The rumor mill has been churning nonstop over the past week about Dewey & LeBoeuf. In our recentstories about the firm, we’ve discussed reports of financial difficulties, partner departures, and possible layoffs of lawyers and staff.
During this time, firm management has remained fairly tight-lipped. But earlier this evening — a Friday evening, of course — the firm broke its silence. Chairman Steven H. Davis sent out a firm-wide memo, acknowledging the rumors and confirming that yes, Dewey will be conducting some layoffs and engaging in other cost-cutting measures.
The lateral hiring market has improved substantially over the past year. With that improvement, associates are receiving a greater number of cold-calls from recruiters. For many junior associates, these calls are a new phenomenon. Your choice of a recruiter — and the way you manage the process — will have a profound impact on your short-term and long-term opportunities.
There are many good recruiters and many benefits to using a good one. However, not all recruiters are created equal. Jordan Abshire, legal recruiter and Managing Director at Lateral Link, offers some great pointers on handling the cold-calls and selecting a good recruiter, as well as some background information on the recruiting process….
Can you name the Biglaw firms with great lifestyles, supportive and friendly partners, lots of mentors, a commitment to parenting, salaries high enough to pay off your debts in 6 years with no pressure to develop business, and a guarantee of partnership (and frequent sabbaticals)? This tough question cannot be answered. There is no perfect law firm — and despite the warm fuzzy noise of recruiting, every law firm has strengths and limitations.
You have chosen a demanding field where clients expect the best advice from the best lawyers. The explosion in associate compensation caused significant and permanent changes in law firms’ expectations for new associate performance, the tolerance for slow starters, and the likelihood of promotion. This generation of new lawyers will work harder, compete harder, and be under greater pressure to contribute (produce business) than was ever present in the past. That’s the reality of practice in the new millennium. But the desire to find the best law firm in an imperfect world is a legitimate quest.
Before deciding on which firm to join, consider these tips, provided by Lateral Link’sFrank Kimball, an expert recruiter and former hiring partner….
When you read the accounts of recruiters at these firms, you get a sense of why they might choose these metrics. They have multiple stacks of resumes. They meet hundreds of applicants at career fairs. Rather than scrutinizing anyone’s resume it’s easier just to limit the pool to the top three or four universities.
Do you really want to pore over the transcript of that kid from the University of Michigan? Wouldn’t it be easier just to call the Harvard grad? In essence, what they’re assuming is that the admissions offices at the super-elite schools have already picked the best of the best. Why second guess them?
— Tom Bartlett of the Chronicle of Higher Education, writing about a paper by Lauren Rivera, a professor at Northwestern’s Kellogg School of Management, entitled “Ivies, Extracurriculars, and Exclusion: Credentialism in Elite Labor Markets.”
While there are students enjoying the good life as summer associates, many rising 3Ls are staring into the abyss of entering 3L recruiting without a post-graduate job lined up. At the University of Michigan Law School, the office of career services is preparing students for just how abysmal the abyss is going to be:
As you look at the employers coming to campus to interview 3Ls, some of you may be feeling quite frustrated at the number of employers willing to interview you as a 3L when there were far more willing to interview you when you were a 2L. Unfortunately, in the next few weeks there may be even more firms that cancel or reduce the number of interview slots they want reserved for 3Ls.
Welcome to “the suck,” my friends. I hope you brought your BFG…
There’s a reason why our weekly column by Law Shucks has been retitled from “This Week in Layoffs” to “This Week in Biglaw.” The pace of law firm layoffs has slowed dramatically. They haven’t stopped completely, and we suspect that many firms are still conducting “stealth layoffs” (which we welcome tips about — just email us). But many firms have stopped cutting, and some are even hiring again. Last month the legal sector added 300 jobs, according to the Bureau of Labor Statistics.
In terms of the bigger picture, we’re not out of the economic woods just yet — Europe’s economic troubles have led to increased chatter about a possible double-dip recession — but things are definitely improving. Here’s one sign, reported earlier this week by the Associated Press:
One sign of better economic times is when more people start finding jobs. Another is when they feel confident enough to quit them. More people quit their jobs in the past three months than were laid off — a sharp reversal after 15 straight months in which layoffs exceeded voluntary departures, suggesting the job market is finally thawing.
In addition to the strengthening job market, there’s another reason for increased voluntary movement: overwork and discontent among those who managed to hang on to their jobs in the recession….
On Friday, Jones Day hiring partner Gregory Shumaker sat down with The Careerist (gavel bang: ABA Journal) to give people the 4-1-1 on how to snag a job at one of Biglaw’s most secretive firms. Apparently, the people at Jones Day don’t like new lawyers who think too highly of themselves:
What turns you off about a candidate during an interview?
If I sense entitlement; if they think they’re better than their colleagues or if they are too focused on themselves.
Right, because the last thing you want is self-confident people who think they are better than their classmates and entitled to decent treatment and the prevailing market wage in exchange for their hard work and commitment.
But it’s an employer’s market, and Jones Day can afford to be choosy. Therefore, it’s not just low self-esteem that helps you get a job at Jones Day; you also have to buy into the firm’s culture of secrecy…
As you may have heard, I’m in Puerto Rico covering the 2010 NALP Annual Education Conference. There are so many panels and talks scheduled at precisely the same time that I’ve had to prioritize what will matter most to ATL readers. I’m tweeting about the conference, so if you want me to check something out, just let me know.
Sadly, I already decided to skip the “How to do a body shot when you’re 40″ break-out session. Instead, I went to “Recruiting in the Aftermath of the Recession.”
I figured ATL readers would like to get a peek at this one because Kimball and Long were talking directly to firm recruiters about lateral hiring. I was not disappointed. During Kimball’s opening, he wondered if “some legal recruiter will say in 2013, ‘In order to gain the competitive advantage, let’s raise starting salaries to $185,000.’”
Meanwhile, Long predicted “The Lateral Hiring Crisis of 2013.” I don’t know who this 2013 person is, but I’d sure like to meet her.
But sadly, Kimball and Long predict that 2013′s potential bounty will fall on only a select few associates…
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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