Since I began writing this column, I have been bitten by the entrepreneurial bug. After speaking with so many small-firm attorneys who talk excitedly about the challenges and rewards of owning their own businesses, I have toyed with the idea of doing the same. Because of my love-hate relationship with the practice of law, however, I have been trying to come up with other small business ideas. My latest brilliant business venture is a summer camp for unemployed people. Unfortunately, my dreams were dashed when a friend pointed out that my business was destined to fail because my target market had no money to spend on, well, anything. Boo.
Recently, I had the privilege of speaking with two attorneys who have identified a way to take advantage of the bad economy in a way that, unlike my plan, made financial sense. The idea is simple: offer in-house counsel seeking to reduce their legal fees reduced legal fees for the same high quality work. Yet another idea I wished I had come up with (note: I firmly believe that I created Pinterest because I started clipping stuff out of magazines in 1992)….
I like it when everybody says, ‘This is the worst person in the world — let’s kill him!’ I love to stand between an imperfect human being and the full weight of the hypocritical, holier-than-thou masses.
There is nothing more important to lawyers than time. Time spent on cases (especially if you’re in trying to win the “most billable hours” contest award at your funeral), time in the day to “do everything,” time to enjoy the fruits of your labor. Everything comes down to time. The reason you don’t do certain things is because you claim to “have no time.”
Lawyers base their entire lives on time. Many try to figure out the latest time when they can roll out of bed to be on time to the office or court. We live on deadlines. We appear in court when told, file documents on certain dates (or fax them on certain dates at 4:59), and we set appointments for things. There are other things we want to do -– other things we need to do, but we use the excuse of “no time” as a crutch.
Truth is, we have plenty of time, we just don’t use it well. We let our practices control us, instead of trying to control our practices. Clients and cases will run lives, if you let them. Some lawyers believe the essence of being a lawyer is letting clients run their lives, we must let clients know we are available 24/7.
You can call me 24/7, but I’m no longer answering the phone when I’m doing something I consider more important than making money…
I have long spent my Sunday nights watching HBO. When I graduated from law school, The Sopranos was in its first season. More recently, I’ve been enthralled by Game of Thrones. For those who aren’t fans, Game of Thrones is a medieval fantasy series which won an Emmy Award for Outstanding Drama Series, and a Golden Globe Award for “Best Television Series – Drama.” I guess this post needs a spoiler alert, because what follows are some legal lessons I think can be gleaned from the hit series.
That being said, let’s take a look at the six lessons that the legal world could learn from Game of Thrones….
Last month, in the inaugural post in our series of Law School Success Stories, we focused on the theme of “the value of thrift.” We outlined a “low risk” approach to law school, profiling happy law school graduates who secured their law degrees without going into excessive debt — under $50K upon graduation, which is the recommendation of Professor Brian Tamanaha, author of a new book (affiliate link) about reforming legal education.
Today we’re going to cover the flip side: the “high risk, high reward” approach to legal education. In some ways this is a dangerous theme. The promise of Biglaw bucks is the siren song that leads many to crash on the rocks of joblessness and crippling debt (as Will Meyerhofer discussed earlier today).
Some law schools clearlyexaggerate the ability of a legal education to increase a person’s career prospects and earning potential. But for some subset of law students, however small, law school does turn out to be a golden ticket. Their numbers might be inflated, but they do exist. Law school has allowed these individuals to increase their incomes dramatically. And — shocker! — many of these J.D. holders actually enjoy their lucrative new jobs.
Read about a young woman who went from being a secretary to having a secretary — along with a six-figure paycheck. Meet a young man with a rather unmarketable undergraduate degree who now, thanks to law school, makes bank in New York City.
Here’s another way of describing today’s success stories: “Fairy tales can come true, it can happen to you….”
I never understood the appeal of those “reality shows” featuring families with a gaggle of kids. After hearing endless commentary about the Duggar family on my favorite morning shows, I decided to watch and see what all the fuss was about. The Duggars are the family featured on TLC’s 19 Kids & Counting. Each episode features some highly edited story wherein one of the Duggar kids has a problem and wackiness ensues. Watching the episode did nothing to help me understand America’s (or at least Good Morning America’s) love for the Duggar family. It did, however, help me understand why there are certain matters that only a Biglaw firm can handle.
Biglaw associates, like the Duggar kids, are many. And, in my opinion, Biglaw associates are often, like the Duggar kids, interchangeable. I don’t say this to be mean. I say this because when I was in litigation at a Biglaw firm, we were swapped in and out of cases as if we were interchangeable.
So what do small firms do to compete? They don’t have their own Duggar brood from which to throw bodies at problems that arise with large cases or deals. In my interviews with small-firm attorneys and solos, their solution is to join with other small firms. Indeed, if you combine attorneys from enough small firms, you can build a Duggar-like army. Finding the right firm with which to co-counsel, however, may be difficult and time-consuming.
For you small-firm attorneys facing this problem, I have good news, and it does not involve overpopulation….
Man it’s been a rough week around here at ATL. With the addition of Eric Turkewitz, or as I call him, E.T., I now see you all weren’t kidding when you told me the only reason I was here was because Lat and Mystal just go down the alphabet.
I was also invited to experience misery at its peak have drinks with Elie during his visit to South Florida where he continued to call B.S. spoke on a panel to a conference of “all our graduates get jobs” law school admissions folks and apparently experienced what can only be described as “commentariat live.”
Our meeting was just your typical conversation between an angry short Jewish lawyer from Miami who successfully overcame academic probation at a state college and third-tier law school and a big fat black guy with dual degrees from Harvard. We left before the Boca Raton Resort and Club noticed we were there.
Last week I wrote a story asking the question, “How important is it for law schools to teach students about electronic discovery?” The post stemmed from a perturbed tipster, who lamented the fact that her alma mater had decided to offer a class exclusively dealing with the subject.
The poll results were interesting. Most of you said the subject is definitely worth learning in school, despite its alleged unsexiness.
Additionally, I received an letter a few days after the story ran, signed by 14 attorneys, including small firm and Biglaw partners, tech company leaders, and one state judge, who wanted to give their collective opinion on the issue.
Technophiles will appreciate the note, although some young lawyers might find it an ominous sign of document review work to come. Let’s take a look at what these decision-making readers had to say…
Everyone knows the expression “the grass is always greener on the other side of the fence.” The proverb claims that whatever we don’t have always seems more attractive than what we do have.
If the proverb were true, then we might expect that Biglaw associates would pine to work as solos or in small firm boutiques. But do they really?
It’s no secret that many lawyers are miserable. Some people like Will Meyerhofer have made careers out of trying to reassemble the shattered psyches of victims of Biglaw excesses. But as miserable as an associate’s life might sometimes be, I’ve rarely heard attorneys wistfully musing what it would be like to practice on the other side of the fence, so to speak. Nor do many solo or small firm attorneys often say they wish they worked in Biglaw.
I can’t help but chuckle at the self-rationalizing that seems to overwhelm so many attorneys. Many of them are so cocksure of their career paths and so defensive when challenged, you have to wonder if they doth protest too much. And indeed, although I’m not a shrink, I do have my theories as to why lawyers especially seem prone to criticizing other lawyers whose career paths are different than their own….
Professor Joel P. Trachtman (JD Harvard Law School) 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!
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.
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!