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: firstname.lastname@example.org.
Our advice to any Mandarin speaking 2L summer associate who is interested in a future transfer or lateral US associate move to Hong Kong / China: It’s not just about corporate and other transactional practices any more. If you are more interested in litigation than transactional, don’t hesitate to choose litigation or a litigation-related practice area. There is a sharply growing need at top US firms in Hong Kong / China for laterals and transfers in US litigation (mostly FCPA / White Collar work), Anti-Trust, and Disputes / Arbitration. This is not just a trend, it’s a permanent change on the landscape. We find it exciting that Mandarin speaking JDs now have more options to choose from in positioning themselves for a future Hong Kong / China move. Feel free to contact us at email@example.com if you are a summer associate interested in Asia and have any questions about choosing a practice. It can be one of the biggest decisions you make in your career and yet one usually made without much analysis. Also, feel free to contact us if you are an associate interested in joining an FCPA / White Collar practice or Disputes practice in Asia. We have made numerous such placements in the past few years and a number of our candidates are interviewing for FCPA / White Collar positions at present in Asia.
* If you want to become a Supreme Court justice, you can start by attending one of these three schools. The schools that produced the most justices are Harvard Law, Yale Law, and Columbia Law. [TIME]
* Many of the transactional practice areas that took a bruising during the height of the recession, like corporate work, M&A, real estate, and tax, seem to be coming back. Sorry litigators. [WSJ Law Blog]
* Following Oklahoma’s botched lethal injection, another death row inmate has been given a new lease on life — for the next six months — while an investigation is being carried out. [Associated Press]
* Members of the defense team for accused Boston Marathon bomber Dzhokhar Tsarnaev not only want their client’s comments after arrest stricken from the record, but they also want the death penalty off the table. Good luck. [CNN]
* A lawyer was arrested after a school board meeting because he complained for too long about a graphic sex scene in a book his daughter was assigned to read for school. That’s typical. [New York Daily News]
Today, we turn toward the other major category of Biglaw practitioners: corporate/transactional attorneys. Unlike litigators, about whom the public at least has some notion, however distorted, of what they do, most people have no clue what corporate lawyers are up to. No young person daydreams about “facilitating a business transaction,” while there are some who aspire to argue in a courtroom. As noted last week, this litigation/corporate information imbalance is reinforced by the law school curriculum, which remains largely beholden to the case method of instruction.
When comparing the experiences of corporate lawyers versus litigators, there is a familiar litany of pro and cons:
Cravath partners enjoy discounts at Subway, among other perquisites.
It’s rare for partners to leave Cravath, given the prestige, pay, and perks associated with partnership at the firm. And it’s especially rare for a Cravath partner to leave for a rival firm, as opposed to a Wall Street investment bank or major corporation.
Cravath has a very specific system for running itself, and that system has served Cravath very well over the years. As its competitors expend increasing amounts of effort to climb the prestige hierarchy and expand across the globe, Cravath remains at the top, serenely servicing its clients — and printing money for its partners. Part of the reason why Cravath so rarely loses partners to other firms is that it’s so profitable overall that even a partner being paid under Cravath’s lockstep system still does better than a “star” partner at many other firms.
So that’s why today’s news is so notable. A prominent young partner at Cravath has decided to leave Worldwide Plaza and take his talents across town.
Who is the partner in question, and where is he headed?
Apparently also underrated? The corporate group at Cahill Gordon, according to the ATL audience. Cahill received the most mentions as having an “underrated” corporate group in our ATL Insider Survey. Biglaw has a fairly stable roster of alpha dogs in each practice category (Weil in bankruptcy, Wachtell in M&A, etc.), but we wondered which firms’ practice groups deserve more recognition. So, among other things, our survey asks attorneys to nominate firms with underrated (and overrated) practices within the respondent’s own practice specialty. Litigators nominate litigation departments, tax lawyers do the same for tax groups, and so on.
Read on and have a look at the top three underrated firms in each practice area:
Hello readers! This post marks the one-year anniversary of my writing for Above The Law. **Hooray!** Whew, okay, now that all of that crazy excitement is over with, let’s move on.
