As we noted last year when we spoke at length about law firm branding, “[a]side from the daily challenges associated with sustaining or exceeding gross revenue year after year, Biglaw partners are probably most worried about their firm’s brand.”
With so many law firms out there in the world, it may be difficult to figure out which one is right for a client’s specific needs. Amid recent layoffs of all kinds, even from the most respected of firms, how is one to decide which Biglaw firm to roll with?
As luck would have it, there’s a ranking to determine which firm has the strongest brand in the business — one that can withstand even the bad taste that layoffs can leave in a client’s mouth….
I’m the official “rankings hater” around here, and that hate extends even to rankings that I helped design. There is some useful consumer information in the Above the Law rankings — but it’s also important that consumers understand what is not here, what we didn’t do, and what our rankings can’t tell you.
Let’s talk about that. Let’s talk about what’s wrong with our rankings…
Back in March, we brought you news on the law schools with the most heavily indebted graduates. It was quite shocking to witness the depths to which these poor souls went to finance their legal educations. Take, for example, the average graduate from Thomas Jefferson School of Law, who has $180,665 in debt — and also has a 29 percent chance of working as an attorney nine months after graduation. That’s absolutely terrifying.
But in a world where the average class of 2013 law school graduate carries a debt load of $108,815 (up from an average of $108,293 for the class of 2012), there must be a few schools out there that won’t destroy a would-be lawyer’s financial footprint forever.
Which law school graduates have the least debt of all? U.S. News has a ranking for that…
We present the second annual ATL Top 50 Law School Rankings. Just as we did last year, we based our rankings methodology purely on outcomes, especially on the schools’ success in placing their graduates into quality jobs as lawyers. In addition to focusing exclusively on such outcomes, ours are the only rankings to incorporate the latest ABA employment data concerning the class of 2013.
We’re about to release Above the Law’s second annual ATL Law School Rankings. We’re doing it live on the Kaplan180 tonight at 8:00 p.m. Click here to watch the show, or hop on to Above the Law after 9:00 p.m., when we will reveal the full rankings.
The book that everyone’s talking about right now is Capital in the Twenty-First Century by French economist Thomas Piketty. In his bestselling, critically acclaimed, 600-page tome, Piketty documents and diagnoses the growth of income inequality in the United States and around the world.
What’s true for the global economy seems to be true for law firms as well. As we mentioned in Morning Docket, the American Lawyer just released the latest Am Law 100 rankings, the biggest rankings in the world of Biglaw. Here’s the key takeaway, captured in the magazine’s headline: “The Super Rich Get Richer.”
How rich are the “Super Rich” these days? Let’s peek at those profits per partner….
* Meow! Last week, in a rare move, Justice Sonia Sotomayor let the world see that she’s not exactly the best of friends with Chief Justice John Roberts through her fiery dissent in the Schuette affirmative action case. [National Law Journal]
* The Am Law 100 law firm rankings are out, and 2013 is being described as a “middling” year for most Biglaw firms. On the bright side, it looks like the big and rich got even bigger and richer. We’ll have more on this later. [American Lawyer]
* Secrets, secrets are no fun: The search for a new dean is on at George Washington University Law, but professors say they were “sworn to secrecy” on the candidates who’ve visited campus. [GW Hatchet]
* “It’s not about me getting the money; it’s about showing the NFL you can’t do this.” Ex-Vikings punter Chris Kluwe may sue the team after being cut for expressing positive views on gay marriage. [NBC Sports]
* Donald Sterling’s wife ain’t sayin’ V. Stiviano is a gold digger — she’s alleging V. Stiviano is a gold digger. This, plus the accusations of racism against Sterling, is a flagrant foul. [L.A. Now / Los Angeles Times]
So, you rocked your college grades, steamrolled the LSAT, impressed/conned/bribed your professors into writing outstanding recommendation letters, crafted the perfect law school résumé, and rounded out all of that perfection with an ideal theme for your personal statement and supplementary essays. Now, the only thing left to do is pick your law school out of the pile of admissions offers flooding your mailbox. Good problem to have, but how do you choose?
This is a matter we’ve given some thought to, and we suggest that you may want to use these three factors to make your decision. (Now, these three factors assume that your goal is to get a reasonably high-paying Biglaw or “medium law” type job. If that’s not your goal, the second section of this article will be much more relevant to you.)
Earlier this week, Time magazine released the Time 100, its annual list of the 100 most influential people in the world. This year, the same number of lawyers are present on the list as in last year’s legion of law lovers, and many of them are considered household names.
Although lawyers represent 14 percent of this list, only a handful of them were recognized for their work in the legal profession. Some of the representative career alternatives for attorneys on this list include leaders of the free world, television journalists, and arbiters of athletic fairness.
So which legal eagles soared into the Time 100, and were there any repeat honorees? Let’s find out…
I really don’t like this categorization of schools as first, second, and third-tier. The U.S. News and World Report rankings of law schools are an abomination. The legal profession and the country would be better off if they were eliminated.
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.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
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!