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?
If you are considering a virtual law practice, you know that many of today’s solo firms started that way. But why are established, multi-attorney law firms going virtual?
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:
Reduces malpractice risk
Enables you to gather the best attorneys to fit the firm, regardless of each person’s geographic location
Leverages mobile devices and cloud technology to enable on-the-spot client and prospect communication
Transitioning in-house is something many (if not most) firm lawyers find themselves considering at some point. For many, it’s the first step in their career that isn’t simply a function of picking the best option available based on a ranking system.
Unknown territory feels high-risk, and can have the effect of steering many of us towards the well-greased channels into large, established companies.
For those who may be open to something more entrepreneurial, there is far less information available. No recruiter is calling every week with offers and details.
In sponsorship with Betterment, ATL and David Lat will moderate a panel about life in-house and we’ll hear from GCs at Birchbox, Gawker Media, Squarespace, Bonobos, and Betterment. Drinks, snacks, networking, and a great time guaranteed. Invite your colleagues, but RSVP fast, as space is limited.
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.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.