ as Blank Rome could control Ms. Armstrong’s divorce litigation in a manner designed to protect Morgan Stanley.
– Jonathan Sack, counsel to Kristina Armstrong, in a malpractice lawsuit that Armstrong just filed against her former divorce lawyers at Blank Rome.
(More about Armstrong’s allegations, after the jump.)
For lawyers considering opening up their own shop, malpractice insurance is one of those areas where you’re probably clueless. So you’ll rely on your friend’s recommendation for a carrier, or you’ll just call a few companies who advertise in the Bar publications and see if you can “get the best deal.”
As usual, I’m here to make your life easier with truthful information that you can actually use. No no, don’t thank me. I feel your appreciation.
For purposes of this post, I interviewed Sam Cohen of Attorneys First. Sam is a Florida-based broker. He is licensed in Georgia and has access to other brokers throughout the United States. Now before you gutter dwellers down there in the comment section start hypothesizing (I think that’s the biggest word I’ve used here) about my relationship with Sam, let me burst your conspiracy bubble.
Sam and I are long-time friends and have never done business together.
Some years ago, I was referred to Sam when my policy was up for renewal. He went out and got quotes from a half dozen companies, compared them to my policy, and determined that what I had was the best. So he made zero dollars, and based on his against-his-financial-interest honesty, I refer everyone to him. (There’s a lesson in there somewhere).
Do you remember those Viagra commercials where they tell you to seek medical attention if you’ve had an erection for more than four hours? That seems like a logical course of action — after all, it’s sometimes possible to have too much of a good thing. But what happens when you’re not taking an erectile dysfunction medication, and you’ve been standing at attention for an entire day or more? What should you do then?
Well, most men would take to WebMD in a heartbeat if they knew that their junk was at stake. Most men would immediately seek medical attention, regardless of a potentially long wait time at the hospital, because most men are fairly attached to their penises.
But not this man — he waited politely and patiently to find out that his penis was ruined….
It’s easy and popular to criticize America’s tendency towards over-litigiousness. You can talk and argue all day over abstract ideas, but have you seen the numbers all laid out in a handy-dandy infographic? No? Well, we have a special treat for you….
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The 2014-2015 law school year is now in full swing. 1Ls are grappling with the strange new world of the Socratic Method and briefing cases. 2Ls are hoping to score some sort of job out of the fall interviewing season. And 3Ls are wondering just what the heck they’re even doing on campus. If, in fact, they are even on campus at all. ATL’s law school experts have designed this challenge to help determine how much you know about the realities of the 3L experience.