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….
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.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: