What is a law firm? Unlike a lot of businesses, there are really no assets except the lawyers and (in some instances) the brand name. For most law firms — especially newer firms and start-ups — there is no brand name; that leaves the lawyers as the only assets. And for brand-name law firms, if the talent starts to leave, eventually the brand dies.
As one of my partners once said to me: “Bruce, all of the assets of this business go down the elevator every night. Your job is to get them to come back up in the morning.” He just said it casually, but it hit me strongly later on as I realized he was completely right. The entire point of running a law firm was to keep the lawyers in the firm. You can always get more clients if you lose them, but without the lawyers, you have nothing to sell and it is game over.
Accordingly, to answer the question posed at the outset as to what a law firm is…. it is a collection of lawyers who are together because they wish to be together. If they don’t wish to be together any more, then they leave, and that is the end.
By way of introduction, I am the founder and managing partner of Duval & Stachenfeld LLP. We are a 70-ish lawyer law firm in midtown NYC that focuses strongly on real estate; indeed, we refer to ourselves as “The Pure Play in Real Estate Law.”
As managing partner I have spearheaded numerous unique initiatives that have distinguished us from other law firms. Many of these ideas were very scary when we tried them out — there was always a fear that we would not only fail but, worse yet, be laughed at. Some of these ideas did not work out so well, I admit; however, the ones that succeeded have been the fulcrum to attract both lawyers and clients to our firm and indeed been the bedrock of our success.
As a relatively small firm playing with the big boys and girls, one would think that our size could be a disadvantage. But that would be incorrect. Smaller players can be flexible and move in different directions. We can take risks and seize opportunities that large law firms cannot logically capitalize on….
* The $160K-Plus Club welcomes its newest member: Duval & Stachenfeld, a real estate firm in NY, is more than doubling its starting salary for associates to $175K. Look for them recruiting at your “tier one” school soon. [New York Law Journal]
* In this economy, bankruptcy firms are being hit hard: Stutman Treister & Glatt, a top L.A. firm that once assisted in cases against Lehman Brothers and Enron Corp. in their Chapter 11 proceedings, is closing up shop. [WSJ Law Blog (sub. req.)]
* “Do I think he thought he was gonna beat it? Yeah.” The district attorney who brought charges against Stephen McDaniel thinks the law school killer was too big for his chainmail britches. [Macon Telegraph]
* From catcalling to “jiggle tests,” NFL cheerleaders have to put up with a lot of really ridiculous stuff. Not being paid the minimum wage is one thing, but having to put up with being groped is quite another. [TIME]
For months, if not years now, the Biglaw buzzword of choice has been “rightsizing.” The practice has infiltrated all sectors of the legal profession, even law schools. Pushing aside all the flowery BS explanations, we know what that phrase really means. There’s not enough money to go around, and whatever is left isn’t worth spending on you.
This week, yet another law firm decided that some of its employees were more expendable than others, conducting a double-digit layoff.
As any practicing lawyer learns within about a week of beginning her career, the concept of the work/life balance is sort of a fiction. Practically speaking, there simply aren’t enough hours in the day to achieve any sort of actual, equal balance between your life and your work. Think about it: assuming you spend at least ten hours at work each day and seven hours asleep, this leaves only seven waking hours to accomplish everything else in your life — feeding yourself, commuting, spending time with your family, brushing your teeth, exercising, reading Above the Law, and pursuing other hobbies, like making crayon drawings for your office.
Although seven hours sounds like a lot of time, we all know that it goes by way too fast. At least for me, after I have taken care of my major life necessities, I only have about an hour left over at the end of my day to enjoy my “life.” Sadly, this time is usually spent complaining about the fact that I have to go to work the next day and do it all over again — is there no rest for the weary???
* We’re not sure that the best way to convince the Supreme Court to allow television broadcast coverage of its proceedings is to air commercials on news channels. Even SCOTUS justices fast forward during the commercials. [Legal Times]
* Old farts just wanna have fun: Retired Supreme Court Justice John Paul Stevens told reporters about a wild night out with the late Justice William Brennan that involved Ginger Rogers and pants that were too big. [National Law Journal]
* When “the only way to be successful [as a first-year associate] is to go into the role expecting to be treated poorly,” it’s no wonder that Biglaw firms continue to fail their women lawyers. [Washington Post]
* Just because you work at a small, boutique, or mid-size firm, it doesn’t mean your bonus bounty will be less than that of your Biglaw brethren. You could actually earn much, much more. [New York Law Journal]
* Yes, you can be fired for being “too cute.” No, it’s not gender discrimination. Sorry, beauties, but being a hottie isn’t protected a characteristic under Title VII, says this Playboy Playmate. [Corporate Counsel]
* According to the latest Citi report, the Am Law 50 outperformed the rest of their ilk in terms of net profits and profits per equity partner. As for the rest, ha ha ha, enjoy all of your “modest” returns. [Am Law Daily]
* The ABA’s Standards Review Committee is close to a decision on its bar-exam passage standard for accreditation. It’s tough to protect students and law schools at the same time. [National Law Journal]
* Oh my! Professors at Albany Law are incredibly pissed the school would dare imply they suggested lowering academic standards to put asses in seats and stave off faculty layoffs. [New York Law Journal]
* Wendy Davis has left her position at Cantey Hanger, one of Fort Worth’s largest law firms, to dedicate herself fully to her bid to become Texas’ Next Top Governor. You stand, girl! [Fort Worth Star-Telegram]
* Yuna, a Malaysian pop star with a law degree who’s worked with artists like Pharrell, doesn’t think she’ll be able to fall back on her J.D. now that she’s in America. Funny, because many Americans feel exactly the same way. [Pittsburgh City Paper]
With Christmas and New Year’s Day falling on Wednesdays in 2013, it felt like the holiday season lasted forever. Not that we’re complaining — we enjoyed two weeks of relative quiet, and we suspect many of you did as well — but now it’s back to work, as we kick off the first full week of the new year.
One story that kept people engaged over the holiday lull was our fifth annual holiday card contest. Voter participation ran high, with more than 7,688 votes cast for the eight worthy finalists.
Which law firm’s card prevailed? Here’s a hint: it’s the most interesting Biglaw holiday card in the world….
Thank you to everyone who submitted nominations for our fifth annual holiday card contest. In terms of quantity, we received a great many submissions. And (almost) all of you complied with the contest rules, so thanks for that as well.
Quantity was strong, but in terms of quality… well, at the risk of sounding Grinch-like, this wasn’t the strongest batch we’ve seen over the years. We received a lot of cards that were tasteful and well-executed but boring. While it’s not surprising that many firms take a “do no harm” approach to holiday cards, it doesn’t make for the most exciting contest.
That said, there were still a few stalks of wheat mixed in with the chaff. Here are the eight fabulous finalists, for you to review and vote upon….
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.