The sky is not falling. Or if it is, it’s falling very, very slowly.
Yes, the legal industry is going through some major changes. The profession is becoming more business-focused than ever before, meaning that it’s harder out here for a partner. It’s also a tough time to graduate from a low-ranked law school if you’re not at the top of the class, as Elie Mystal has discussed at great length.
But for many law students and young lawyers, especially those with strong credentials from strong law schools, times are still good. For proof of this, consider on-campus interviewing (OCI), currently taking place at law schools around the country….
What does 2013 hold for the world of large law firms? Let’s look into our crystal ball.
Actually, scratch that. Making predictions is a tricky business. Sometimes we’re right — like when we predicted robust bonuses out of Cravath, based on their large partner class — but sometimes we’re wrong.
For now, let’s keep our powder dry, and instead check out historical data about hours, billing rates, and corporate legal spending. Can we gain any insight into the future by looking back over the past?
Biglaw needs to take a page out of the Burger King playbook and adopt a “Have It Your Way” attitude with its general counsel clients, according to a new study. In the words of the ABA Journal:
The recession has driven a power shift that now favors in-house counsel over the law firms they hire, a new report [PDF] has found.
About 75 percent of general counsel and law firm partners said the balance of power now lies with law firm clients, according to the report (PDF). A majority of both groups believe the power shift will be permanent.
We’re hearing more and more often from general counsels about the hot new trend of cutting back drastically on the number of outside firms they work with. The most dramatic example of this came from Levi Strauss, which slimmed its outside legal counsel down to size two.
The report says that 73% of GCs surveyed “admitted to either changing or reducing the number of their external legal advisers as a result of the recession.”
The 13-page report was commissioned by UK-based law firm Eversheds, but looks like it was designed by Barbie — lots of bubbles, and generous use of the color pink. It promises the death of the pyramid law firm structure and the move to “value billing.” It’s pretty, but is it substantive?
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.
Register today for the LGBT Bar’s Meet the Power Brokers: Financial Regulators event, held on Thursday, March 13 from 4:00 – 7:30pm. The event is specifically geared towards financial regulation and features an educational workshop and networking reception. Topics discussed will include the role of financial regulators, new rules and regulations related to the Dodd-Frank Act and developments in nation and international capital market regulation.
A reception will follow the workshop, allowing financial professionals to network and build relationships with individuals practicing in similar areas. The workshop will be streamed live via webinar for those individuals who are unable to attend the event in DC. For more information and to register, visit LGBTBar.org or contact Liz Youngblood at (202) 637-7661 or [email protected].
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