Over the past few weeks, we’ve brought you a few sets of rankings based on the class of 2011 employment statistics that were used in compiling the 2014 U.S. News law school rankings. These data points — in particular the one concerning full-time, long-term employment where bar passage was required — were the downfall of many a law school. If administrators weren’t looking out for their graduates before, now they’ll be forced to, unless they want to suffer even more in future rankings.
As for the 2015 U.S. News rankings, most law schools already have an idea of the fates they’ll be subjected to when Bob Morse gets his hands on the jobs data for the class of 2012. The fact that only 56 percent of the most recent graduating class were employed as lawyers nine months after graduation is already set in stone, so they’ll have to aim higher when it comes to the class of 2013.
But just because U.S. News hasn’t evaluated the most recent set of employment statistics doesn’t mean that we can’t. Today, the National Law Journal released a study on the latest employment outcomes from all 202 ABA-accredited law schools, ranging from the schools that sent the highest percentages of their class into Biglaw’s gaping maw to the schools with the highest percentage of Article III groupies.
The NLJ also has information on the law schools with the highest unemployment rates, and because we know that our readers are big fans of schadenfreude, we’re going to delve into that data. So which law schools had the highest percentage of graduates willing to review documents for food? Let’s find out….
Today, the National Law Journal released its list of the 100 most influential lawyers in America. The NLJ releases a similar list once every few years, and each time, the nation’s top lawyers — some from Biglaw, some from legal academia, some from the in-house world, and some from the trial and appellate bars — celebrate their success in creating real change in the industry. That said, the people named to this list are relatively well-known to the general Above the Law readership, but they won’t exactly be household names to laypeople.
Which legal eagles soared into the NLJ’s list this time around? Well, the NLJ selected their influential lawyers based on their political clout, legal results, media penetration, business credibility, and thought leadership. We’ve whittled the impressive list of 100 down to our own top 10.
In a story that Ethan Bronner of the New York Times will repackage nine months from now and pretend like it is new, the National Law Journal tells us that two for-profit law schools are offering refunds to students who can’t pass the bar.
It only sounds nice if you don’t read the fine print, though in fairness, people who go to for-profit law schools are probably not the best at even identifying the fine print, much less at reading it and understanding how it might apply to their lives.
Still, I don’t know what kind of mathematically challenged people think that getting a $10K refund after spending nearly $120K to go to law school and not passing the bar is a good deal….
For the past few years, the National Law Journal has been publishing a list of the best law schools to go to if you want to work in Biglaw after graduation. But through the lens of this annual report, we can see some of the changes that have happened in a profession that’s been in transition ever since the Great Recession. From layoffs to law firm collapses, Biglaw has faced many difficulties, and these challenges have been passed on to would-be associates when it comes to hiring.
Take, for example, the hiring scene in 2008, when the law school that earned the highest honors on the NLJ’s report could brag about sending 70.5 percent of its graduates to top law firms. Although we’ve started paving the road to recovery after several sluggish years, the employment picture for law students hasn’t rebounded to those levels.
Slowly but surely, it’s been getting better. In fact, this year, the future for law students seeking Biglaw jobs looks “marginally brighter.” But how much better? Let’s find out….
‘If only I had an eDiscovery solution for compliance and discovery requests to efficiently manage, identify, analyze, and produce potentially responsive information from a single, unified platform. Of course, it would be hosted in a private, cloud-based environment.’
While technology has reduced costs for many areas of legal practice (e.g., research), the centrality of electronically stored information to complex civil litigation has sent discovery costs skyrocketing. Hence the rapid proliferation of e-discovery vendors like so many remoras on the Biglaw shark. Nobody seems to know how large the e-discovery market is — estimates range from 1.2 to 2.8 billion dollars — but everyone agree it’s not going anywhere. We’re never going back to sorting through those boxes of documents in that proverbial warehouse. New amendments to the FRCP specifically dealing with e-discovery became effective way back in December 2006, but if the e-discovery vendors (evangelists?) at this week’s LegalTech tradeshow are to be believed, we are only in the technology’s infancy in terms of its development and impact on the legal profession.