Every once in a while, I meet people who ask whether there’s any value in doing a clerkship if they would eventually like to practice transactional law in-house. Like a dutiful little blogger, I consulted with several senior in-house attorneys on their thoughts about whether a clerkship is valuable for an in-house transactional practice.
The lawyers I consulted who hadn’t clerked generally saw little to no value in a clerkship with respect to an in-house transactional practice. Why spend an entire year of effort on something that’s not going to be directly applicable to your practice (and, by the way, pays diddlysquat), when you could be getting firsthand experience drafting contracts and working on deals on Day 1? Plus, it’s not like businesspeople have a clue what the difference is between a law clerk and, you know… a rock.
The attorneys who had clerked, on the other hand, saw many potential benefits….
I was recently asked to write an article about the future of Biglaw. (That’s one of the benefits of writing this column: Writing yields more opportunities to write. Like first prize at the pie-eating contest.)
I naturally asked some Biglaw acquaintances what they saw in their firms’ futures, in an effort to generate some grist for the article’s mill. (Given that I occasionally write in unbelievably awkward, and arguably unintelligible, mixed metaphors — such as “grist for the article’s mill” — it’s a wonder that Lat even permits me to continue writing this column, let alone that others solicit me to write in other fora. But that’s neither here nor there.)
What do my Biglaw lunch dates (and others whom I pester) say about their futures? They say many things, but one common refrain about the future of Biglaw is “consolidation. Big law firms will continue to merge, and only the biggest will thrive.” When I ask why firms will feel compelled to grow, folks often say: “Clients insist on it. Clients want one-stop shopping.”
What clients? Any real ones, or just theoretical ones? I, at least, don’t insist on one-stop shopping. . . .
Quick! I’m an in-house lawyer! How are my legal skills?
Admit it: You just thought to yourself, “So-so. The guy couldn’t hack it at a law firm and wanted a 9 to 5 lifestyle, so he took his mediocre skills and moved in-house. I’ll try not to be transparently condescending when I talk to him on the phone.”
I believed that, too, until I went in-house. (That was a joke. How do you put a smiley face on a blog post?)
A moment’s thought reveals that I’m a bundle of legal prejudices, and I suspected that others were, too. So I did a Rorschach test of some lawyer-friends. I named categories of lawyers, and I asked my friends to give their immediate reactions to those categories.
A couple of decades ago, a friend was defending a case that involved a corporate entity named “LHIW, Inc.” The case seemed defensible for a while. Then, during a deposition, opposing counsel thought to ask a witness what the heck “LHIW, Inc.,” stood for.
Suffice it to say that it’s tough to defend a transaction that involves a shell company named “Let’s Hope It Works, Inc.”
Ten years ago, a company was spinning off the piece of its business that was saddled with product liability exposure. The transaction would create one new, clean company and one tainted company that would spend its days defending itself or paying claims over time. Did the internal corporate documents really have to refer to the two new entities as “GoodCo” and “CrapCo”?
Why did I flash back to those memories? Because I recently ran across a situation where someone cleverly named an investment vehicle “SNP, Inc.” That was fine and good until someone thought to ask what “SNP, Inc.,” stood for. Naturally: “Should Not Participate, Inc.”
The more things change, the more they stay the same. But I have a proposal on this front . . .
Caveat: I did not write the following dialogue. It is from the “comments” section of one of my columns where I mentioned I’d be writing about HIPAA and GLBA. Unfortunately, I cannot attribute the comments to the persons who wrote them, as they are anonymous; however they are quite apropos of today’s subject:
1) “I wish vendors would get it into their heads that indemnity for being sued on a confidentiality basis doesn’t cut it for financial institutions and other customers/clients that have affirmative obligations without being sued in the event of a breach of confidentiality.”
2) “I wish financial institution customers would get it into their heads that the ‘customer information’ they’re obligated to protect is not the sort of thing they would ever disclose to the vast majority of their vendors, and stop using their ‘affirmative obligations’ as a tool to cram unnecessarily restrictive confidentiality terms down the throats of vendors.”
Perfect. Those two comments capture the schism between vendors and customers when dealing with private financial or personal confidential information….
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: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
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