As in-house columnist Mark Herrmann put it, “Dewey know who’s next?” No, we don’t. But we certainly have some guesses about major law firms that are existentially challenged.
Here at Above the Law, we do maintain a shortlist of Biglaw firms that could go under. But, truth be told, the list is not that exciting. With a handful of exceptions, the firms that populate it are big regional firms, not national or international behemoths, and they cluster toward the lower echelons of the Am Law 200 or NLJ 350. Put another way, no firm on our list boasts the size and stature of Dewey & LeBoeuf. (If you know of a firm that should be placed on our list, please email us, subject line “Biglaw Death Watch,” or text us, at 646-820-8477.)
But even if a firm isn’t a household name, lawyers and staffers will suffer when it goes under. Let’s hear about the latest large law firm that appears to be on the ropes….
Is the slowdown in Biglaw that we’ve seen since the Great Recession a long-term trend or just a temporary blip? Only time will tell, but in the meantime, the debate rages on. (The latest salvo: New Republic editor Noam Scheiber’s response to critics of his controversial article, The Last Days of Big Law.)
Because of its power, prestige, and profitability, Biglaw gets a big proportion of the media coverage that’s aimed at law firms. But let’s not overlook small firms and solo practitioners, who make up about 70 percent of American lawyers in private practice.
One often hears stories about small firms, especially boutiques formed by ex-Biglaw attorneys, that are thriving. The tales are inspiring; the small-firm lawyers talk about how they enjoy their practice more, have greater autonomy, and make the same or even more money than they did back in Biglaw.
But such information is anecdotal. How are small law firms doing compared to bigger firms on a broader level? A new survey has some answers….
It’s the most wonderful time of the year. The season of law firm holidayparties, for starters. And, better yet, bonuses. This year, Santa Cravath stuffed stockings with a goodly amount of cash.
But the parties and paychecks pale in comparison to what’s about to get underway: Above the Law’s fourth annual holiday card contest!
Last year, Haynes and Boone, a frequent finalist in the contest, took home top honors. Will they repeat in 2012, will a prior winner reemerge, or will a totally fresh face grab the Christmas card crown?
Read on — and read carefully, counselors — for the official contest rules….
Previously on Moonlighting, we considered some common mistakes that law firm attorneys make when pitching their firms to seek work from new clients. It featured such dramatic gems as: find out who our enemies are; BS sounds like… gee, whaddya know… BS; and cameos from other need-to-know concepts making their appearance on the big (computer) screen.
In this week’s episode article, we’ll look at the other side of the coin, with a remake that focuses on the in-house lawyer’s perspective. What are some ways that in-house lawyers can ensure that they get the most out of those pitch meetings?
In the next few months, we’re going to see a lot of lawyers switching jobs in Washington, D.C. Regardless of who wins the election — my current prediction is that Barack Obama will prevail (sorry, Anonymous Partner) — many lawyers will move into and out of government in the weeks before and after Inauguration Day.
For those who joined the Obama Administration early, three or four years is long enough to make them nostalgic for private sector paychecks. What use is a punched ticket if you never redeem it?
In fact, the movement has already started. Today we bring you news of two notable moves from the nation’s capital. One of them involves a lawyer leaving a top government post, and the other concerns an in-house lawyer entering the firm world….
You’re an attorney at a mid-sized or large firm and have received an opportunity to pitch your firm’s work to a brand new prospective client. You’ve researched the company and the deals that your firm has worked on that would be a good match. All you have to do is go into the meeting sounding like you know what you’re talking about, and soon you’ll be raking in the hourly dough, right?
Perhaps. Many attorneys would be benefit from heeding Alexander Graham Bell’s words: “Before anything else, preparation is the key to success.” A lot of you falsely believe you’re just unnaturally talented at just winging it. And most of the companies you pitch to will never tell you that no, you’re really not. What follows are some actual examples of some common mistakes that lawyers make when pitching their firms to in-house counsel….
As regular readers of Lawyerly Lairs know well, some attorneys have beautiful — and expensive — homes. As we’ve just learned from the impressive submissions in our contest to find the best law firm offices in America, many attorneys’ workplaces are no less spectacular.
With the help of Mary Kate Sullivan, our wonderful intern here at Above the Law, I’ve winnowed the large and impressive field to eight finalists. There’s nice diversity here, in terms of firms (Biglaw versus non-Biglaw); decor (traditional versus modern); and geography (seven different cities, located all over the country).
Some have compared the world of large law firms to a gilded cage. The lawyers who toil for Biglaw may earn big bucks, but in exchange for the pay, they spend thousands of hours stuck in the office, shackled to their desks, deriving all their sustenance from Seamless.
So whose gilded cage is the most golden, the most elegant, the most comfortable? Welcome to Above the Law’s first-ever Lawyerly Lairs contest: a quest to discover the best law firm offices in America.
What do mean by “best”? Who is eligible to enter? How can entries be submitted?
Read on for the official contest rules and nomination guidelines….
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.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● 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!
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The 2014-2015 law school year is now in full swing. 1Ls are grappling with the strange new world of the Socratic Method and briefing cases. 2Ls are hoping to score some sort of job out of the fall interviewing season. And 3Ls are wondering just what the heck they’re even doing on campus. If, in fact, they are even on campus at all. ATL’s law school experts have designed this challenge to help determine how much you know about the realities of the 3L experience.