But I’m really thinking about business development and, as I often do in my navel-gazing columns, simply using myself as a case study.
I graduated from law school in 1983 and published my first article (in California Lawyer) in 1986. (I’d provide a link to the article, but I’m afraid the internet didn’t exist way back when. The article was a thriller, though; trust me: “Reviewing the Unreviewable: Obtaining Appellate Review of Federal Trial Court Remand Orders.”)
Because I was a young man, I was quick to hope: I’d published an article! My phone would naturally start ringing off the hook within the next few weeks! I’d be deploying my novel thesis in cases left and right, and the partners at my firm would be dumbstruck by my ability to develop business! Life of Riley, here I come!
Because I was quick to hope, I was easily deceived: Publishing one short article — even an article with a pretty decent thesis in a journal with a fairly large circulation — does not generate new business.
Cleary Gottlieb switched over from “summer casual” to all-year business casual between my summer and starting full-time, so I never experienced a mandatory business attire office. Some senior folks would kvetch about the falling standard of decorum, but I suspected those guys were really just annoyed that they’d built a truly impressive suit collection and sat idly by as their wife started letting the tailor needle her, and for what? Younger lawyers rejoiced because not having to blow out a suit collection amounted to a functional bonus. I never experienced the full-on business dress policy, but personally, I could never imagine wearing business attire every day if for no other reason than business attire isn’t really conducive to the 18-hour workday.
More than a decade into the business casual movement, there are still holdouts demanding a return to the formality of the good old days. The problem with all these irritated partners is it’s not really possible to preach business attire without looking like a tool….
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.
The “Legal” world versus the “legal” world. The actual practice of law versus the construction of practices and firms. These are diametrically different disciplines, and while the demand for “Legal” work influences the “legal” world phenomenon of lateral hiring, many other market conditions dictate demand and compensation for partners.
Partners are often sequestered from the tedious details of the lateral market and, consequently, they often undersell themselves to firms and subsequently become underpaid. If you’re a partner looking to make a move, here are 5 beginner’s tips to maximize your lateral partner compensation package:
For the past eight years, the National Association of Women Lawyers has tracked women’s progress at the 200 largest firms in the nation by comparing their careers and compensation with similarly situated men. We snidely remarked last year that reviewing the most recent report was like “drinking a fifth of gin, then watching Requiem For A Dream: it’s really freaking depressing.”
Keeping that in perspective, we — perhaps over-optimistically — thought that in a year’s time, Biglaw firms would have realized that women have a rightful place in this profession, and deserve to be treated as fairly and as equally as their male counterparts. We were clearly and painfully delusional.
Sure, the percentage of female equity partners rose from 15 percent to 17 percent, and that’s great. But we’ve found out that an “unprecedented” number of Biglaw firms refused to participate in the survey. Was it because they’re sick of surveys, or was it because firms “are generally less interested in the subject of advancing women lawyers and/or are hesitant to share, even on an anonymous and confidential basis, statistics that show that their women lawyers lag behind their male counterparts”?
We’ve seen this story before. A firm experiences a dip in profitability, then starts losing key partners (or reverse the order if you like; falling profits and defecting partners go hand in hand). Worried about its survival, the firm starts seeking out a white knight, in the form of a merger partner. And then….
Well, that depends. Sometimes a merger partner is found and the combined firms live happily ever after. Sometimes a merger partner is found and the combined firms suffer together, with the weaker firm effectively giving the stronger firm the “cooties.” And sometimes no merger partner is found at all; the troubled firm goes down, and rival firms swoop in like vultures to pick off the top practices and rainmakers. We can all think of examples of each scenario.
Ed. note: This is the latest installment of the ATL Interrogatories. This recurring feature will give notable law firm partners an opportunity to share insights and experiences about the legal profession and careers in law, as well as about their firms and themselves.
Paul Steven Singerman is Co-Chair of Berger Singerman and concentrates his practice in troubled loan workouts, insolvency matters, and commercial transactions. Paul is active throughout the United States in large and complex restructuring, insolvency, and bankruptcy cases. Although Paul is best known for his representation of debtors in complex restructuring cases, he is also experienced in representing creditors’ committees, lenders, large unsecured creditors, asset purchasers in § 363 sales and trustees. Much of his work has involved companies with international operations or European or Asian parties-in-interest.
1. What is the greatest challenge to the legal industry over the next 5 years?
The prominent lobbying and law firm recently announced the closing of its office in Newark, New Jersey. Discussing the move with Politico, managing partner Edward Newberry said, “We’ve lit intentionally a forest fire, we’ve controlled that forest fire. While we’ve lost a few people over the last year, who are good friends and good partners, our firm is much stronger today than it’s been in a long time.”
The firm has lost “a few people” over the last year? How about roughly 100 attorneys, representing 20 percent of lawyer headcount, plus an unknown number of staff? With additional prominent partners said to be eying the emergency exits?
One of the questions I have been asked since leaving Biglaw is how I decided to join forces with my current partners. It is a good question, because over the years I have had the opportunity to work with many lawyers, both at my firm and at others. I have technically even had hundreds of “partners” between my two prior Biglaw firms. But other than my current partners, I can think of only a handful whom I would have considered opening a firm with.
My professional ambition was never to open a boutique. I very much enjoyed my time in Biglaw, and always thought that I would stay in Biglaw for the remainder of my career. Did that mean that I expected to remain at the same firm for my entire career? Of course not, no matter how appealing that idea sounded. The fraying of the Biglaw social contract as a result of the 2008 recession sealed that deal. But it was a big leap from knowing that my career could involve some moves within Biglaw to leaving Biglaw altogether.
Finding the right compatriots was a critical element of that decision. How did it come about?
* Being a former partner of a firm that’s flopped ain’t easy. Ex-Howrey partners find themselves haunted by the failed firm’s “phantom” funds, and now they’re going to court to fight their tax liabilities. [Am Law Daily]
* Silly Cadwalader! You’re not the “oldest law firm in the United States.” Neither are you, Howard, Kohn, Sprague & FitzGerald. That title goes to Rawle & Henderson, a firm that’s been around since 1783. [ABA Journal]
* If you’d like to work at a firm that’s being touted for its anti-Biglaw culture, you might want to take a look at Tandem Legal Group. You won’t ever have to wear a tie at this “fun” and “cool” place. [Washington Post]
* Jason Bohn, the Florida Law grad accused of murder — who also happens to be the guy who was once featured in an NYT article about the perils of law school — has apparently killed before. [New York Post]
* Nicki Minaj is being sued for $30 million by the man who once served as her “wig guru.” Having absolutely nothing to do with the case, imagine being so obscenely rich that you could employ a “wig guru.” [CNN]
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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