It’s hard to get a good read on the direction of the economy these days. And the same could be said about the direction of Biglaw.
It seems that every week brings a new survey, report, or set of predictions. And they often point in different directions. Sometimes they are pessimistic, claiming that layoffs (including partner layoffs) are just around the corner. Sometimes they are positive, noting that despite the challenging economy, legal spending is up. And sometimes they fall somewhere in between.
Today brings news about past performance — which, while not a guarantee of future performance, can sometimes offer hints. It’s about how large law firms fared in the year just ended. And it’s good news….
Many litigators have a bias against settlement. It’s understandable. There’s no glamor in settling cases. No one is ever going to make a TV show called “The Settler,” about a young but scrappy underdog lawyer who fiercely negotiates tough-but-fair settlement agreements and always remembers to allow a 21-day waiting period if the plaintiff is 40 or over. (On second thought … better call my agent.)
Forget TV and movies. No lawyer has ever come home with the exciting news about settling a lawsuit (at least, no defense lawyer). “Honey, I settled the Devens case!” “That’s great, dear. Now go mow the lawn.”
In the midnineties, I was a junior associate working on a contentious sexual-harassment case. While we were able to win partial summary judgment, the main claims headed to trial in federal court. During the negotiations before the trial, the partner from my firm had a conversation with the plaintiff’s lawyer, who was that sort of rough-around-the-edges attorney who prided himself on spending a lot of time in the courthouse.
Looking to put my boss in place, the guy took a shot at our firm’s litigation style. Here’s what he said …
In August 2006, Robert Wone, a promising young Asian-American attorney, was murdered while staying at a friend’s house in Dupont Circle in Washington, D.C. Wone, then general counsel for Radio Free Asia and a former Covington & Burling associate, was stabbed to death. The housemates claimed that Wone had been attacked by an intruder, but the crime scene seemed to suggest that was not the case.
The unsolved murder inspired the birth of the site WhoMurderedRobertWone, which has tracked the progress of the investigation in excruciating detail. Prosecutors charged the three housemates, including former Arent Fox partner Joseph Price, with conspiracy, obstruction, and tampering, but not for his murder.
The verdict in the four-and-a-half week trial came today.
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: firstname.lastname@example.org.
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 email@example.com or firstname.lastname@example.org. 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!