One of the country’s best law firms no longer has one of the Internet’s worst law firm websites.
As you may recall, four years ago, Wachtell, Lipton, Rosen & Katz was ranked by the American Lawyer as having one of the industry’s worst websites. According to the article, Wachtell’s website was “reminiscent of a seventh-grade history project.”
Having seen endless examples of terrible law firm websites, I’m not sure it was fair to call Wachtell’s old site one of the worst. There is no disputing, however, that it was crushingly boring.
The analogy to a middle school project was sound. The old site’s idea of spicing things up was to put its extra special passages in italics or bold — or, if they were feeling particularly crazy, italics and bold.
It seems that Wachtell has finally grasped the notion that websites should be attention-grabbing. Or at least marginally attractive.
Check out Wachtell’s transition into the modern Internet era….
Forget Queer Eye and the Biggest Loser. When it comes to makeovers, we’re far more entertained when Biglaw firms overhaul their websites. Especially when they involve mind games (MoFo), body shots (Ballard Spahr and Cox Smith), or hotties (Davis Polk).
Cravath previously had an Internet 1.0-type website. It was extremely basic; its sole function seemed to be to list email addresses. The dull site failed to capture the arrogance prestige of this elite law firm.
The new site, on the other hand, does capture this aspect of Cravath. The Biglaw way is not to be the biggest, but to be the best, according to Cravath’s philosophy page:
At Cravath, we hire only the top students from the nation’s finest law schools, we train those associates through rigorous rotation of practice, we elevate partners exclusively from within and we compensate partners on a lockstep model throughout their careers. The Cravath model has been adopted by many prominent law firms and consulting firms. While some firms have abandoned the model over time to promote lateral growth and global expansion, we have not. We do not seek to be the largest firm by number of offices, lawyers or specialty groups. We promote excellence in client service, at the expense of short-term profit. We believe that maintaining a true partnership of the finest educated and trained lawyers is the single, best manner of handling our clients’ most challenging legal issues, most significant business transactions and most critical disputes.
The new site also has a newsy feel about it. Check out the front page — it looks like The Cravath Swaine Journal.
And Cravath has learned to embrace photos. At least for its partners and senior associates. Though Cravath attracts the best and the brightest young lawyers, as noted above, it doesn’t want to show them off on its website. If you’re a junior associate, no bio or photo for you on the site!
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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