New York Versus London Firms

by A. Harrison Barnes on January 9, 2012

by Carey Bertolet and Joanna Joplin

“We say tomato, and they say…”

On a daily basis, we meet lawyers who are considering not just a change of firm but a complete change of scenery. Often, a lawyer’s interest in relocating to a new city is based on his/her perception of what it’s like to live and work in the target city. Of these lawyers interested in relocation, some of the most frequent are New York-based lawyers interested in working abroad and London-based lawyers interested in practicing in a New York firm. We see these preferences often enough that it caused us to consider what it means to live and work in New York vs. London and whether there are generalizations that can be made that accurately contrast the lawyer’s law firm experience in London to that of the New York-based lawyer.

New York State of Mind

To start, we interviewed lawyers at several large New York practices to see what generalizations can accurately be made regarding the city itself. Certainly, New York is commonly regarded as one of the world’s predominant cities in the global economy and is the home of the world’s largest corporations. As such, law firms thrive in New York, and associates can boast their participation in corporate deals with the most zeros and litigation with the most at stake. The New York legal market is certainly form and substance: capturing the best work demands, the best credentials, and the fanciest resumes. It is a city that many lawyers consider the place to be for the most complex work and noteworthy representations. There are, however, hundreds of sophisticated firms in New York, causing us to cross-examine the notion that the practice in New York is fairly described as any one thing when compared to another city’s legal practice. Looking for themes that might carry through from New York firm to New York firm, we were specifically focused on the work environments for New York associates in sophisticated law firms.

The Downtown Institution. To begin, we interviewed a lawyer with a large multinational firm’s New York office, located in downtown Manhattan. This Wall Street-oriented firm ranks high in name-recognition and size and has a full-service, highly visible practice in New York and beyond. It is fairly described as a “white-shoe” firm — a term indicating that the firm in question is considered among the elite. Generally speaking, white-shoe firms are New York-based, have a long-standing presence in the New York marketplace, and often cater to institutional clients who are usually large corporations and entities with immediately recognizable names in New York and beyond.

Environment. This firm’s austere office is in many ways what one expects from the more traditional firm. With a conservative décor and regimented office plan, this firm’s environment encourages conservative dress and demeanor. Still, associates are attracted to this firm, often times because of a combination of the sophistication of the work and the pedigree that goes along with working at a white-shoe firm. Associates tell us that as traditional as this firm is, they contribute to cases or transactions to degrees that one might find unusual at a big firm. In addition, associates travel on behalf of clients, give presentations in and out of the city, and take substantial roles in their work.

Community. Associates are likely encouraged to be social animals within the firm setting, and this is “especially true during the summer.” Many relationships fostered among summer clerks and junior associates carry over to day-to-day socializing among lawyers at the firm. Although that socializing, over time, becomes more common only among colleagues in a practice area or classmates, these social relationships are often sustained.

Hours. The firm’s best billers frequently bill in excess of 2,500 hours per year, although many associates log closer to the 2,000-hour range. Our source tells us that this firm’s traditional foundation is a face-time culture, where many partners do appreciate seeing their associates at their desks. Having said that, the firm’s internal clock runs early. Whereas many New Yorkers don’t start their work days until 10 a.m., hours are being billed at 9 a.m. here. And you will see many of the lawyers punching out around 7, which is a bit more family friendly than some of this firm’s competitors.

Despite the old-school approach to office furnishings and hours, times are changing, even at the oldest New York firms. The advent of technology allows an associate to be more connected to partners and clients by remotely accessing voicemail. Associates are even required to be “Blackberry accessible” at all times, including on weekends. The more progressive practice groups (for example, the intellectual property transaction department) are more likely to understand that a connected associate can be just as productive and available outside the office as they are in. Associates here are required to get their vacations approved in advance, and during busy times, there may be “moratoriums on vacations for three months at a time,” and vacations do get cancelled from time to time, even when approved. Of course the firm will reimburse an associate for those missed trips, but free time is not necessarily a guarantee.

The Global Player. For our second case example, we examined a firm with a slightly different picture. Though this firm certainly scores high marks regarding large-scale transactions and marquis clientele, it is not considered one of the more traditional firms in New York. In addition to an undeniable New York presence, this firm is more notable for significant growth in other major United States cities and metropolitan locations across several continents.

Environment. At this large multinational firm’s New York office, day-to-day existence isn’t as formal or as polished as with our downtown firm example. You are likely to “walk over boxes to get to the partner’s desk” at this office. That partner is much more likely to be interested in the files on his or her desk than how upscale the office furniture is. While one could not describe the lawyers here as flamboyant in dress or personality, the mood here is decidedly more casual, among lawyers and staff alike.

Culture. Our insider tells us that this firm is marked by a vibrant social scene, which can be attributed in no small part to how much time the associates spend together in the office. One of the most positive aspects of this firm’s social life (for lack of a better phrase) is that many co-workers “become like family,” and relationships created here are often important professional and personal relationships over time. Our sources remark there is a great deal of bonding among partners and associates and between practice groups. The drawback to this close-knit environment is a certain degree of politicking. An associate here does well to create strong relationship with influential partners who can drive good work and advancement opportunities their way.

