Is lateral partner hiring a game of musical chairs that law firms can’t win? Anecdotes about unsuccessful lateral hires abound. You hear stories about high-profile partners moving from Firm A to Firm B, often lured by huge guarantees, only to leave Firm B a few years later, after failing to integrate or deliver the expected business.
And some of the most successful firms in all the land, places with immense prestige and sky-high profits, do very little lateral hiring. Their refusal to engage in the lateral market hasn’t seemed to hurt them.
When it comes to lateral hiring, should firms “just say no”? Well, that’s not what’s actually happening in the marketplace. Last year, lateral partner hiring climbed, suggesting that it must be working out — at least for some firms….
We are going through a revolution in law with a time bomb on our admissions books. Thirty years ago if you were looking to get on the escalator to upward mobility, you went to business or law school. Today, the law school escalator is broken.
“One of the well-known facts about law school is it never took three years to do what we are doing; it took maybe two years at most, maybe a year-and-a-half,” Larry Kramer, the former dean of Stanford Law, said in a 2010 speech. The continuing existence of the third year of law school is generally held to be one of the basic structural defects in our current legal education model, alongside the contracted job market and soaring tuition. There have been efforts to address the problem, the latest being NYU’s announced overhaul of its third year curriculum.
Yet these attempts to redefine what the 3L year means appear to many like half-measures at best, “lipstick on a pig” at worst. As we noted back in November, Professor Bill Henderson of Indiana/Maurer has made a sweeping proposal that calls for a special new program for 3Ls by a coalition of willing law schools. The 3Ls would embark on a skills-based, teamwork-heavy course of study in partnership with law firms who agree to employ the students, albeit at a reduced rate. Also, there is a proposal currently before the New York Bar that would allow students to take the bar exam after two years. These students would not obtain a J.D. unless they return for their third year, but would be eligible for a bar card.
In assessing the NYU proposal (basically an increase in study abroad and specialty courses), Professor Kenneth Anderson argues that law schools have allowed educational incentives (i.e., learning to how to be a lawyer) and credentialing incentives (i.e., becoming an attractive job candidate) to drift apart: “The problem lies in how very, very unattractive we’ve institutionally made [students’] incentives – and the price tag attached to what is essentially a bet rather than investment. It’s a bet with many more bad payoffs than good ones.”
All the discussion and debate about the three-year law school model focuses, understandably, on the utility of that third year. We thought it would be interesting to have a look at our survey data to get a sense of how the experience of law students changes over time. The ATL Insider Survey asks law students and alumni to rate their schools in academic instruction, career counseling, financial aid advising, practical/clinical training, and social life. We wondered how, if at all, these perceptions differ between 1Ls and 3Ls….
Greetings from San Francisco, home of the world champion Giants, surprisingly noisy trolley cars, and the faint smell of cannabis pretty much everywhere. We’re in town to attend Ark Group‘s conference on “The Brave New World of Entry-Level Recruiting,” which examines how the world of law student recruiting by firms has changed (and will continue to evolve) since the onset of the Great Recession. Moderated by Bruce MacEwen, who kicked off the proceedings by framing the day as an opportunity for “frank conversation” between schools and firms, the conference featured an absolute Murderers’ Row of industry thought leaders, including Orrick‘s Ralph Baxter, legal academia’s apostate Paul Campos, NALP’s Jim Leipold, Indiana/Maurer‘s Bill Henderson, three Biglaw hiring partners, and deans from Berkeley, Stanford, and Hastings.
Read on for some highlights and takeaways from yesterday’s conference.
There’s actually some data driving this discussion. According to Chen, citing research by Professor Henderson, graduates of Loyola University Chicago School of Law are six times more likely to make partner at a major law firm than graduates of the higher-ranked University of Chicago Law School, located just a few miles to the south. It seems that even though Chicago Law grads may have an easier time breaking into Biglaw than their Loyola – Chicago counterparts, the Loyola folks who do make it in the door tend to have longer-lasting law firm careers.
Let’s not pick on U. Chicago. There are other elite law schools with even higher Biglaw “washout” rates….
He probably would have made a great modern law professor, but Aristotle would be a crappy practicing attorney.
Here’s an argument you don’t hear everyday: law firms who hire the smartest people are hurting their business.
That’s the gist of the argument by Bill Henderson, a professor at Indiana University’s Maurer School of Law who studies the legal profession (and whom we’ve quoted often in these pages). At least if we define “smart” as people who did very well on the LSAT and go to the “best” (as in highest-ranked) law schools. Henderson says that there are a lot of different skills that go into being a profitable lawyer, and being a slightly better standardized test taker than somebody else is not the most important of those skills.
Hey, you know what Aristotle says: “I know enough to know that being able to quote myself makes me an over-educated douche who can barely balance my abacus.”…
Late last month, we posed a question: Can Stanford overtake Harvard and Yale and become the #1 law school? We consulted our Magic 8 Ball, which gave this answer: “Outlook Not So Good.”
And it’s not just the Magic 8 Ball. Professor Bill Henderson, one of the leading academics studying the legal profession, constructed a simulation model of the U.S. News rankings. He used this model to figure out what Stanford Law School would have to do to top the list.
For starters, it would need to get its hands on at least $350 million dollars….
This year’s famous hike to $160,000 in starting pay for first-year associates did not buy hiring firms anything in terms of separating themselves from their competition. The firms that can afford to pay more will pay more; but there is a price point that not all Am Law 200 firms will be willing to match. We’re confident that that number begins with a 2.
[T]he Big Law market is the midst of a “separating equilibrium”. In short, a few dozen elite firms are pulling away from their BigLaw peers in the competition for premium, price-insensitive work….
So what does the future look like? BigLaw will no longer be synonymous with “large full service firms”, which was the mantra throughout the ’90s. Successful financial services and labor & employment lawyers will tend to migrate to different firms [i.e., super-lucrative and less-lucrative firms, respectively].
In terms of leading New York firms — the shops with big-time transactional practices, and profits per partner of $2 million or more — we’d speculate that a move, to a starting salary at or close to $200,000, will happen in the next twelve to eighteen months. If it doesn’t happen in time for this fall recruiting cycle, it will happen in time for the next one.
The foregoing analysis assumes, of course, that U.S. law firms chug along nicely over the next year or two. If we have a general economic meltdown, then all bets are off.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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