Have you ever walked into a chain restaurant, launched a foul-mouthed and self-entitled tirade, and then placed the whole thing “under video surveillance” to post on Facebook? If you answered yes, then HI THERE, TAYLOR CHAPMAN! If not, you’re the rest of our audience.
This is the part of the day that the “Time to Make the Donuts” commercials didn’t show. The part where an insane woman hurls racial epithets because Fred the Baker didn’t give her a receipt.
This is the time of year, every year, where most of us pause and reflect a bit on the past year, the year ahead, and what really matters anyway (see, e.g., this guy). And with the horror and pain of last week still fresh, this need for reflection is bound to be more pronounced.
Many thoughtful people are urging serious reflection on the part of the legal industry about how to address its basic structural problems. Not to put too fine a point on it, but does anybody disbelieve that the industry — both its educational and professional wings — is facing a sort of existential crisis? As has been endlessly rehearsed here and elsewhere, the cost of legal education is, for most, completely, utterly out of whack with the potential ROI. And longstanding assumptions underlying the business model of law firms are being challenged by technological advances, commoditization, and the growth of LPOs.
One concept threading through any discussion of the legal industry is this nebulous thing called “prestige.” Generally speaking, lawyers as a group dislike uncertainty, and “prestige” serves as a sort of organizing principle, letting everyone know where they stand. For instance, the U.S. News “T14” shows no sign of ever being shaken up. And the Biglaw hive mind consistently orders firms in precise ways. The Vault rankings are remarkably stable from year to year, to such a degree unlikely to be attributable to some self-reinforcing cycle caused by the rankings themselves. An arbitrary and typical example: Schulte Roth, which came in at #77 overall in 2010, ranked 80, 77, 76, and 82 over the previous four years. Another: Alston & Bird, which came in at #55, ranked 57, 61, 59, and 57 over the same period.
But apart from its role as a social validator or organizer, this idea of “prestige” can be used as a dubious metric in driving some truly momentous decisions. Law students make hugely important career choices based on little else but the Vault and U.S. News rankings. Some law schools lie in order to game the U.S. News rankings. It is at least partially underlying Dewey & Leboeuf’s push to join the more rarefied ranks of the S&C’s and Cravath’s. (Meanwhile, the ATL commentariat goes beserk at the slightest whiff of “TTT” anywhere within its sights.)
After the jump, let’s hear from a couple disparate sources about the baleful effects of prestige-obsession on the legal industry, and then let’s have the Harvard guy defend it….
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.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
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.