At LegalTech, we attended a “supersession” presented by e-discovery provider Planet Data, promising to present “judicial, industry, legal, and media perspectives on where legal technology is taking litigation and how it affects you.” Don’t be jealous….
* Another year, another round-up of the year’s legal highlights from the National Law Journal. Perhaps after a year that was wracked with destruction for this supposedly noble profession, we’ll actually see some substantial change in 2013. [National Law Journal]
* Meanwhile in Iowa, failure to sleep with your horndog boss is “like having a Lamborghini in the garage and never driving it,” so if he’s irresistibly attracted to your exotic lady parts car, you better be ready, willing, and able to find yourself a new job. [Washington Post]
* People were so pissed off about Instagram’s new terms of service that someone filed a class action suit. The app’s litigation filter must make exasperated attorneys and wasted dollars look shiny and happy. [Reuters]
* “It is not the perfect path to wealth and success that people may have envisioned.” As we’ve been stating here at Above the Law for years, being a lawyer is no longer the golden ticket that it once was. [Bloomberg]
* ASU Law will now offer a North American Law Degree that’ll prepare graduates to practice in the U.S. and Canada. Yes, ship your jobless grads north where there’s an articling crisis, great idea! [Associated Press]
The client always has more leverage but certainly, for the high-end work, the firm is calling the shots.
– Kent Zimmermann, a consultant with Zeughauser Group, commenting on the premium hourly fees charged by Biglaw attorneys in sought-after practice areas like mergers and acquisitions, corporate finance and securities, white-collar defense, and litigation.
(That’s interesting, but what were the highest and lowest rates for partners and associates in 2012? We’ve got that info, and more, after the jump.)
Major law firms like to tout their dedication to furthering women’s success in the law, but if you look more closely, you’ll find that many Biglaw firm talk a big game, but have little proof back up their words. Take, for example, the fact that according to a recent survey conducted by the National Law Journal, the percentage of women lawyers in partnership positions has increased only 2.8 percent since 2003. In the meantime, the National Association of Women Lawyers says that the percentage of women in equity partnership positions has been “fixed” at just 15 percent for the past 20 years.
Well, whoop-dee-doo at all of these wonderful statistics that we’ve been choking down for the past decade. Women are apparently supposed to be happy about this kind of painfully slow progress. But what about the firms that have actually honored their commitments to women lawyers?
Our ongoing ATL School & Firm Insider Survey (take it here!), asks current law students, among other things, “What do you expect to do after you graduate?” A whopping 71% tell us that they expect to work for a firm. (This percentage was consistent across class years.) That this proportion is so high, and so at odds with the NLJ findings, can mean some combination of two things:
The ATL student readership skews heavily toward that minority of students who will actually snag Biglaw gigs.
Many (if not most) expectations of law firm employment will be dashed against the reality of a contracting job market. In other words, a majority of students think they are in the fortunate minority
After the jump, we’ll look at how wide the gap between student expectation and market reality is, even at the “go-to” schools:
Which law school helped her land a fabulous Biglaw job?
The general economy started to turn around last year, but the legal job market remains sluggish. In 2011, many top law schools sent fewer graduates into first-year associate jobs at the nation’s largest 250 law firms than they did in 2010. That’s the bottom-line finding of the National Law Journal’s annual survey of which schools the NLJ 250 firms relied on most heavily when filling first-year associate classes.
The results of the survey should be interesting to current law students and law firm attorneys. And they’re of possible practical import to prospective law students who are now choosing between law schools (or deciding whether to go to law school at all, based on a cost-benefit analysis that pits tuition and student loans against post-graduate job prospects).
So let’s look at the top 10 law schools, ranked by the percentage of their 2011 juris doctor graduates who landed jobs at NLJ 250 firms (i.e., “Biglaw”)….
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
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