Anyone who has considered opening a solo or small firm practice can’t help but worry whether their venture will be successful. Provided the worry does not overwhelm, this can help keep you motivated and focused.
But focused on what? When considering whether they can run a successful practice, law firm owners should look beyond the math and consider the more philosophical question of how exactly they define “success.”
Of course, a law practice is a business and to that extent its goal is to make a profit. A business that is not profitable is not successful even if it provides exceptional service. An unprofitable venture inevitably will fail, definitely answering any philosophical question as to its success….
For those AUSAs taking the plunge into Biglaw because they orgasm over having a “former federal prosecutor” handling their “white collar” work, my advice is call me when you realize you’re merely reading compliance documents and walking corporate executives over to your old office to give proffers. For now, you can stop reading here.
Leaving government work to “open your own shop” is a unique proposition. If you’re leaving Biglaw, your main concern is not making what you’re making now. If you’re “going solo” right out of law school, you’re worried about making any money at all.
Leaving government service is leaving a guaranteed salary, the precious “benefits,” and if you’ve been there for a good amount of years, a level of comfort not found in small law firms (with the exception of the federal public defenders who have fallen victim to the sequester and deserve better). The main reason people leave government is the perception that there is more money in the private sector. That was mostly true before the economy tanked. Now it’s not so certain, and it’s something you need to consider before cashing out on your accrued vacation and sick time…
Are you interested in building and growing a virtual law practice, or hoping to obtain new clients for your existing law practice? If so, here’s a new tool that you might want to investigate.
The team behind it includes two lawyers who used to work at major law firms. Let’s hear more about the platform they’ve designed and how they made the move from counseling start-ups to launching one of their own….
On the “Our Professionals” section of its website, Finnegan Henderson boasts that it has “375 lawyers focused on IP.” It may be time to revise that downward: “371 lawyers focused on IP.”
Last night, the high-powered, intellectual-property-focused firm announced four notable partner departures. The Finnegan partners in question practice in the generally hot area of IP litigation (although we’ve heard anecdotal reports of cooling, including stealth layoffs of IP litigators — see here and here).
Who are the departing Finnegan partners, and where are they going?
Is the slowdown in Biglaw that we’ve seen since the Great Recession a long-term trend or just a temporary blip? Only time will tell, but in the meantime, the debate rages on. (The latest salvo: New Republic editor Noam Scheiber’s response to critics of his controversial article, The Last Days of Big Law.)
Because of its power, prestige, and profitability, Biglaw gets a big proportion of the media coverage that’s aimed at law firms. But let’s not overlook small firms and solo practitioners, who make up about 70 percent of American lawyers in private practice.
One often hears stories about small firms, especially boutiques formed by ex-Biglaw attorneys, that are thriving. The tales are inspiring; the small-firm lawyers talk about how they enjoy their practice more, have greater autonomy, and make the same or even more money than they did back in Biglaw.
But such information is anecdotal. How are small law firms doing compared to bigger firms on a broader level? A new survey has some answers….
One of the things I hear from lawyers is: “I want to write, but I don’t have the time/know where to post/want to start a blog.”
Now I’m not in the blog-selling business or believe that every lawyer should have a blog because I’m not in the blog-selling business. (Get ready commentariat.) Not every lawyer can write (there commentariat… go!), but if you want to write, I’ll offer my thoughts. I offer them because this is my column, and I can do whatever I damn well please and I feel like it.
The first thing you have to determine when thinking about writing is your audience.
Unfortunately, many of you law review types actually think anyone out there wants to read something closely resembling a law review article. You can’t write anything without citing to case law or other articles no one has read or wants to read. You believe you’re still writing for adoration of your ability to analyze the history of some statute. You believe you can’t write anything unless it takes you weeks to research and is perfectly cited. You believe writing is done to impress rather than educate or inform.
When you write, you’ll see — ahem — comments about the writing style. Those are coming from those that can’t write like normal people. They spent months writing some over-cited, boring article that no one read and are raging against anyone who writes something interesting that contains a non-law-review-type writing style…
* When it comes to the U.S. Congress — especially the current one, said to be the least productive and least popular in history — and federal lawmaking, “action isn’t the same as accomplishment.” [Boston Globe]
* The Department of Justice won’t seek the death penalty against Edward Snowden, but only because the crime he’s charged with doesn’t carry that kind of punishment as an option. But oh, Eric Holder can wish. [CNN]
* Sorry to burst your bubble, but Biglaw as we know it is on a respirator, so be prepared to recite its last rites. The New Republic’s Noam Scheiber responds to the critics of last week’s hard-hitting piece. [New Republic]
* The grass isn’t greener on the other side right now. Revenue per lawyer rose at Biglaw firms in 2012 (up 8.5 percent), but small firms struggled (with RPL down 8.1 percent). Ouch. [National Law Journal]
* Let me Google that for you: Hot new technology startups have been looking to lawyers who hail from the innovative internet company’s ranks when staffing their own legal departments. [The Recorder]
* If you’re wondering why more financial crimes haven’t been prosecuted since the Wall Street meltdown of 2008, it’s probably because they’re too just difficult for most juries to understand. Comforting. [NPR]
* In a recent interview having to do with all of the problems that law schools are currently facing, from shrinkage to joblessness, Professor Paul Campos sat down to politely say, “Told ya so.” [Denver Post]
Ultimately, I think the price is right — you’ve got all the amenities of living at home that you wouldn’t have otherwise. The washer and dryer at your place, the full kitchen all the time, and you’re not living that rugged lifestyle. You get to eat steak and not ramen.
I have in my office a framed print of the classic New Yorker cartoon: “You have a pretty good case, Mr. Pitkin. How much justice can you afford?” I often find myself referring to the cartoon when talking to prospective clients.
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@example.com.
We currently have a very exciting and rare type of in-house opening in China at one of the world’s leading internet and social media companies. Our client is looking for an IP Transactional / TMT / Licensing attorney with 2 to 6 years experience. The new hire will be based in Shenzhen or Shanghai. Mandarin is not required (deal documentation will be in English) but is preferred. A solid reason to be in China and a commitment to that market is required of course. This new hire will likely be US qualified (but could also be qualified in UK or other jurisdictions) and with experience and training at a top law firm’s IP transactional / TMT practice and could be currently at a law firm or in-house. Qualified candidates currently Asia based, Europe based or US based will be considered. The new hire’s supervisors in this technology transactions in-house team are very well regarded US trained IP transactional lawyers, with substantial experience at Silicon Valley firms. The culture and atmosphere in this in-house group and the company in general is entrepreneurial, team oriented, and the work is cutting edge, even for a cutting edge industry. The upside of being in an important strategic in-house position in this fast growing and world leading internet company is of the “sky is the limit” variety. Its a very exciting place to be in China for a rising IP transactional lawyer in our opinion, for many reasons beyond the basic info we can share here in this ad / post. This is a special A+ opportunity.
When you talk to a prospective lateral about your firm during their first meeting, the conversation can go deep, sideways, and in circles. There is so much to share and discuss. What path of a dialogue can you follow to get better odds of a favorable conclusion?
Consider this template as a model you can use to discuss your firm’s opportunity. This simplifies the conversation and gives you a mental framework so the discussion is meaningful, relevant and moves things forward.
The Four P’s
In my transition from retained corporate executive search to legal search, I saw that there were many levels of complexity in the move of a partner transitioning from firm A to firm B. In placing an executive in a corporation, it was simple because of the linear nature of relationships in corporations. In a law firm, because of the multi-layered aspect of the interdependent relationships that each partner must manage with others, the dialogue is much more involved.
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