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.
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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.
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