“No, I’m cool that you might be making twice as much even though you skipped out to go to the Katy Perry concert.”
Propaganda is only partially about justifying horrible things to the masses. It’s also about salving the doubts of the oppressors. How can they be wrong when there’s a 70-foot statue dedicated to their divinity right there?
The slow march to opacity is one of the single worst developments in the Biglaw model over the last several years. Whether in the name of some half-baked strain of libertarian idealism or just to keep from being publicly judged by ATL readers, a few firms have increasingly moved compensation packages into a black box, starting with complex bonus award structures, then hiding even those frameworks, and now some even hide base compensation.
It’s an awful practice, and while some have the reputation to get away with it, it’s certainly frowned upon by lawyers and prospective lawyers steeped in the notion that this is a collegial profession.
So one firm put their public relations flaks on drafting a spirited defense of their black box so they can sleep better at night….
We here at ATL want to know what world’s largest legal audience — ours, of course — thinks. Hence, we ask our audience a lot of questions. Our Insider Survey, which is soon coming up on its 15,000th respondent, provided the raw materials for the creation of our Law Firm and Law School Directories, as well as features on various specific organizations, locations, and practice areas. To supplement our Insider Survey data, we also take a closer look at specific aspects of institutions, such as compensation and social media policies. Additionally, we check in with our readers for their take on topical events, including presidential politics and Obamacare. Today, we have a look at a handful of our ongoing survey projects: Social Media, Stipend/Advance, and Health Insurance. But first, we are looking for help with a new research initiative.
There is probably no other industry as obsessed with the concept of “culture” as the legal profession, particularly in the world of law firms. Many firms view their culture as a key element of their distinct place in the competitive marketplace. But what does that even mean? Is there consensus on what constitutes culture? Do clients notice or care? We would like to dig deeper into these questions. As a first step in this project, we are looking for a small group of currently practicing law firm attorneys who are willing — in complete confidence — to give us about twenty minutes of their time to answer some of our questions concerning the realities of what defines firm culture. Preference will be given to attorneys who have lateraled between firms. We will be conducting this project in partnership with our friends at Adam Smith Esq. and JD Match. If interested, please email us here.
Apart from the never-ending Insider Survey, ATL has three ongoing surveys which we hope will bring greater transparency to subjects of interest to our readers. Here’s a quick glimpse at where they stand today…
Ed. note: This is a new series 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 have previously appeared, in slightly different form, on AdamSmithEsq.com.
At the time I wrote, I treated it more or less as a thought experiment, but we now see that shirking that obligation can come back to bite firms with sharp and large teeth right here in the real world, as seen in Henry Bunsow’s high-profile suit against Dewey’s former leadership (accusing them of running a “Ponzi scheme,” and alleging he’s out $1.8-million in lost capital, among other damages). The gist of Bunsow’s action is that Dewey’s leadership painted a misleadingly rosy picture of Dewey’s financial health, and failed to disclose its obligations in deferred compensation. Bunsow further alleges that former chairman Stephen Davis withdrew his own capital investment after he was forced out of his leadership role and “took those funds personally to the disadvantage of the firm and his fellow partners.”
My three-year-old proposal was that firms be obliged to prepare the equivalent of a Private Placement Memorandum for laterals — equally available to incumbent partners as well, of course.
I also noted that the reaction of most readers would probably fall into polar camps: That my proposal was “fascinating” or else “preposterous”….
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.
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.
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.