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 Rob Romanoff, LP’s Managing Partner.
You’re 35-50 years old. You’re a partner at a large law firm, thinking about leaving for something smaller. You’ve been given an offer by a firm that interests you. The firm has a good reputation, steady business, and a solid practice in your area. It consists mostly of partners over 60 and associates younger than you.
Is this a great opportunity, or a career dead-end? Based on the above, it could be either. You’re missing a fact critical to determining whether this — and many other lateral opportunities — is one worth pursing, or one that should be avoided. That fact is this: what is the firm’s succession plan?
Your Above the Law editors are making like Mr. Smith and going to Washington. This week we’re hosting not one but two excellent events in our nation’s capital (both free and open to the public):
On Wednesday night (tomorrow night), we’re hosting a trivia night for our law student readers. To get the details and to RSVP, please click here (and scroll down to the RSVP form). Please note that trivia participation is not required; you can simply come for the food, drink, and company (of your ATL editors and other D.C.-area law students).
On Thursday night, we’re hosting a reception and SCOTUS preview with noted Supreme Court advocate and analyst Tom Goldstein. To get the details and to RSVP, please click here (and scroll down to the RSVP form).
If the government shutdown is still in effect, some of you won’t have to get up early the next day, so it’s a great time for weeknight socializing. We hope to see you at one or both of these events.
These days, getting a Biglaw job is the golden ticket you need in order to make law school pay off. Thousands of students are paying grossly inflated tuition rates, and a Biglaw salary is one of the only ways those students can reasonably pay back their massive loans.
The problem, of course, is that Biglaw jobs are generally awful. They’re not giving you that money for free. A starting salary of $160,000 right out of law school sounds like a great deal, until you realize that $160,000 is just the going market rate for your eternal soul.
So let’s talk about why you would leave Biglaw. Don’t worry, I know many of you won’t leave, at least not now. But if you can, here are ten reasons why you should….
In Washington, D.C., on October 17 at 6:30 p.m., please join us for the our next ATL event, a preview of the 2013-2014 U.S. Supreme Court Term.
On the SCOTUS docket for this Term are cases involving affirmative action, presidential recess-appointment powers, campaign finance regulations, and protesting near health care facilities that perform abortions.
Our special guest speaker will be preeminent Supreme Court advocate and analyst Tom Goldstein. Thanks to AccessData for sponsoring this free event. If you’d like to attend, please RSVP below:
Do you remember how people used to regard blackouts as an excuse to have a party? You’d eat all the ice cream in your freezer and invite friends over to play Monopoly by candlelight and maybe have sex because what the hell else can you do for entertainment? This doesn’t happen as much as it used to because now “blackouts” are usually accompanied by “Global Warming fueled mega-disasters.” It’s hard to party when the power failure is caused by an angry God as opposed to an incompetent public power company employee.
The government shutdown isn’t exactly like a blackout, but it’s certainly been caused by totally incompetent public employees. That’s as good an excuse for any to have a party in D.C.
In New York, Kaplan Bar Review sponsored a law-school bar crawl. In D.C., we’re going to do something a little bit different, probably because the thought of our readers crawling around black D.C. scares everybody but me. We know how much law students like taking tests, so on October 16th, ATL and Kaplan will be hosting a trivia night…
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 Angela Hickey, LP’s Executive Director and a member of the firm’s Executive and Compensation Committees.
There’s a point in budding relationships where things get down to brass tacks. You put away the flowers and candles, and find out whether you have a long-term future. You have full and frank discussions about kids, religion, finances, and how those troublesome in-laws might fit into your future life. It may not be as romantic as your weekend in the Berkshires at that place with the clawfoot tub, but it’s necessary. Because you just might find, away from the clean mountain air and raspberry scones that the bed and breakfast served each morning, that you’ve got a serious issue or two. You might in fact . . . have a dealbreaker. And that, in a word, is why prospective laterals should take the due diligence process as seriously as firms do.
The due diligence process — some version of which all respectable firms will have in place — is the offering firm’s last and best chance to closely examine the lateral before extending an offer. (In the case of fast-moving lateral hires, the hiring firm may even give a conditional offer before or simultaneous with due diligence.)
Because of its timing, there is a temptation to think of due diligence as a mere formality before the lateral picks up stakes. But it is a rigorous process, and one that laterals can and should use to perform their own final checks…
Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.
With the recent news of eight Weil partners in Dallas leaving for Sidley Austin and Wilson Sonsini announcing the elimination of 35 staff positions in Palo Alto, many are looking towards the fourth quarter with cautious optimism. Traditionally the fourth quarter is the most difficult to predict; even the most basic analysis of Q4 shows that there is little correlation between the rate of change in partner moves from the previous year, and the rate of change in total moves from the previous year (ΔP/ΔT). This essentially means that the total lateral moves over the course of the fourth quarter are an inadequate measure for estimating future lateral partner moves in the fourth quarter. However, gauging the first three quarters, this measure is highly effective, yielding a nearly 85% correlation year to year — compared to 44% in Quarter 4.
There are many factors that complicate lateral moves in the fourth quarter, the most conspicuous being bonuses. Every law firm has a method for compensating its partners. Some compensation plans are highly structured, but many others include subjective elements. Distribution plans incorporating percentages or units of participation with a reserve are often-times structured to incentivize an attorney to remain at the firm through the fourth quarter. Simplified, a partner will receive a variable draw and at the end of the year, and the balance of the net profit will be distributed. There is the general consensus that partners will wait to collect their bonuses at the end of the year before making a lateral move. This evidence may be anecdotal, but nonetheless lateral movements in the past have been about 30% greater in the first quarter compared to the previous fourth quarter…
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: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!