In my line of work, I sometimes end up as a career counselor of sorts. People talk to me about what’s going on at their law school or law firm and ask me for advice about what to do.
I recently had occasion to speak with a lawyer who was laid off by his Biglaw firm. He remains on the website, but he hasn’t been to the office in months; that was part of the deal they negotiated with issued to him. He has been looking for a new job for months but has been having difficulty. He blames this in part on a lack of specialization — he’s a generalist, not really marketable as an expert in a particular type of litigation or transaction.
This reminded me of a chat I was having with an old friend from my high school debate days, who has found great professional success in a focused practice area. I contacted him again and our chat turned into a full-blown interview about how to become (and remain) a partner at a major law firm by establishing expertise in a particular field of substantive law.
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?
“Being a partner at an elite law firm isn’t what it once was,” as I recently wrote in a Wall Street Journal book review, but “while the brass ring might be tarnished, it still gleams brightly for many.” And with good reason: even if it’s harder than ever to become (and remain) a partner, for those who do manage to make it, the pay, perks, and prestige are plentiful.
The American Lawyer just released its latest New Partner Survey. The magazine heard from almost 500 lawyers who began working as partners between 2010 and 2013. About 60 percent of the survey respondents are non-equity or income partners — which makes sense, given the proliferation of two-tier partnerships, as well as how junior these partners are — and the rest are equity partners.
What are the most notable findings from the survey? Here are five:
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.