Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Peter Donati, the chair of Levenfeld Pearlstein’s Labor & Employment Group and the head of its Compensation Committee.
We’ve been conditioned to believe that lateral moves are all about money. Popular thinking — which may not be far from the truth — holds that law firms, held in collective thrall by the American Lawyer’s profit-per-partner numbers, focus on lateral hiring as the first step in a virtuous cycle that will increase their PPP metric, in turn attract more profitable laterals, and so on and so on. Laterals themselves, meanwhile, are viewed as economic actors lured away from their firms primarily through the prospect of increased, or guaranteed, compensation.
(Given the prominent role that guaranteed compensation is said to have played in the downfall of Dewey, and the pains Weil Gotshal took to point out its relative lack of compensation guarantees when announcing its recent layoffs, this particular carrot may be falling out of fashion. Even Weil conceded, however, that it has compensation guarantees in place for first-year laterals.)
In light of the focus on dollars in connection with lateral moves, it may surprise the reader to hear the head of a compensation committee say that in many cases, lateral candidates do not talk enough about money. To be more specific, lateral candidates often don’t scratch beneath surface questioning about their prospective new firm’s compensation system. If they did, their answers would inform them more deeply not only about their future paychecks, but the character of the firm they are considering….
Few places on God’s green earth are more beautiful than Seattle in July. The weather is perfect, with little rain and with temperatures in the 70s, and the days are long.
So it should come as no surprise that we’re taking the Above the Law roadshow to the Emerald City next week. We’re hosting a reception for our readers on the evening of Wednesday, July 17, starting at 6:30 p.m.
This event will be a great opportunity for attendees to hear from legal leaders, meet members of the Above the Law team, and network with peers. Cocktails and canapés will be provided, and there is no cost to attend. Thanks to our friends at Recommind for their generous sponsorship.
Please click on the link below to RSVP. We look forward to seeing you next week.
Last week, despite a monsoon and the Stanley Cup playoffs, Above the Law hosted a well-attended cocktail reception in Chicago at the elegant Standard Club. The highlight of the evening was an Inside the Actor’s Studio-style question and answer session with our columnist Mark Herrmann, Vice President and Chief Litigation Counsel of Aon, the world’s largest insurance broker, and our assistant editor, Staci Zaretsky. Mark was a hilarious and insightful interview subject.
Here are the top five takeaways from Mark and Staci’s conversation:
1. If you like to work for four months on crafting a solution of Pythagorean elegance to a complex legal problem, then you should work at a law firm.
2. If you’re able to take five minutes and gin up a workable solution that will suffice 95% of the time, then you should work in-house.
3. There’s no such thing as a draft.
4. Work should fuel your life, not be your life.
5. The best part about working in-house is that your pulse rate never goes above 60; the worst part about working in-house is that your pulse rate never goes above 60.
Once again, thank you to Mark Herrmann for his insights, to our readers for joining us, and to our friends at AccessData for sponsoring an educational and enjoyable evening.
In 2013, we’ve held events in New York, D.C., Houston, San Francisco, and Chicago. If you’d be interested in sponsoring an ATL event in your city, email [email protected]. Thanks.
We are pleased to invite you to an Above the Law cocktail reception in Chicago on Wednesday, June 12th. The reception will take place from 6:30 to 8:30 and will feature a conversation with Mark Herrmann. As many of you know, Mark is Vice President and Chief Litigation Counsel of Aon, the world’s largest insurance broker. He is also a former partner at Jones Day, the author of The Curmudgeon’s Guide to Practicing Law (affiliate link), and a weekly columnist here at Above the Law.
This event will be an opportunity for attendees to hear insightful commentary from Mark, meet Above the Law writers, connect with peers, and enjoy great drinks and hors d’oeuvres. The event is sponsored by our friends at Access Data. Please RSVP below.
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, 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.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…