We’re entering on-campus interviewing season. If you’re a law student going through OCI, or if you’re a lawyer involved in your firm’s recruiting process, be sure to check out Above the Law’s new law student career center, a repository job search resources, and our law firm directory, where law firms get letter grades in different categories.
One area that interviewees are always interested in is diversity. Diverse attorneys — okay, that’s a bad way of putting it — minority attorneys want to know where they’ll feel welcome. Even lawyers who aren’t minorities want workplaces that are open and inclusive. And corporate clients are increasingly keen on sending their work to firms that show a commitment to diversity.
So which Biglaw firms are the biggest on diversity? Let’s check out the latest rankings….
Which law firms are the best law firms to work for? The ones that pay salaries (ideally in excess of $10,000 a year). In a still-challengingjob market, law students and young lawyers will generally work for whichever law firm will have them.
But some prospective employees of Biglaw have the luxury of choosing between multiple employers. And for these privileged and talented few, things like quality of life — to the extent that one can have a quality of life, or a life at all, while toiling away at a top firm — do matter.
Last month, our friends at Vault issued their closely watched Vault 100 rankings, ordering the nation’s major law firms by perceived prestige. Now they’ve followed them up with their annual “quality of life” rankings, expressed as a list of the best law firms to work for.
The new Vault Rankings are out. It’s a fun day for large law firms — a day when their prestige is matched against that of their peers.
The day is even more significant this year, since it appears that so-called “top” Biglaw firms are now paying bonuses largely in “prestige points.”
Vault ranks the prestige of firms based on nearly 17,000 surveys sent to law firm associates all across the country. Just by looking at the top ten firms, I think we can agree that associates who fill out these surveys have no memory and have really enjoyed this period of salary stagnation.
As I mentioned last week when talking about associate hours, it seems Biglaw partners really know what they’re doing. Whether we’re talking about prestige or associate hours, partners have figured out that associates will take less money and like it….
Ebony and ivory, billing together in perfect harmony.
We’ve talked a lot in these pages about the value of diversity. It’s important to clients, it’s important to law firms, and it’s important to the legal profession as a whole.
Given the significance of diversity, it’s not surprising that several organizations and news outlets focus on it, especially with respect to large law firms. In the past few weeks, we’ve discussed diversity data from Building A Better Legal Profession and from the American Lawyer, for example.
Today brings news of more diversity rankings, this time from the ranking gurus over at Vault. They’ve compiled a list of 25 best law firms for diversity.
Which firms made the cut? Is your firm on the list?
The world of large law firms isn’t all about prestige and pay. Although the Vault 100 prestige rankings and the Am Law 100 profit-per-partner rankings are closely watched, there are other ranking schemes out there — and some of these frameworks adopt a kinder, gentler outlook on Biglaw.
For example, take the American Lawyer’s A-List. Although the A-List rankings take law firm financial performance into account, they also factor in diversity, pro bono work, and associate satisfaction.
Associate satisfaction: that’s the driving force behind another important set of rankings, Vault’s just-released “Best Law Firms to Work For” list. The notion of “quality of life” at a law firm might seem laughable to some — but let’s face it, some firms are generally better workplaces than others. (Of course, your mileage may vary: some lawyers have great experiences at firms known for being awful, and some lawyers have awful experiences at firms known for being great.)
That year, Latham fell from #7 to #17 on the Vault 100 list of the most prestigious law firms. It was one of the biggest single year drops ever on the Vault list. At the time, I asked: “Is this as far as [Latham] will fall?”
Two years removed from that question, I’m staring at the brand-new Vault 100 rankings. Latham & Watkins is ranked #11.
Memory, my friends, is not something they screen for on the LSAT…
Greetings from lovely Palm Springs, California, home to the 2011 annual education conference of the Association for Legal Career Professionals (better known to many of you as NALP). The setting is beautiful, the weather is fabulous, and the conference panels have been stimulating thus far. Who needs SXSW?
Yesterday I attended a very interesting session, covering a topic near and dear to the hearts of many Above the Law readers. The apt title of the panel: “From Black Boxes to Glass Houses: Evolving Expectations of Law Firm Transparency.”
The lively discussion covered a wide range of topics — and also offered some advice for law firms for dealing with the increased transparency of the digital age….
One of my favorite law firm names is Freshfields — Freshfields Bruckhaus Deringer, to be precise, but I prefer Freshfields. It makes me think of rolling green hills, crisp laundered linens, or a dairy, producing the creamiest milk in all the land.
As it turns out, Freshfields is a law firm — a top international law firm, a member of the elite Magic Circle. And this Freshfields is rolling out the green, doling out crisp bills, and ladling out the cream — to its associates. As reported earlier today by Am Law Daily, yesterday Freshfields announced spring bonuses, on the top-of-the-market Cravath scale.
Freshfields isn’t alone. This afternoon, Cadwalader, which was publicly toying with the idea of spring bonuses, announced that it too would pay them, again on the Cravath scale.
These two moves are significant — far more significant than the earlier spring bonus announcements….
Readers, we’ve reached the end of the road. After this post, we will have exhausted the Vault 100 law firms — the one hundred most prestigious large law firms in the country. We’ve been doing a series of open threads on these firms so that readers can discuss, in the comments, how these firms stack up against each other.
We were impressed by the quality, but not the quantity, of the comments on our last law firm open thread. Will the final 20 generate as much discussion? Here they are:
With fall recruiting gearing up, and the lateral market warming up, we continue our annual series of open threads about the law firms featured in the Vault prestige rankings. These threads provide ATL readers with a forum to discuss the different firms and their various strengths and weaknesses.
The end of the Vault 100 is in sight. We’re covering the firms in batches of 20 now. Here are the firms ranked #61 to #80, which will provide today’s discussion fodder:
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 protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
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:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.