Ed. note: This is the first in a new series, “Across the Desk,” from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” will take a thoughtful look at recruiting, career paths, professional development, human capital and related issues. Some of these pieces will have previously appeared, in slightly different form, on AdamSmithEsq.com.
As noted in the American Lawyer recently, the lateral recruiting boom of recent years continues unabated. As the Am Law article points out, “At the same time [as they’re focused on hiring lateral partners], firms appear to be homing in on their poor performers. Nine out of 10 survey respondents said their firm has ‘unprofitable’ partners, and seven out of 10 said their firms have partners at risk of being deequitized or ‘put on performance plans.’ As one survey respondent put it: ‘There are too many partners without sufficient billable work.’”
Now, wouldn’t you think it would make sense — if firms are worried about underperformers — to pay some attention to associates as well as partners? After all, some of those associates should, speaking theoretically at least, be your future partners.
Yet there’s unrebutted evidence that firms look at the wrong criteria when hiring associates….
For the past seven years, the National Association of Women Lawyers has tracked women’s progress at the 200 largest firms in the nation by comparing their careers and compensation with similarly situated men. And for the past seven years, reading NAWL’s report has been like drinking a fifth of gin, and then watching Requiem For A Dream: it’s really freaking depressing.
For every two steps forward the legal industry takes, female attorneys seem to move two steps back. Despite Biglaw firms’ purported support for gender equity, women just aren’t achieving the same success as their male peers, either economically or in terms of attaining leadership roles. From associates to partners, women are always left holding the bag.
With that backdrop, let’s check out the excruciatingly discouraging news for women in Biglaw….
Staci here. Earlier this week, in response to a reader question, Vivia Chen at The Careerist engaged in a discussion about female lawyers who curse like sailors. She noted that she found cursing to be “rather cathartic,” but her takeaway was this: “If four-letter words just roll off your tongue, go for it. And if people have problems with your style, you can tell them where to stick it.”
And while staying true to yourself and unleashing as many f-bombs as you can may be alright in some circumstances (i.e., social settings), in the workplace, it can lead to some rather negative consequences — for both women and men. But that’s really beside the point, because cursing on the job is just plain disgusting, no matter which gender it’s coming from.
I know that I may get my bra-burning card revoked for this, but I think that it’s even more appalling when it’s coming from a woman. Of course, not everyone agrees with me — one of my fellow editors thinks women should be able to drop as many expletives as they want. Before you tell me where to stick it, let me explain…
Back in June, we wrote about the lawyers in the Fashion Victims Unit at litigation powerhouse Quinn Emanuel. We were a little surprised when we found out that partner Bill Urquhart was allowing — nay, encouraging — all associates to dress über casually at the office.
As Vivia Chen of The Careerist so eloquently put it, it seems that the age of “jaw-droppingly sloppy” lawyers has arrived. Jeans and t-shirts are the style of choice at Quinn Emanuel. Instead of the clicking of heels, the most familiar sound at the firm is one that has been banned from bar exams across the country: flip-flop, flip-flop, flip-flop, flip-flop.
News of the firm’s kitschy footwear leaked during the height of its summer program. But did you really think that Quinn Emanuel would let its new-found fashion fame go quietly into the night?
The statistics about women equity partners are bad. There is no shortage of “experts” opining on how to improve the statistics. The solutions often involve a cardigan (apparently the successful woman’s secret weapon), full-time nannies (the successful woman’s not-so-secret weapon), and a miracle.
There are some who offer more specific solutions. I personally love Skadden’s idea of hiring a “den mother” to mentor and guide their young female associates. Indeed, Sheli Rosenberg is correct when she channeled Madeleine Albright’s famous saying that “[t]here’s a place in hell for women who don’t support other women.”
I have had many conversations with small-firm attorneys about whether or not small firms may offer the solution to the gender gap among partners. Unfortunately, there is little to no research regarding the statistics of female partners in small law firms, so the discussions are based on personal experience as opposed to objective facts. Given the sources of the data, the results are, not surprisingly, mixed. Some say that small firms are better for women because the women have direct access to the decision-makers and clients, and there is less politics when it comes to promotion decisions in small firms. Some say that small firms are worse because the firms, unlike Biglaw, often do not disclose demographic information and so feel insulated — and because firm managers, who tend to be male, promotes their own….
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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