With all the salary freezes, thaws and permanent meltdowns over the past year, it’s hard to keep track of what associates at law firms are actually making these days. And associates are learning that an annual lock-step raise is no longer a sure thing under new compensation systems at many firms.
This week our ATL / Lateral Link survey asks about starting salaries and annual salary increases at your firm. We’ll use the information to update the ATL Career Center and bring you the results next week.
If you have information about your firm that you want to share with other career center users, please email us at firstname.lastname@example.org.
The ATL Career Center, powered by Lateral Link, is constantly being updated with responses from users and the latest news from the legal markets. While layoffs seem to have abated for the most part, many firms are now coping with the effects of the economic downturn by making major changes to compensation structures and partnership prospects.
Click here to find out what kind of salary increase associates at a certain Chicago-based firm can look forward to under the firm’s new compensation structure.
Click here to find out what associates at a certain "pedigreed" New York firm think about their chances for partnership under an increasingly "up and out" promotion system.
Use the Career Center’s firm snapshots and comparison tool to find the most up-to-date information on compensation structures, benefit programs and layoffs at dozens of Big Law firms across the country.
Welcome to the next article in our Expert Insights series, brought to you by the ATL Career Center. This week, we spoke with Katy Lewis, Associate Director at Lateral Link, who works with associate candidates on law firm searches in Chicago and the Midwest, and with candidates seeking in-house positions. Katy has worked closely with associates, recruiting coordinators and hiring partners at many national firms, so we asked her to share her Top 10 list of what they want to see in junior associates. Whether you are a new associate or just considering a career move, the Top 10 list is useful checklist of what you can do to succeed at a firm.
As a reminder, all Career Development articles, as well as additional career coaching information, are available in the Resources section of the Career Center.
Top 10 Tips for Junior Associate Success
10. Take advantage of slow periods. Use the time to organize your office, attend a CLE, catch up on business/legal current events (WSJ, NY Times DealBook, AmLaw Daily, etc.).
9. Develop a good working relationship with your assistant and paralegals. The better your relationship with the staff, the easier your job will be.
8. Learn how to use technology. Become proficient with firm software – learn to use Word, Excel, PowerPoint, Westlaw, Lexis, document compare software. Understand how to use the telephone – learn to transfer, conference call, dial international, etc. Nothing is below you as a junior associate.
Special thanks also to Practical Law Company for sponsoring tonight’s cocktail party here in New York. If you’d like to attend, there are still openings — just click here, then click on the RSVP button.
It’s a talk, it’s a party, it’s an open bar, it’s an opportunity to meet and mingle with the ATL editors, law firm associates, and law students. Can you think of a better way to spend a Tuesday night?
We’ve still got space for the Summer Associate Kick-Off Party, hosted by Practical Law Company. The event is this Tuesday, April 13th, from 6:30 p.m. to 10 p.m. at Amity Hall, (80 West 3rd Street). David Lat, Elie Mystal and Kashmir Hill will be hanging out and offering advice on the Do’s & Don’ts Of Being A Summer Associate.
First Do: Take advantage of networking opportunities. (And open bars.)
If you’re a law student or lawyer, you’re invited. You can RSVP for the event by emailing us at email@example.com, with your name and your law school or law firm.
Our recent Career Center survey asked about how the economy has affected the practice area choices of associates and law students. A large majority – 80% – of law firm respondents indicated that they have not had to work outside their chosen practice area to meet their hours.
Of the 20% of law firm respondents who have had to work in practice areas other than their own, more than two-thirds of them have picked up litigation work and almost half of them have billed hours to bankruptcy matters. Almost half of law student respondents indicated that their practice area choices have been affected by market conditions, with litigation the new top choice among law students.
Check out the full survey results after the jump — and visit the Career Center, powered by Lateral Link for more on which firms are leaders in the practice areas you are interested in.
Jiminy jillickers! ATL editors are going all over the place over the next month or so. Or at least all over the Eastern Seaboard. If we aren’t heading to your neck of the woods on these trips, never fear, we may hit you up on the next time around. We’ve already hit up Houston, Chicago, Seattle, San Francisco, and Los Angeles in the past year.
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: