Okay, “drove out” is probably not the right phrasing here, for reasons we’ll explain below. But there’s no denying that people are keenly interested in the drama surrounding the departure of eight Weil partners to Sidley Austin in Dallas.
Let’s take a closer look at the situation, shall we?
Last month, we brought you a Davis Polk fairy tale. Two talented lawyers met at the elite law firm, fell in love, and got married. They lived happily after, in their $6 million apartment (until they sold the apartment to a celebrated Chinese artist).
This couple met at Sullivan & Cromwell, got together, and bought an apartment at 50 Riverside Drive, a beautiful prewar co-op on the Upper West Side. They renovated the place — doing a lovely job, I might add — and then sold it for more than $3 million….
As all sentient beings are aware, we have a terrible, horrible, no good, very bad legal job market. According to NALP data, the industry is down 50,000 jobs since 2008 and there is no reason to believe they will ever reappear. If you ignore school-funded positions (5% of the total number of jobs), this market is worse than its previous low point of 1993-1994. In light of these grim economic realities, we feel that potential law students should prioritize their future job prospects over other factors in deciding whether to attend law school. To put it mildly, inputs- (LSATs, GPAs, per capita spending, etc.) and reputational survey-based law school rankings schemes have proved unsatisfactory. Hence our release last week of the ATL Top 50 Law Schools, which is based on nothing but outcomes.
(Although he probably disapproves of all rankings, it must be said that the legal world owes a great debt to Kyle McEntee and his colleagues at Law School Transparency. LST has forced us all to look at the publicly available employment data, submitted by the schools to the ABA, in a more meaningful way. Like all good ideas, it seems obvious in retrospect.)
We received a ton of feedback and comments regarding our rankings and our methodology, much of it thoughtful and substantive. (Our very own Elie Mystal weighed in with this takedown the day after we published.) Quite a few recurrent criticisms emerged from the comments. Of course there’s no perfect dataset or methodology. At best, rankings are a useful simulacrum and just one of many tools available to 0Ls for researching and comparing schools.
What follows are the most common criticisms of the ATL Top 50 Law Firms rankings….
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: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
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.
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● 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!