A lot of in-house attorneys dream of reaching the top someday. And when they fall short of becoming the Managing Editor for Above the Law, they look to general counsel positions instead.
You get paid the big bucks, fly first class everywhere, and get to boss around outside law firms. What’s not to like?
I decided to find out. I checked with several general counsels (GCs) and chief legal officers (CLOs) (note — no one at my company), to learn what they think really sucks about being at the top of the legal hierarchy….
Some years ago, information technology and research firms realized that they could thrive only by attracting and retaining employees with two very different skill sets. These firms needed both great scientists and great managers.
Great scientists, however, were being undervalued, while great managers were being given too much dignity. In many corporations, the more people under your supervision, the more authority, respect and, often, pay you command. How could IT firms keep pure scientists — who loved thinking great thoughts and creating great inventions, but loathed managing people — happy? Wouldn’t those folks become frustrated as they saw their peers — less able scientists, but great managers — move ahead in the ranks?
Those firms pioneered the idea of creating dual career paths. One path was the standard route to success: Manage people; control a P&L center; prosper.
But the second path was the innovative one: Lead specified projects; work with key clients; generate new ideas; prosper equally!
After the IT firms blazed that trail, sales organizations soon followed suit. Those outfits needed both great sales people and great administrators. So they created dual career paths, offering routes for advancement (and power, and riches, and corner offices, and all the rest) to both types of people.
Isn’t an analogous dual-career-path model worth considering, both at law firms and in-house law departments?
Long ago, my law firm won an appeal, and we were thinking of publicizing the victory for the benefit of both the client and our firm.
“It’ll be good to get some attention,” I said to the senior partner.
“It’s easy to get attention,” said he. “Just run naked down Market Street at high noon. We don’t want attention. We want good attention.”
The same could be said of corporate law departments: It’s easy to get attention. It’s harder to get attention for simply doing a good job.
Suppose you wanted your corporation’s law department to be the darling of the press and be nominated for “law department of the year” honors. What would you do?
It’s easy: Make the type of big, public announcements that draw attention: “Our law department is announcing three major initiatives. First, we’re announcing a pro bono initiative. All of our in-house lawyers will devote at least 500 hours per year to pro bono matters. Second, we’re implementing a diversity initiative. [Insert details here.] Third, we’re completely eliminating reliance on the billable hour. Henceforth, all of our law firms will work on flat-fee or other alternative billing arrangements.” (There are surely other items that one could add to this list, too, that are escaping my feeble imagination.)
Gin ‘em up. Send out a press release. Presto! Your law department would be the toast of the town. People would be beating down your doors seeking interviews. But what would you have accomplished?
I’ve suggested in the past that law firms generally don’t bother with managing people, and I’ve heard a chorus of complaint: “But all I do is manage people! I’m a senior associate, and I spend my entire days begging, cajoling, and threatening junior associates and legal assistants to do their work. How can you say I don’t manage people?”
Read my lips: You don’t manage people.
You manage projects, and you mistakenly believe that’s managing people.
If you were managing people, you’d be doing about a half dozen things that are not currently on your plate . . . .
Partner meetings should be better. As I discussed in last week’s column, Biglaw firms tend to hold glorified lunches, sprinkled with some generic info-passing, instead of real informative meetings for partners.
It does not have to be that way — even if your Biglaw firm ascribes to a “partners are just our highest-paid employees” ethic. And especially if your firm is serious about involving partners in the firm’s business as much as possible in these days of behemoth Biglaw firms.
What kinds of improvements to partner meetings would I advocate implementing?
My friend Pablo told me that when Monica, a partner, called his home at 9:00 p.m., he knew it couldn’t be good. Why not email? For an instant, he considered letting the call go to voicemail. Taking a deep breath, he answered.
Monica wanted to know “where he was” with the brief Pablo had been working on. She had not given him any particular deadline, so he explained that he expected to circulate the draft for review the following evening. The brief was a motion to dismiss, and he knew the deadline to file was still two weeks away. He was allowing the partner one week to review before she had to send to the client, who in turn would have another week to review.
The partner, however, had a different idea. “I want it on my desk tomorrow by 8 a.m.,” she told Pablo.” “Not a moment later.”
Every firm has them. And partners dutifully show up. Mostly for the free lunch. This month we are serving Tex-Mex. One percenters’s loading up on the free food like a Soviet-era pensioner given the keys to the potato warehouse. It can be a gruesome scene.
So what happens at these monthly gatherings of Biglaw’s barons and baronesses? Nothing important. (You want important stuff, you need to crash an Executive Committee meeting. Or for the increasingly common Biglaw dictatorships, you need to bug Chairman Mao’s office.) At least at the scheduled monthly partner meetings. “Special” partner meetings are a different story. You want those to be boring, like calling for a vote on a group of laterals. “Exciting” special meetings, while good for Lat, are not good news for the average partner usually. Stability is one of the biggest draws of a Biglaw partnership. Stability means no shocking announcements, over which you have no control.
Anyway, here is how the typical monthly partner meeting goes….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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: