Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.
Lateral matchmaking is hardly ever “love at first sight, at last sight, at ever and ever sight.” It is a rigorous process that requires a multifaceted approach to satisfy a multitude of criteria. If you are questioning the degree of your lateral attractiveness, allow me to explicate this below.
Each firm has a unique culture and looks for different traits in lateral partners. Nonetheless, most firms have a baseline, a minimum threshold a lawyer must meet in order to seem attractive, at least at first glance. There are always exceptions to these rules, but in general this threshold is encompassed by the following: profitability (e.g., portable business, bill rates, hours, and leverage); pedigree (e.g., law school); vintage; and for some firms, even GPA.
The first criteria is profitability. I will walk you through a quick example to explain the difference between two partners, then share with you a game that will let you assess your value as a lateral in today’s market….
It’s nearly that time of year, when all the grueling hours that Biglaw associates have put in will pay off in the form of fat bonuses. Or don’t pay off, with miserly bonuses, or nothing at all. Or something in between? Point being, we have no idea how the 2013 bonus season will play out. Presumably, the answer is buried somewhere deep in Allen Parker’s unknowable heart.
The signs thus far are not especially encouraging, at least for those with a vested interest. (Admittedly, for most, this is all much ado about white-shoe people problems.)
Yes, Cravath might be doing well, at least if its large partner class is any indication. But on the subject of law firm 2013 profits in general, the Citi Bank Private Law Firm Group’s report on the first half of the year concluded:
The Biglaw on-campus recruiting season is a subject of decreasing relevance for most aspiring lawyers, as illustrated by this grim infographic. We are all familiar with the parade of horribles that is the law firm recruitment market, at least from the student point of view. Since the halcyon days of 2007, summer associate class sizes are down at the overwhelming majority of large law firms, often by fifty percent or more. And of course nobody is seriously arguing that class sizes will ever rebound to their pre-recession levels. But 50 percent is not 100 percent; there are still 2Ls who have just made their way through the OCI cattle call.
About a month back, we asked our readers to share their experiences of the OCI process. We wanted to learn where student priorities fall during this era of “New Normal.” For those of you fortunate enough to be in a position to choose among employers, what are the factors driving your decisions? What, if anything, is likely to make you reject an offer? And what, in this unbalanced buyers’ market for legal talent, is the actual interview experience like?
The idea of “happiness” is the basis of an ever-growing body of research. In fact, while economists traditionally measure a nation’s prosperity by looking at GDP, there is a growing movement for them to consider a different measure, something akin to “Gross National Happiness.” One of the best-known efforts to move away from a reliance on GDP as a measure of national welfare is the UN’s Human Development Index, which amalgamates three metrics: lifespan, educational attainment, and adjusted real income. Then there are dozens of much more subjective surveys of national happiness, many of which find Costa Rica to be the happiest country in the world. Others say it’s Norway. (Then there is this preposterous “Happy Planet Index,” which ranks the U.S. at number 113, between Madagascar and Nigeria.)
Of course happiness research is performed in more narrowly targeted ways, such as examining specific professions. Earlier this year, Forbes reported on a “Career Bliss” survey of 65,000 employees that ranked “law firm associate” as the unhappiest job in America. (See Joe’s take on that survey here.)
The law firm on-campus interview process is a peculiar institution. No other industry entrusts its entire entry-level hiring process to a series of superficial 20-minute “cattle call” interviews two years ahead of when the candidate will actually become a full-time employee. There is something contrived about the whole thing. (This old-ish video clip gives a good sense of the inherent absurdity.)
OCI is still underway at law schools across the country. Firms are currently hustling to interview students nationwide, make callbacks, and extend offers within an arbitrary 28-day window (per the NALP guidelines).
As we recently noted, opportunities to participate in OCI — which continues to be the primary entry point for law students into the largest and best-paying firms — are increasingly harder to come by in the current job market. The reality is, most students are on the outside looking in. Most will never be afforded the opportunity to land one of the few gigs that will actually give them a plausible chance of being able to pay off their student loans.
