So you like being an M&A (mergers and acquisitions) lawyer. Wonder if M&A work is different in-house compared to private practice? It’s just slightly different. Like maybe about 90% slightly different.
If you’re an M&A lawyer at a firm, your main responsibilities on a deal will be to draft the purchase agreement and other documents, actually review all of the due diligence on the company to be acquired, advise on and negotiate various legal issues, and keep track of everything that needs to be signed, filed, and otherwise happen from a legal standpoint to “close the deal.” The other primary value that outside M&A counsel provide is to inform on what’s standard and market in M&A deals and arrangements. This all sounds like a lot. And it is.
But because the tasks required of outside counsel are pretty much “pure legal” items, they’re a fraction of the amount of work that needs to be done by the in-house M&A attorney, who gets to manage all of the above, plus much of the non- or pseudo-legal stuff that the rest of the company actually cares about…
Last week, I wrote about how gossiping at the office can indicate that you’re in dire need of soft skills training or may be a pathetic, passive-aggressive coward. Or, more likely, both. After I submitted the post to ATL, David Lat (aka The Legal Gossipmonger Grandmaster) reminded me that hey, gossip can be positive too! The Grandmaster was absolutely right, of course, as my article had really only focused on the type of gossip where people whine and complain about their coworkers.
I thought, hmm, true — gossiping at work can definitely have a positive impact on you if you’re gaining information that will be useful to you on the job. Like finding out about which IT dude won’t treat you like the complete tech idiot that you are. Thanks to one of the commenters, I decided to dig a little further into what some of the other positive effects of gossip could be. And I was surprised by what I learned….
So, OMG you seriously haven’t heard that Brittany likes Mark, but Mark likes Claire even though he’s flirting with Brittany? Yeah, Mark — the guy who’s so dumb that the last time he cheated on a test he still failed… I know right, he’s so hot!
High school gossip can cover many aspects of life. Sometimes the chatter is about school and tests. Sometimes it’s about who got invited to the cool parties and got sick on the street later. But most often, it’s about juicy dish. (Kind of like ATL, pimply puberty-style, except… hmm, never mind, it’s just like ATL.)
In-house gossip is thoroughly less satisfying. It’s more about who ticked off whom a couple of years ago, who’s slacking off and getting away with it when the rest of us can’t, and who could vie for the gold if kissing up to senior executives were an Olympic event. The juicy stuff that I used to get wind of once in a while from law firm peers seems rare in an in-house setting. Little did I realize that I was giving up such a quality of life factor when taking this job. People really need to give you a heads up about these things.
Seriously though, kids who gossip in high school are immature. But, well, that’s just about everybody in high school, so it’s all good. (The mature ones are the weirdos — avoid them like the plague, high school kiddies.) Gossiping at work, however, is viewed as less acceptable and is instead indicative of needed soft skills improvement…
Last month, a group named Russell Reynolds Associates (RRA) announced a study in which they identified eight qualities of successful legal executives. The study found that these accomplished folks exhibited greater levels of certain traits compared to your average Executive Joe Schmoe, Esq. The results, while informative, weren’t all that surprising. (It’s cool how hindsight works that way.) There were two traits, however, that RRA zeroed in on in their write-up of the study.
One was “excitability.” Successful legal executives got frazzled about 20% less than the average legal executive and even than the average non-legal executive. The gap in excitability was even wider between Successful GC and Not-Successful GC. So all of you lawyers who have a tendency to hyperventilate over every little fire drill can do yourselves a favor and think calm thoughts when you find that your prized pen has been moved from the right side of your desk to the left.
The other trait that RRA considered noteworthy is one they referred to as “mischievousness.” Their evaluation of mischievousness, however, is really just a brilliant scam….
Based on questions that I’ve been getting during the past few months through this blog and elsewhere, I’m realizing that a lot of attorneys and attorneys-to-be who don’t know about some of the very basic characteristics of in-house legal work. Stuff that I forget isn’t necessarily obvious until after some time has passed (like how only after you’ve graduated from law school do you realize that in order to make a profit off your casebooks, you need to sell them before the next edition has been released — so basically within 20 minutes of purchasing them).
