If work is slow and you need a good chunk of hours to meet your billable target or to be eligible for a bonus, what’s your best bet for boosting your billables?
According to the 884 respondents to Tuesday’s survey, pro bono work. About 68% of respondents say their firms give billable credit for at least some pro bono hours. On the other hand, only 12% of respondents say that their firms count client/business development activities as billable time, although another 15% report that these hours may affect bonus decisions.
What are some of the other popular billable activities?
Lately, many of you have been quite the busy billers, even working on MLK Day and Presidents Day. What undoubtedly keeps most associates on the clock on holidays (and pretty much every day of the year) is client billable work.
But are there other kinds of activities for which your firm will give you billable hour credit? Take our short survey, brought to you by Lateral Link, and tell us what counts as billable time at your firm. Then check back later this week for the survey results.
Thank you for all your responses (or attempted responses) to this week’s Career Centersurvey on whether or not you worked on Presidents Day. We received 715 responses before the flood of respondents managed to take the survey offline.
Based on the responses we did receive, the majority of respondents – 73% – reported working on Presidents Day, up from 66% who reported working on Martin Luther King, Jr. Day. Almost half of these respondents indicated that their firm does not recognize Presidents Day as an official firm holiday, and 38% said that although no one asked them to do work, they had stuff that needed to get done.
What were some of the other reasons given for working on Presidents Day?
In Part 1 of the Career Center survey results on debt, we reported that 85% of the 3,700 survey respondents have outstanding student loan debt, with more than half of them owing $100,000 or more. We also found that 75% of respondents considered their debt at least as much as other factors when deciding on where to work. Today, we’ll take a look at a further breakdown of these numbers by job sector and amount of debt.
But first, let’s examine the extremes: respondents with the most debt, and respondents with no debt….
We received an overwhelming number of responses – 3,700 – to last week’s Career Center survey on debt and how it contributes to your decision on where to work. We will introduce an overview of the results today, and present a more detailed analysis later in the week.
Overall, 93% of respondents report being in some kind of debt. And for the vast majority of them, that debt plays a role in their decision on where to work:
38% of respondents said they considered debt about as much as other factors.
37% said they considered debt more than any other factor.
24% said debt contributed very little or did not contribute at all.
Not too long ago – you know, when Biglaw firms were begging law students to work for them, no one cared about law school transparency, and having a J.D. guaranteed you a long and prosperous career – signing yourself up for six figures of crushing law school debt didn’t seem like such a big deal. Nor was it unheard of back then for first-year associates to buy nice big houses. But in the aftermath of the recession, many attorneys have to face the now onerous consequences of decisions they made in better economic times.
In today’s Career Center survey, brought to you by Lateral Link, we want to know how your debt currently affects your decision on where you work or want to work. Is it Biglaw or bust? Or are you able to turn a blind eye to your debt and find more compelling reasons to work where you want to?
Please take our short survey and then check in next week for the results.
In Tuesday’s survey, we asked whether you left your firm after collecting your 2010 year-end bonus (paid in December for 43% of respondents).
About 14% of respondents reported jumping ship after their bonus checks cleared, while another 8% were in such a hurry to leave that they couldn’t bother waiting around for their bonus money.
That means the vast majority of respondents, 77%, are staying put — at least for now. About 9% are sticking around a little longer in the hope that their firms up the ante with a spring bonus payment. Another 18% say they aren’t leaving, but sure wish they could. Finally, 50% of all respondents report that they are staying at their firms because they are actually quite content at the moment.
Which class years and practice groups are most likely to see post-bonus departures?
Earlier this month, we surveyed you to find out how satisfied you were with your 2010 year-end bonus. Half of all associates whose firms had announced bonus payments reported dissatisfaction with their year-end bonuses.
In today’s survey, we want to find out how many of you are actually going to put your money where your mouth is and leave your firm after collecting your bonus (whether due to dissatisfaction with your bonus or just general unhappiness with your firm). Or has all the recent buzz about springtime bonuses encouraged you to stick around for a while? As always, your responses are kept completely confidential.
Not surprisingly, the top reason for putting in extra billable hours was that people just had work that needed to get done, even though no one specifically asked them to work. But it likely also had something to do with the fact that 32% of respondents who worked said their firm does not recognize MLK Day as an official firm holiday. Instead, some of these firms consider it a “floating holiday,” meaning that attorneys can either choose to take a day off on MLK Day or on another floating holiday.
What were some other reasons given for working on MLK Day?
When it comes to working on holidays, we all know that Biglaw attorneys are some of the worst offenders. In today’s Career Center survey, brought to you by Lateral Link, tell us if you were off on Martin Luther King Jr. Day, or if it was just business as usual. Then check back later this week for the survey results.
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: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.