Hours. Our insider estimates that a good lawyer is billing in the 2,200 annual billable-hour range, although busy lawyers with a lot of drive bill easily more than 2,400. Although there is variation between practice groups, this firm’s lawyers allow client needs to drive the schedule. An upcoming trial or large deal will easily keep the lawyers on that file in the office virtually around the clock. Moreover, associates are expected to be “on call” for partners and clients, and being plugged into time-sensitive work, including on weekends, is paramount.

The Mid-Sized Competition. For our final New York sample, we chose a slightly different demographic: the up-and-coming mid-sized firm. Quite to the contrary of conventional wisdom, this mid-sized firm is not necessarily a kinder, gentler law firm. A growing but still modestly sized firm prides itself on competing with New York’s most recognizable names. Not able to or interested in resting on an institutional client base, the firm’s biggest rainmakers are active practitioners and prominent members of the community.

Environment. At this firm in particular, “appearance is paramount.” There is little place for the professionally awkward here: the associates and partners are as polished as the marble in the lobby of this midtown practice. They demand as much as their large-firm counterparts regarding the types of credentials they want reflected in their attorney biographies. Nonetheless, a tour of the office quickly reveals a firm where technology is important and lawyers are generally fairly self-reliant.

Culture. While undoubtedly a social firm, we found that this firm is more formal. It is more uncommon here to see partners lunching with associates, and there is certainly an awareness of the firm’s hierarchy. Our source describes the firm as being a place where you are encouraged to handle your work without a great deal of supervision, making it an ideal environment for someone who craves responsibility. Having said that, although associates are encouraged to seek out a partner if they feel that they are “in over their heads,” ultimately, the firm does not look kindly on associates who need “bailing out.”

Hours. Although the conventional wisdom is that mid-sized firms have lesser loads when it comes to billable hours, this firm proves that such generalizations aren’t necessarily true. There are associates here who bill 2,000 hours, although the word on the street is that it takes 2,100 to feel secure in your billable hours here. Bonuses are awarded to those who exceed 2,400 billed hours, and that lofty goal becomes an important number for many associates. Although weekends aren’t as much of a week-to-week occurrence as at other firms, an associate walking the halls on a Saturday will definitely not be alone.

Common Traits

What are the commonalities? Not surprisingly, different firms in New York have similar hour requirements, and it is hard to find a successful associate at a top firm billing less than 2,000. Superstars in the billing department are much more likely to be over the 2,400-hour mark.

Second, regardless of the firm, there is a certain level of connectedness to the work, whether that be in the evenings or on weekends. At some firms, it may take the form of a late-night call from a partner or it may simply be the expectation that a client’s questions be answered as soon as they are asked. Nonetheless, the New York associate is generally never far from their Blackberry, and they rarely stay away from the office without checking their voicemail. Although it comes in different forms, there appears to be some expectation that the New York associate will remain plugged in and responsive, even while they are physically not in the office.

London Calling

As in New York, we interviewed several associates in London (both UK- and US-qualified) to get a feel for just what it’s like to practice in jolly old London. Just as there are generalizations to be drawn from the big-firm New York lawyer lifestyle, there is a shared experience amongst London lawyers practicing in the city’s top firms.

So, what’s it like to be a lawyer in London? Well, it may not be too different from what it would be like in New York in terms of lifestyle. Once you make it into the firm where you are comfortable, you can bet your work will be challenging and exciting, with a very international flavor. London is certainly, both culturally and professionally, an international city. You will likely be working with people of different nationalities and backgrounds, who speak two, three, or six different languages and have lived, worked, and been educated all over the world. London’s legal community mirrors this diverse, international mix — more so even than New York’s. Plus you can spend all that money you make on weekend trips to Paris, Prague, or Rome, to name a few popular nearby destinations. And with London lawyers, when you leave the office, you tend to really leave the office behind (or at least to a greater extent than their New York counterparts).

The Nice Guy in the Circle. In the first London example, we interviewed a second-year trainee at one of the top city practices in the Magic Circle. This full-service firm has a large multinational presence and is well known all over the world (including the US) for its highly trained lawyers. Unlike some of its fellow Magic Circle firms, this firm is reputed to be the “friendlier” firm, where even in the economic downturn, it resisted engaging in the widespread redundancy programs that left many highly qualified associates jobless.

Environment. This firm’s offices vary according to location. The older offices are a more traditional cellular model, while the new facilities are more modern and open-plan. The atmosphere is “dress-down casual,” which lends itself to the firm’s friendly reputation. Like most other large city firms, the practice groups are basically segregated, so there isn’t much intermingling of associates from different groups.