Instead of having to continue explaining the fundamentals of in-house work again and again to each of these people individually, I realized I can make use of this newfangled innovation called le blog for summarizing some of that basic information. That way, when people ask me all of those questions, I can just refer them here. It only took me ten months to figure this out. I am so SMRT.
Elevator speeches aren’t just for elevators anymore. I mean, when’s the last time you’ve actually used one in an elevator? And not afterwards gotten a look that said, “Please, can’t you see that I’m pretending to be really interested in what’s on that teeny tiny news screen up there?”
It’s rare to hear a good elevator speech these days, even if it’s just the two of you in that little box with no TV screen available for refuge. (Thank goodness for iPhones.) Here are some of the typical speeches I hear: “I do commercial litigation at Biglaw firm.” “I work at a mid-sized hedge fund in New York.” “I’m interning at Attorney General’s office this summer at the division of civil rights.”
These are just the short versions. The longer versions aren’t much better. They’re just longer (guess whose this one is…): “I work at a travel and hospitality company doing general transactional work, such as commercial contracts, M&A, business development, and advertising and social media.” Yawn….
In light of some perspectives on women’s fashion that have crossed Above the Law recently (and because I like to beat horses until I’m absolutely sure they’re good and dead), I’d like share a few thoughts. When it comes to what to wear at the workplace, most of us women agree that women should dress professionally. And most of us know what dressing professionally generally looks like, even if not everything is perfectly laid out.
However, there is this “small” issue that there are still too many sexist job interviewers out there who expect women to go beyond just dressing professionally, and demand that we dress in a way that they consider feminine and appropriate for a woman.
Now, some women are perfectly comfortable wearing skirts and heels, and of course there’s nothing wrong with that. Other women suspect that such items are the devil’s handiwork. In any case, most women aren’t happy when other people dictate how any of us dress in the workplace, so long as we’re meeting the basic standards of professionalism. After all, it’s a rare occasion that men at the office are judged for not dressing in more masculine attire….
When I tell people that I really love my job, I get various responses. Most of them are something like, “Wow, that’s great,” or “I hate you.” Or sometimes, “That’s very nice, ma’am. May I take your order now, please?” When people ask why I love my job, my response is kind of lame. I tend to say it’s a lot of “fun” and then go on to describe a couple of types of matters I work on. Yeah, not all that insightful.
So for this week’s post, I decided to figure out more specifically (than “umm, so…the social media thing is interesting…”) why a lawyer may love her job. The reasons I came up with are mostly common sense and one reason actually has nothing to do with my job per se….
If you’re like me, you’re happily ensconced (hmm, where have I seen that before…?) in your company’s diversity and inclusion efforts. Your company may have a Diversity Committee in place and may have implemented diverse hiring and retention practices. They may hold trainings and events intended to promote awareness. Your legal department may even encourage outside counsel to staff minority and women attorneys on matters. All good stuff.
What else is there? Last week, I attended a day-long regional meeting for a fantastic nonprofit diversity organization. Although the fees to attend their conferences and meetings (which include CLE) are hundreds of dollars, in-house counsel get to attend them for free. You just need to pay a $59 shipping and handling fee. Wait, scratch that last part. (Been watching way too many infomercials lately.)
So, which organization was this, and what great tips did I leave with on how in-house counsel can further their companies’ diversity initiatives?
I had mentioned a while ago in my very first ATL post that some of my work involves marketing. Well, some of that marketing involves social media. As the main social media lawyer for my business unit, I work with our strategic teams to figure out how to make the best use of social media technologies (e.g., Facebook, Youtube, blogs, smartphone apps, etc.). All within 140 characters at a time.
What’s it like? As lawyerly work goes, it’s fast-paced and feels kind of risky and cutting-edge. Kind of like Mission Impossible. You know, like if the movie had a lawyer character whose job it was to make sure that the Tom Cruise character signed a waiver every time he got a pack of explosive chewing gum. Really, even non-lawyers think this social media lawyering work is cool. Granted, the non-lawyers I’m talking about are sixty-year-old gamers who live at home with their mothers. But still!
There isn’t really a standalone body of “social media law,” so a lawyer who covers this area ends up being a sort of jack of few trades. Instead, law in social media involves work which falls into the following basic categories….
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
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.