Over its long and storied history, Davis Polk & Wardwell hasn’t hired many lateral partners. Most of its partners are homegrown, joining the firm right out of law school and spending their entire careers there (like the two most recently promoted partners).
But this has started to change over the past few years, as managing partner Thomas Reid discussed in an August 2011 interview with Am Law Daily. In the August 2010 to August 2011 period, DPW hired a half-dozen prominent lateral partners.
And the lateral hiring spree continues (although not without the occasionalsnag). Let’s hear about Davis Polk’s latest high-profile hire, a new lateral partner at Paul Hastings, and an addition to the leadership of Orrick….
Years ago, I knew a lawyer who thought that business entertainment worked. He was a plaintiffs’ personal injury lawyer: “I treat a doctor to a $50 lunch, and the next day he refers a case to me. I make one phone call and settle the case for $9,000, netting a $3,000 fee. And the doctor thinks we’re even! It’s unbelievable! I can’t eat enough lunches!”
Good for him. But does it work for anyone else?
I certainly treated clients to dinners and sporting events in my day, but none of those clients (or prospects) ever hired me in return for that entertainment. I didn’t expect them to, and I’d be terribly disappointed in them if they did. My having treated a guy to a dinner doesn’t make me the best lawyer to handle his case, and he’d be nuts to hire me because the caviar was beluga.
The reverse is also true. Lots of people want to meet me, buy me a meal, or take me to a cricket match (I’m now based in London, remember?) since I’ve gone in-house. A few of the folks who buy me lunch even follow up with e-mails expressing their unhappiness that I haven’t promptly retained them: “Was it something I said? Why haven’t I heard from you, other than the thank you note?”
It was nothing you said. But why should I possibly hire you simply because you bought me lunch?
I have my own theory about why firms create large “client entertainment” budgets . . .
Oh my, I can’t believe a major legal publisher is selling cheap-looking plaques for hilariously useless achievements. Actually, I can totally believe it.
I’ve never bought into the idea that lawyers need “credibility trophies.” Lawyers who festoon their offices with scores of plaques come across as desperate. Lots of plaques commemorate dubious achievements, and any colleague or client given a few minutes to examine the decoration will discover this and wonder, “Why did he/she hang this?” But sadly, much of the profession ascribes to the “plaques for plaques’ sake” mentality.
If an office must be adorned with memorabilia of legal achievement, frame the law school diploma, bar admission certificate(s), and any major achievements like being president of the bar association or something. These provide all the indicia of achievement a lawyer needs.
And nothing says “plaques for plaques’ sake” like a redundant plaque. Like a plaque that says, “If you didn’t notice the diploma on the other wall, this certifies that he REALLY did go to Harvard.”
If you are a Biglaw partner and have only one title to hawk, I hope you are at a really top-tier firm. Because “partner” is no longer enough to impress clients. Especially in this age of multiple industry “guides” eager to anoint mortal lawyers with honorifics befitting your typical episode of Game of Thrones. (I am sure there is a female head of litigation somewhere who would relish being called Mother of Dragons, or a managing partner in Silicon Valley who would not mind being thought of as Lord of the Vale.) Between Chambers, Super Lawyers, Best Lawyers in America, and others, there are plenty of possibilities to supplement “partner” with something more.
Of course, the race for titles happens internally at Biglaw firms as well. Factor number one is prior business generation. Rainmakers are given titles by their fellow partners, like farmers seeding clouds for future rainfall. Every firm has at least a managing partner or CEO, numerous practice group heads, and an executive committee. Some firms, typically those of the “eat what you kill” variety, also exhibit a form of “title inflation,” with co-chairs galore and sub-department chieftains abounding. Plus office-level “chairs” — it is always a hoot when there is a local head of litigation for a branch office with three litigators. Especially when the branch office is a major city, with dozens of robust litigation practices at other Biglaw firms for clients to choose from. Everyone who has been granted a title uses it when marketing outside the firm. Who would want to hire a regular partner for a bankruptcy matter when you can have the co-chair of the Boston office’s (two-member) restructuring department handling things?
Aside from the daily challenges associated with sustaining or exceeding gross revenue year after year, Biglaw partners are probably most worried about their firm’s brand. After all, a brand is something that will keep clients coming back, and usher in new and exciting business opportunities.
But with so many firms to choose from, it’s hard to pinpoint exactly which one is on top when it comes to being the most well-known of the bunch, regardless of what their Am Law or Vault 100 ranks might tell you. What matters most is obviously what the clients think.
Of course, there’s now a ranking to determine which firm has the strongest brand in the business….
Yesterday, Brian Tannebaum wrote about many of the law firm web site marketeers that write dreck for their clients.
The marketeers put this stuff online for the lawyers and call it content. Those with even minimal composition skills use far less charitable words to describe it.
As an example, he writes about the self-linking that takes place in pseudo-blogs and the embarrassing effect it actually has on the lawyer being promoted. He uses the example below — a monstrous keyword smorgasbord you may have stumbled across in the past, and were dumber for having done so….
This is a post about the internet, and yes, it’s about small law firms.
You’re still in the race to page one of Google. Nothing is more important. It’s tiring. Your marketeer tells you that blogging is king. You don’t have time to blog, you need clients now — you aren’t interested in waiting for some client to think you had something interesting to say in your blog, and in turn, call your office, or some lawyer to read what you wrote and refer you a case.