If you are one of the fortunate ones who just went through or is continuing to take part in OCI, we want to hear about your experiences….
You mean this groundbreaking Newtonian equation might be wrong?
One of the things I’ve learned in my time here at Above the Law is that most people are desperate to justify the decisions they’ve made, even if you can logically show them that they made the wrong call. People who go to terrible law schools argue endlessly that either their law school isn’t so terrible, or that they personally made a good call to go to a terrible school. People who are willing to take a massive pay cut to get the hell out of a soul-destroying Biglaw firm will still tell you that they “really valued” their time there. Obama voters look the other way while the “progressive” president allows robots to indiscriminately rain down death from the sky. Republicans act like they’re just supporting the “conservative fiscal policies” of the nutjob racists and homophobes they vote for.
Everybody wants to feel like every decision they made was the “right” one in some way. People like me who are willing to publicly admit that they’ve made some freaking awful decisions that haunt them to this day (like defaulting on my debts) are rare.
I don’t think we needed a whole study to make that point. I certainly don’t think we learn a lot by asking lawyers — generally employed lawyers — if they are “happy” with their decision to go to law school. What are they going to say? “Dear God, no. I hate my life. Please help me.”
But some law professors did ask that question, and SURPRISE, it turns out that going to an “elite” law school doesn’t automatically make you happier with your career decisions than going to a slightly less elite law school. Wow. In other super shocking news, marrying the hottest stripper in the club doesn’t make your marriage significantly more stable than marrying the second hottest stripper in the club….
Seeing as law firms are among Earth’s last enthusiasts of Lotus Notes and fax machines, they can hardly be expected to be on the cutting edge of evolving social media technologies. As social media platforms and blogs were exploding over the last decade, most law firms did not engage. Firms continued to churn out the unread white papers and ignorable client alerts as part of their traditional marketing efforts.
This reluctance or skepticism has waned some in the last couple of years and given way to a wary appreciation of the positive role that LinkedIn, Facebook, blogs, and similar sites can play in marketing, recruiting, client support and internal collaboration. A 2012 survey of lawyers and legal marketers by ALM Legal Intelligence attests to this shifting attitude. The survey had some striking findings. Among them:
As if the Rodney Dangerfields of the professional world weren’t reviled enough, Americans have stepped forward to slap lawyers in the face yet again. Please, take your law degree and wipe your ass with it, because in the court of public opinion, you’ve contributed nothing to society…
Which one of these is not like the others? The CPA exam, the GRE, the U.S. Medical Licensing Examination, the Series 7 exam, the Test of English as a Foreign Language, the GMAT, the Dental Admission Test, and the LSAT. All of these exams are administered by computer except the LSAT.
Why the peculiar persistence — in 2013 — of the No. 2 pencil for LSAT takers? Last week, in partnership with our friends at Blueprint, we surveyed current LSAT prep students on their views and preferences regarding test-taking technology.
There were strongly held opinions in both the traditionalist and high-tech camps. Here are the results….
Just a typical lapsed lawyer (J.D., Northwestern ’68)
Lawyers turn into ex-lawyers for a host of reasons. The transition can be voluntary or not. We all know that erstwhile attorneys have successfully gone on to become, among thousands of other things, consultants, teachers, writers, and entrepreneurs. Late last year, in partnership with our friends at Adam Smith Esq., we reached out to lapsed lawyers to ask them their personal stories. Why did they choose the law in the first place? Why did they leave? What are they up to now? Do they regret leaving the practice of law? (A whopping 93% said “no” to that last question.)
We were quite pleased with the level of response to our survey: 430 former (or “recovering”) lawyers shared their stories with us. The tales they told us bring to mind a sort of inversion of Tolstoy’s line about happy and unhappy families. Those who were positive about their time spent practicing had a diverse range of experiences; those who were unhappy mostly tell the same story.
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:
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.
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.