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.
For senior associates up for partner, firms have become increasingly focused on business potential and less so on an associate’s ability to outclass others in the courtroom or at the negotiating table.
In the days of yore, the partner track in Biglaw was oftentimes a reward for consistent competence and professionalism. In an era of PPP and RPL, most firms (other than the Cravath, Quinn, or Simpson Thacher types) are less likely to promote associates unless they see real revenue-generating potential.
If you find yourself in your fifth to tenth year and are unsure whether you will make partner, here are four steps to help you steer your career…
The social dynamics within Biglaw firms can mirror those found in pre-colonial Puritan societies. Long working hours in harsh competitive conditions, hierarchical command structures, and a recognition that the group is only as strong as its weakest member. Common features of both your local Biglaw firm and Plymouth, Massachusetts, circa 1650.
Smallpox may no longer be the threat it was to the pilgrims, but Biglaw associates (and increasingly partners) are susceptible to career killers just as deadly. Reputation is everything in Biglaw, and decisions about someone’s suitability to remain employed in Biglaw are often made on the basis of (sometimes undeserved) labels that can attach to someone with the adhesive grip of a miracle glue from a late-night informercial. Yes, Biglaw lawyers can find themselves branded with the equivalent of a scarlet letter. Just like young Hester Prynne, but rather than being branded with an “A,” Biglaw folk get tagged with one-word denigrations of their fitness to reach the promised land of partnership.
There are plenty of one-word adjectives that serve as partnership (and often employment) disqualifiers for those in Biglaw. And just as there is no “I” in team, there are not many favorable descriptors for Biglaw lawyers that start with that letter. Intelligent? Everyone in Biglaw is, at least relative to the large majority of the human race. Inspired? Better suited to describe someone in public interest law, rather than a regulatory expert skilled at carving out exceptions for clients that want to circumvent the very rules that the rest of society is expected to abide by.
The hope is that after 8 years, I’ll be made a partner. Until then, the job description basically states that I will be worked to death.
[My greatest fear about the next 8 years is] turning 40 and not having a personal life. Finding out that I’ve gotten where I want to be, but there’s nobody in my life to give a sh*t about where I am or what I’ve done.
Becoming a Biglaw partner does not necessarily mean you’ll live happily ever after. It doesn’t even guarantee financial security. Indeed, some partners end up filing for personal bankruptcy.
But that’s an anomalous case. Partnership at a major law firm might not guarantee you happiness — sometimes you have to leave the partnership to follow your bliss — but it generally brings with it tremendous pay and prestige.
That’s especially true of partnership at the nation’s 10 most prestigious large law firms. Most of them have only a single partnership tier — equity or bust, baby — and sky-high profits.
Who are the new partners at these 10 firms, and what do their selections reveal about Biglaw today?
Earlier this month, I had the pleasure of attending the New York holiday party of Susman Godfrey, one of the nation’s most impressive — and most feared — litigation boutiques. The mood was celebratory (and not just because of the delicious food, provided by celebrated chef Daniel Boulud, and free-flowing drink).
The associates I spoke with — who all enjoy their own private offices, no small perk in the New York law firm world — exhibited a great esprit de corps. Unlike so many other associates I meet, they seemed genuinely glad to be at their firm and enthusiastic about their work.
The fact that bonuses were just around the corner surely helped. We’ve covered Susman Godfrey’s generousbonuses in the past, and they never disappoint.
I recently chatted with founding partner Stephen Susman about what he described as his firm’s “unique approach” to bonuses. Here’s what we discussed — including how big his firm’s bonuses are this year….
One of the distinctive features of Cravath is the “Cravath system,” in which associates work closely with a particular partner (or small group of partners) before rotating into another area to work with a different partner. This system produces well-rounded and well-trained lawyers. According to the results of our associate survey — please take it if you haven’t already done so — Cravath is the #1 firm for training corporate lawyers and the #2 firm for training litigators.
Of course, Cravath has its downsides; the firm is not for everyone. The hours are long, even by Biglaw standards. The atmosphere is intense; it’s not a laid-back sort of place. And historically partnership prospects haven’t been great, due to the sheer selectivity of the CSM partnership.
But are partnership prospects improving? For the third year in a row, Cravath has named a large number of new partners. How many of them are there? Might you know some of them?
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.
We at Kinney Asia have made a number of FCPA / White Collar US associate placements in Hong Kong / China thus far in 2014. Most of such placements have been commercial litigation associates from major US markets, fluent in Mandarin, switching to FCPA / White Collar litigation. Some have already had FCPA experience, but those are difficult candidates for firms to find (this will change in coming years as US firms are now promoting FCPA / White Collar to their 2L summers who are fluent in Mandarin and have an interest in transferring to China at some point).
Legal Week quoted Kinney’s Head of Asia, Evan Jowers, extensively in the following relevant article here.
There is a new trend in the market, though, where mid-level transactional US associates, fluent in spoken Mandarin and written Chinese, are interviewing for and in some cases landing junior FCPA / White Collar spots in Hong Kong / China at very top tier US firms.
Ms. JD is hosting their 2nd annual cocktail benefit to raise money for the Global Education Fund. The event will be held on August 21, 2014 at 111 Minna in San Francisco. Our goal is to raise $20,000 to fund the legal educations of four dedicated law students in Uganda who count on our support to continue their studies at Makerere University during the 2014-15 academic year.
The Global Education Fund enable womens in developing countries to pursue legal educations who otherwise would not have access to further education. According to the World Bank, investment in education for girls has one of the highest rates of return to promote development. In Uganda, more than 45% of women over the age of 25 have no schooling at all, and men are more than twice as likely as women to have access to higher education. Together, we can work to end educational inequality. For more information about the program, please visit http://ms-jd.org/programs/global-education-fund/
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.