Not a problem, says the marketeer. It doesn’t matter what you write, as long as your website is linked throughout the posts, like this:
Recently, this Craptown family lawyer read about a father being held in contempt for failing to pay child support. This case was not in Craptown and did not involve a Craptown family lawyer. As a Craptown family lawyer, it is important that anyone in Craptown who has a problem with Craptown family law call a Craptown family lawyer. It is unclear whether the father sought the services of a Craptown family lawyer, but contempt is a bad thing and is a reason to seek out a Craptown family lawyer. So for those of you fathers that are broke, it may be time to call a Craptown family lawyer.
These blogs all suck, say nothing, and exist only based on the marketeer’s promise of clients finding you via Google and dropping off a pile of cash at your office. The authors are very very very proud of their prose, as the marketeers cheer on their attempts to game Google. “Hey man, that last post was great, you had 27 links to your website.”
Obviously, this doesn’t apply to the vast amounts of Biglaw associates who read every single word of this column under duress every single week while waiting for their next assignment, but for those small firm and solo practitioners, I have a question: Does it work?
There’s no lack of advice these days about what lawyers should be doing to get clients or run their practices. And you take it. You take the advice of the former lawyers with no clients or practices, or the perennial failures who understand that lawyers are gullible when it comes to advice about making money. But still, you take it, or God forbid, pay for it.
So you create a Facebook Fan Page for your law firm and ask everyone to “like” your page. You go on LinkedIn and join groups. You go on Avvo.com and ask lawyers to endorse you. Your website is “awesome” and you’ve got an e-mail newsletter campaign going. Offline, you do the Bar association networking circuit. You’ve met some people for lunch, and you even had an article published. By the way, you’re also a good lawyer and have some happy clients.
But the phone isn’t ringing, or isn’t ringing enough. You get to the point of frustration, and start thinking of discontinuing part of your marketing, or worse, closing your practice.
Let’s be honest, some of you won’t make it. You’re decent lawyers but have no business sense. Some lawyers need to work for someone else. That’s why we have Biglaw, so really smart people with no ability to make a buck on their own can pretend they are superior.
Let’s say though that quitting is not an option, but neither is continuing on this path. You’re just trying to figure out which of the half-dozen things you’re doing is worth continuing, and what else you need to do.
So I’ll take a stab at it. My apologies for being a lawyer with clients and a practice, as I know I’m not the typical guru selling you on the dream….
Of all the ways to say ‘I love you’ this is the most boring.
I hate diamonds. Besides oil, no natural resource is responsible for as much suffering. Wars are fought over diamonds, totalitarian regimes are propped up with diamond money. It all happens because of anachronistic cultural traditions that tell us women should be dressed and adorned like dolls.
Today, western women buy into the convention — because, well, that’s what happens when an entire people is hobbled by generations of unequal treatment — but do not forget that giving engagement diamonds to women is a holdover from a time when a man would pay to buy off the bride from her father. A holdover that has been amped up by the modern diamond industry. It’d be like if every time a white employer hired a black person, they got to strip him down and check his teeth… you know, for old times’ sake. “Here’s your price, now cook me something and be quick about it so I don’t have to beat you” — is what every woman should hear when she receives a shiny bauble for her ring finger.
Of course, my wife wears a diamond engagement ring, because I’m not a freaking hero. In this ridiculous world, even if the woman says “I’m not really into that diamond stuff,” you can’t really be sure and you don’t want to insult her or her family by proposing with a shared New York Times subscription (that made more sense back in the 90s, trust me). Luckily, my wife and I have been able to resist the nearly constant overtures from the diamond industry ever since. Even though every season the television tries to tell us that I just don’t love her very much unless I’m committing 25 percent of my yearly income in a constant shower of stones.
To call the diamond industry “evil” is no overstatement, as reflected in a new lawsuit….
I went to vote Saturday at 7:20 a.m. I left with my “I voted” sticker at 12:39 p.m. When you stand in line for five hours, even a person like me has to pass the time by speaking to someone. After skimming through the morning paper and making a futile attempt to find something interesting on Twitter or Facebook, Jeff asked me a simple question: “What do you do?”
In the backdrop was typical polling place activity. There were signs everywhere. Many candidates had a half-dozen signs in a row at the entrance to the polling place. Apparently one sign isn’t enough anymore. The candidates were in all smiles, “asking” for votes, while the candidates’ shills designees were begging for votes by lying to everyone about everything saying they were a “mom,” or “not a politician.” People who didn’t even know the candidate were wearing their t-shirts and shoving palm cards in voters hands, and a long line of voters — some knowledgeable about the issues, and others not having a clue — were just waiting make their decision official.
It was like the internet, live.
On one side, there were people looking to make a decision, on the other, a bunch of people wanting to be “hired.” The one common thread was that the candidates wanted to make sure each person in line knew they, and their campaign, were there. The difference was how they did it….
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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 six years. You can reach them by email: asia@kinneyrecruiting.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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Over its long and storied history, Davis Polk & Wardwell hasn’t hired many lateral partners. Most of its partners are homegrown, joining the firm right out of law school and spending their entire careers there (like the two most recently promoted partners).
