Many longtime observers of the legal profession argue that it’s not what it once was and that it’s increasingly focused on the bottom line. But even when trying to improve the bottom line, many law firms go about it in a kindler, gentler manner. Traces of Biglaw’s gentility remain.
Today we have news of another firm that’s reducing its ranks — not through layoffs, but through generous voluntary buyout packages….
“The role of the traditional ‘legal secretary’ is rapidly changing,” one secretary recently told us. “Major law firms are full of career secretaries with 20 to 25 years of service, but younger attorneys don’t need the same assistance. You will see that many firms are adopting a secretarial team/services center model which increases the secretary/attorney ratio from 1:3 to 1:5, 1:6, 1:7 or more. At my former firm, it was 1:10. Honest.”
“Paralegals are in trouble too,” this source added. “First-year associates need something to do. I am ranting now.”
This tipster (and several others) told us about yet another law firm conducting layoffs, which we confirmed with the firm….
Earlier this year, K&L Gates generated some (generally positive) press by issuing an unusually detailed disclosure of its firm financials. The report reflected a reassuringly conservative financial position, with zero bank debt and limited retirement-plan obligations (a trouble spot for many other law firms).
It looks like K&L Gates is keeping to its conservatism. It’s trimming its headcount in D.C. and Seattle, presumably to reduce expenses….
Back in July, following the news of the possible purge of junior faculty at Seton Hall and the staff massacre at McGeorge, we wondered: “Which law school will be next?” With law school applications still in free fall, something, somewhere, had to give, and it certainly wasn’t going to be beautiful buildings, the price of tuition, the number of tenured professors, or their similarly splendid salaries.
No, the easiest way to save money — $4.4 million of it — is by dropping the unimportant human weight, and the most expendable souls seem to hail from the adjunct faculty and staff ranks at the latest law school to conduct layoffs. Which esteemed academy of legal education could it be?
We’ll give you a clue. The school is no stranger to controversy, seeing as it served as the origin of the very first law school lawsuit over deceptive employment statistics ever filed….
Today, just as we roll into the weekend, we’ve got even more layoff news. One of the biggest law firms in Connecticut, one that last conducted layoffs at the start of the recession, is handing out walking papers to as many as 40 of its attorneys and staff members. Which firm, and why?
Would you pack it all in if offered a lot of money?
This isn’t your father’s Davis Polk. The venerable firm, known for uber-white shoes and super-blue-chip clients, is changing.
(Let’s hope the firm maintains its commitment to hotness in hiring. Someone has to care about beauty in Biglaw, right?)
Under managing partner Tom Reid, DPW has become energized, entrepreneurial, and expansionary. Since Reid took the reins two years ago, the firm has pushed into new areas and gone on a lateral partner hiring spree — a sign that DPW is no longer waiting for work to come its way, but seeking out business more actively.
So maybe it shouldn’t be shocking to learn that DPW, given this growing focus on the bottom line, is following the trend of offering buyouts to reduce the ranks of support staff….
Last week, we wrote about reductions to the ranks of lawyers and staff at WilmerHale. We noted that the cuts, made in connection with twice-annual performance reviews, seemed to focus on IP litigation and on the Boston and Palo Alto offices.
Today we bring you additional information about the reductions, which look a lot like stealth layoffs. They seem to be more widespread, in terms of offices and practice areas, than previously reported.
And they might be due to some earlier overhiring, reflected in an interesting email we received….
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 (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), 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.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.