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Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

“Do not go gentle into that good night, rage rage against the dying of the light.”

Dylan Thomas prophesied in his 1951 villanelle a prescient observation of aging leadership along with the corresponding succession planning hurdles a majority of laws firms face with their baby booming (or boomed) vintages.

Of the roughly 35,000 partners in Biglaw, roughly 4,700, (13%) of them are within a few years of or have surpassed (and then some) the mandatory retirement age. Lawyers 55 or older make up nearly 1/3 of practicing partners in the Am Law 200, a figure that will likely hold steady as the tail end of the baby boomer generation ages. Am Law 200 law firms have on average about 23.5 chairs, executive members, and senior partners whose 40-plus years of experience, client relationships, and leadership must be transferred to a new generation of rising stars. The process is hardly ever smooth and often involuntary.

Most partners in senior vintages begrudge the practice of mandatory retirement; some bemoan that it is an overcautious safeguard or the epitome of ageism. Some claim the practice is supported by scientific studies that link cognitive decline with advancing age — especially after 65, which is about the average for mandatory retirement. So how many law firms are prepared to deal with the void left by these partners?

double red triangle arrows Continue reading “Why Your Law Firm Needs A Partner Succession Plan”

We’d like to take a moment to thank to our wonderful advertisers here at Above the Law:

If you’re interested in advertising on Above the Law or any other site in the Breaking Media network, please download our media kits or email advertising@breakingmedia.com. Thanks!

Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Brian Kozminski, a partner in LP’s Real Estate practice.

For those thinking about switching firms, one of the most important things to consider about any prospective new firm is the way in which it is managed. Preferably efficiently, transparently, and in a business-like manner. But because you are in the legal profession, that is likely not the case. Sound harsh? Let me explain.

In order to understand how fully stacked the decks are against good management in law firms, it’s instructive to step back and compare how management choices are made in law firms with other industries.

If you owned a restaurant, for instance, you probably would not assume that your best chef would also make the best restaurant manager. If you owned a movie studio, you probably would not assume that your best director would also make the best CFO. If you owned a basketball team, you probably would not assume that a great point guard would also make a great coach and president of your team. (Or you would, then regret it later.)

The restaurant, movie studio, and basketball team owners (with the exception of the Knicks) understand that the skills of their top producers — however impressive — are not necessarily transferable to executive positions. Law firms are only learning this lesson now. Following a historic practice that continues to this day, many firms are run by the lawyers with the biggest books of business.

It does not go too far to call this practice absurd. Certainly, yes, at any law firm it makes sense to place lawyers in the leadership positions of, for instance, managing partner and chairman. And there may be some overlap between the qualities needed to succeed in those positions — charisma being one — and those helpful in becoming a rainmaker. But to ask those lawyers to also make the trains run on time — to administer the business operations of the firm — is courting disaster, for any number of reasons…

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Ed. note: This post is sponsored by NexFirm.

So you’ve decided to make the jump. Persuaded by the 10 reasons to leave Biglaw, and aware of the 10 common mistakes made by lawyers who launch their own firms, you have decided to hang your shingle.

What can you expect in your first few years running your own law firm? Here are 10 things that might surprise you….

double red triangle arrows Continue reading “7 Things That Might Surprise You About Having Your Own Law Firm”

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

Merger season has arrived, yielding a fruitful harvest of potentially enormous mergers between Patton Boggs and Locke Lord and between Pillsbury and Orrick. Perhaps the most interesting aspect of these mergers is the potentially “super” practice groups these mergers will make.

Patton Boggs has recently undergone a period of mild strife, as we detailed several months ago. Though they lost a significant number of energy and environmental attorneys after the fallout of the Chevron litigation, this merger with Locke Lord could be effective not only as a stopgap, but could also vastly strengthen each firm’s energy department….

double red triangle arrows Continue reading “Recently Announced Law Firm Mergers Could Create Cascade of Lateral Moves”

We’d like to take a moment to thank to our wonderful advertisers here at Above the Law:

If you’re interested in advertising on Above the Law or any other site in the Breaking Media network, please download our media kits or email advertising@breakingmedia.com. Thanks!

We’d like to take a moment to thank to our wonderful advertisers here at Above the Law:

If you’re interested in advertising on Above the Law or any other site in the Breaking Media network, please download our media kits or email advertising@breakingmedia.com. Thanks!

Ed. note: The Aspiring Lateral, a new series from Levenfeld Pearlstein, will analyze a variety of issues surrounding lateral moves, drawing on the firm’s experience in the lateral market as well as the individual experiences of LP attorneys. Today’s post is written by Laura Friedel, a partner in LP’s Labor & Employment practice.

In this column, we’ve been talking about the process of making a lateral move. Everyone knows the major stages of that process: deciding to check out lateral opportunities, evaluating potential new firms, interviewing with those firms, and, eventually, accepting an offer. That’s it. For lateral candidates, landing at a new firm is the endgame, right? Wrong.

The lateral journey does not end when you place the potted plant and picture of your family on your new desk. In a very real way, that’s just when the lateral journey starts. Beginning on their first day with a new firm, laterals who want to be successful need to make a concerted push to win over their new colleagues, one that involves a lot of hard work and time spent getting to know partners.

This may seem a little unfair. After all, by the time a lateral begins working at a new firm, she has been thoroughly vetted, the finances of her practice have been closely examined, and she’s on a first-name basis with several maître d’s due to those never-ending interview lunches. At which point, the lateral may feel an understandable — but mistaken — certainty that upon her arrival, her new partners will be leaping over themselves to herald her arrival and shower her with work…

double red triangle arrows Continue reading “The Aspiring Lateral: Integrating Yourself”

Ed. note: This post is sponsored by NexFirm. At NexFirm, we see dozens of new firms launch each year, and we seem to bond with both the people and the practice every time around. Their accomplishments feel like our success, and their disappointments, our failures. It makes for a great professional relationship, but it can also be painful when we see them repeat the same, predictable, new firm mistakes — especially ones that can be avoided with some guidance and forethought.

Attorneys who are launching their own firms tend to wring their hands over every small decision and miss the big picture. You feel overwhelmed, so you want to work feverishly to tackle your to-do list. After a long day full of “doing” without much “thinking,” you feel like you’ve really accomplished something. It’s an easy trap to fall into. It’s crucial to be thoughtful about the big things, set time aside to think about them, and treat them like the other action items on your list.

Start with these, the low hanging (albeit important) fruit:

1. Leave, Don’t Quit.

Focused on the unpleasant task of giving notice, worrying that you might piss someone off or — worse yet — be impeded from transitioning matters, you can easily miss the best marketing opportunity you will ever get. Use your resignation to ask your employer to give you business. Beg them, guilt them, scare them, do whatever you need to do, but make it happen. There is no one that knows you and your work better. If you can’t convince them to help you, in at least some small way, you are in trouble…

double red triangle arrows Continue reading “10 Things You Are Screwing Up While You Are Worrying About The Little Things”

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