This means that if I picked my outside counsel randomly, I’d be disappointed 19 times out of 20. I don’t like those odds, so I don’t pick outside counsel randomly.
And if I picked my outside counsel based on which outside lawyers told me that they personally think they’re great, I’d still be disappointed 19 times out of 20. I still don’t like those odds.
I don’t know if other inside counsel view things the same way I do. But, if they do, it makes business development awfully tricky. If there’s nothing you can say or do to cause me to hire you, what forms of business development might work?
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….
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….
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: