Ed. note: This is the latest installment in a series of posts from the ATL Career Center’s team of expert contributors. Today, Ian E. Scott offers 10 valuable pieces of advice for Biglaw summer associates.
While a full-time job at a large law firm is not for everyone, a summer at one is highly recommended. Even if you are not sure if you have an interest in practicing at a large firm after the summer, a summer at one is a great experience and you will be paid around $35,000 for the summer. You should be careful though, because many who have summered at large corporate firms and swore that it was just for the summer, often must have drank the Kool-Aid and went back after graduation. If you have decided to work for a top law firm during the summer here are a few things to consider.
1. You will likely get a job offer but do not take it for granted.
Back in February, with the help of a report from the National Association for Law Placement (NALP), we described the summer associate hiring market as “anemic.” Recruiting volume in fall 2012 was down compared to fall 2011, and the entry-level recruitment environment, in general, was characterized as “flat and faltering.” No wonder we haven’t heard many tales of summer associate glory — they’re probably still too terrified to have fun.
Be that as it may, amid news of layoffs and rumors of stealth layoffs, right now, Biglaw firms are handing out offers of employment like candy. But have you ever stopped to think about why they’re passing out $160K offers so freely?
Perhaps it’s because the size of their summer classes are significantly smaller than ever before…
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: