The results of the annual American Lawyer midlevel associate survey are out, and it looks like people have been taking happy pills. We thought things were going well last year, but this time around, it’s all lollipops and double rainbows for third-, fourth-, and fifth-year associates. According to Am Law, these happy campers gave their firms the highest composite scores the publication had seen in almost 10 years.
These associates have good reason to be happy. They’ve secured and maintained jobs at elite firms while entry-level hiring has been swirling down the drain. Spring bonuses have come and gone, but they’ve managed to stick it out. They’ve seen the rise and fall of Biglaw empires. They’ve seen the worst of the profession’s worst, and still, they’ve survived it all. They have the right to be happy.
Of course, not everyone is as thrilled. For the first time, American Lawyer measured gender differences in question responses, and women are markedly less satisfied with their jobs than their male colleagues. Considering how difficult is is to gain entry to the Biglaw boys’ club, who could blame them?
Enough idle chatter, let’s delve into the details of the survey and discuss the results…
We’ve got to hand it to the television and film industries, because they’ve done a wonderful job of glamorizing professions that are otherwise dull and often lacking when it comes to the beauty of its practitioners. Teenagers who wants to be doctors or lawyers when they grow up have seen those professional roles played out a million times on TV, and they look so, so cool.
We hate to break it to you, but these shows and movies often leave out the most difficult and trying parts of elite careers. Going to law school isn’t as “fun” as Elle Woods makes it look in Legally Blonde. Supply-room sexual romps à la Grey’s Anatomy aren’t part and parcel of a career as a doctor. There’s a reason why they don’t show you all of the time spent researching and writing motions that goes into trying a case on Law & Order.
If you still think these are dream jobs, then you haven’t been paying attention to anything that’s been going on in the world, especially if you want to be a lawyer…
For the past three years, Baker & McKenzie has taken the top spot in the American Lawyer’s Global 100, the magazine’s ranking of the 100 highest-grossing law firms in the world. With 74 offices in 46 counties, the firm has a presence in almost as many countries as Starbucks (which is in 50 different countries around the globe).
Baker saw its financial metrics rise like bread in the last fiscal year. Gross revenue grew by 4.6 percent to $2.42 billion; net income rose by an even larger amount, 9.1 percent, to $862 million; and profits per equity partner increased by 10.1 percent, hitting $1.2 million.
But this strong performance wasn’t enough to keep Baker at #1. Who is the new top dog?
Lifting the hood on Wachtell Lipton is an interesting endeavor. An in-depth look at the inner workings of America’s superfirm would appeal to legal professionals and the business world alike.
But a custom repackaging of glowing reviews from associates does not a useful profile make. This Business Insider review of working at Wachtell reads like a brochure. Everything is sunshine and lollipops at 51 West 52nd Street. Double rainbows sprout from Marty Lipton’s every orifice.
While I’m sure everyone loves their handsome compensation packages, there has to be more dirt out there to balance out the sort of comments these insiders offer…
If you can’t beat ‘em, join ‘em. We’ve talked extensively about the outsized power the U.S. New rankings have on higher education. Normally we talk about it in the context of law schools, but they’re just as important in college admissions.
Now, there’s a going to be a new challenger to U.S. News: The President of the United States. And yes, in a battle between USN and POTUS, I think POTUS is the clear underdog.
Today, Obama will unveil various proposals he hopes will drive down the cost of college tuition, a problem that his administration has been shockingly silent on. The centerpiece of his proposal is a new college rankings system that will rate schools on “tuition, graduation rates, debt and earnings of graduates, and the percentage of lower-income students who attend,” according to the New York Times.
Eventually, Obama hopes to tie these Obama Rankings to federal financial aid: schools that perform well will have a larger pool of federal money to dole out to students, while schools that perform poorly will have less money to play with.
Does this sound like a good idea? Would you like to see Obama apply it to law schools?
Being a legal academic is probably a lot of fun. You can act like a complete jerk with zero repercussions. Your job is pretty safe so long as you don’t work at a sinking law school. And you can write the most ridiculous tripe and pass it off as research.
Have you ever wondered which law school has the most cited academics?
No? Well, here you go anyway.
Using Brian Leiter’s patented “Scholarly Impact Score,” here are the top 10 law schools in terms of cited academics….
There’s been a lot of talk recently about the value of a law degree, and whether or not it’s actually worth a million dollars, degrees from some law schools are obviously worth more than others. Let’s be real for a moment here: If you’re taking out six figures of debt just for the privilege of attending, your starting salary damn well better be somewhere near the same amount, otherwise you’re going to be underwater for most of, if not all of, your adult life after law school.
Living with debt is scary, and if you want to have a better chance of being able to comfortably do all of the things you thought you’d be able to after getting a law degree, things like owning a home and having a child, you need to choose your law school wisely. You can start evaluating your options — or giving yourself a pat on the back — by checking out the latest U.S. News rankings for the 10 law schools with the biggest return on investment.
Which schools made the list? Not all of them are in the T14, so you may be surprised…
* Rather than watching people pump gas, BP is watching people pump out lawsuits against the company at a rather alarming rate as a result of its 2010 oil spill. [Businessweek]
* Cynthia Brim, the Illinois judge who was reelected despite the fact that she was legally insane, finally had a complaint filed against her by the state’s judicial board for being just a little bit too kooky for court. [Chicago Tribune]
* Your degree might not be worth a million dollars, but if you went to one of these schools, you probably got a good bank for your buck. We’ll have more on this later. [The Short List / U.S. News & World Report]
* The fight over attorneys’ fees in the antitrust lawsuits filed against BARBRI continues rage on, and class members still haven’t received a penny — which is all they’d really get, anyway. [National Law Journal]
* Congratulations to Newark Mayor and Yale Law alumnus Cory Booker! Last night, he handily won the New Jersey Democratic primary election for the late U.S. Senator Frank Lautenberg’s seat. [CBS News]
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
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.
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.