Trainees are particularly attracted to this firm for its first-class training program widely reputed to be the best in the city. The friendly reputation is also a plus, with young and vibrant partners that help new trainees and associates feel more at ease. Plus, the firm is committed to retaining any trainee who wants to stay, although there is no guarantee that the trainee will be placed in the practice group of his or her choice, which forces many of them to look elsewhere. Competition for coveted placement spots can be fierce, which leads to some “sucking up” by trainees to get the placements they want. Thankfully, full-blown backstabbing to get ahead is avoided. But with that level of training and experience on their CVs, you can bet its trainees and associates have no trouble finding work elsewhere within or outside the Magic Circle. Which isn’t a bad idea, since the prospects of ever making partner at this (or any other Magic Circle firm) are quite slim. Indeed, many senior associates leave and join smaller firms as junior partners when there is no room at the top for them at this firm.

Culture. While associates and trainees are less likely to socialize outside of work (at least compared to their American cousins), lawyers consider the firm to have quite a friendly culture. Partners are seen as very approachable and available to junior associates and trainees, which is not always the norm at UK and European firms. Even lawyers at other firms consider this one to be a friendly firm. But, hey, even if they can’t find the time to hang out after work, there’s a bar at the firm. Scary, you really never need to leave….

Hours. Not surprisingly, the hours can be hard. Although this firm’s target hours are around the standard 1,700 for Magic Circle firms, trainees and associates work long and hard on a regular basis. Trainees have been known to pull all-nighters in their first month of work, and associates generally bill closer to the 2,000+ hours required by US rival firms. The hours of course, as with all firms, depend upon the practice group, with projects and corporate groups being rumored as the busiest.

One nice aspect to this and other UK firms is that vacation time is taken very seriously. Although partners will generally be “on call” on their holidays, contacting them is generally avoided at all costs. The same is true for associates; when they are out on vacation, they are considered for the most part unavailable and are able to really leave the office behind them.

The New Kid on the Block. This firm is really only “new” to the Magic Circle by comparison to its more established rivals. However, there is no denying that it is a global corporate powerhouse, and it routinely tops the charts in a wide variety of practice areas. Its global reach is truly daunting, and for the transactional associate, it can offer fantastic opportunities for world travel, although you won’t have much time for any sightseeing. It is reputed to be one of the most brutal in terms of hours, but for many associates, the work quality and experience they gain is worth the sacrifice.

Environment. The firm’s new digs are astounding. There’s a full-service gym on site with swimming pool, magnificent views over London, and even beauticians and masseurs on hand to cater to the lawyers’ whims. Almost makes you want to move in….well, after all, this is the firm with the most sweatshop-like reputation, so you might as well be in a nice environment if you are going to spend loads of time there. Otherwise, the atmosphere is quite casual which is something you would expect from a more modern (read: less stodgy) Magic Circle firm.

Culture. As a general rule, UK firms are notoriously snobbish about university name recognition (not to say this is unlike many top US firms), and most Magic Circle firms recruit heavily from the Oxbridge graduating classes. This firm in particular seems to avoid that reputation by recruiting top graduates from a variety of institutions, which gives it a more “down to earth” atmosphere that attracts some associates. This easygoing personality is also reflected in the partner-associate relationship. Associates here generally feel that partners are “very nice and approachable” and are willing to provide insight and assistance to associates when asked. The collegial atmosphere helps keep associates at this firm, despite the long hours.

Hours. “On average, transactional practice associates at my firm were billing anywhere between 2,000 to 2,500 hours per year,” says our associate, who admits the firm has a particularly bad reputation as far as hours were concerned. However, this reputation might not be a deserved one, as it seems associates in other top-tier firms are billing roughly the same amounts. Nonetheless, the hours still cause some turnover, as the long hours are the primary gripe of associates to choose to leave for smaller firms and markets.

The Mid-Sized London Firm. As we discovered in New York, the mid-sized firm in London is also not necessarily the “greener pastures” that high-powered associates are looking for. The word on the street is that some of these firms, particularly those at the top of the middle tier, can be very difficult places to work. While Magic Circle lawyers complain about hours but are generally content with their treatment, experience, and relationships with co-workers (including partners), it seems that discontent is far more widespread at these firms. These associates often find themselves working Magic Circle hours, sometimes for less pay and less international name-recognition on their CVs. Law firm hierarchy is more rigid, with partners being more aggressive and less approachable by associates. In terms of the actual experience associates receive, these lawyers are likely to gain more hands-on experience in these offices due to the smaller size; i.e., they can avoid the “cog-in-the-wheel” complaints of some Magic Circle associates. The best places to work on balance seem to be the mid-size, mid-tier firms, which are content with where they are in rank and size and are comfortable with having a select number of highly regarded practice areas.

Similarities

So, what are the similarities? The Magic Circle and those firms at the top of the middle tier consistently provide their lawyers with top-notch work and demand perfection from their associates. They also require long hours. On a positive note, although UK lawyers put in long hours at the office, they generally take their vacation time seriously and won’t be seen checking their Blackberries every 30 seconds like the average New York associate.

This “leave the office behind” mentality can also bleed into the after-work social life (or lack thereof) at Magic Circle firms. Indeed, as a general rule, it seems that associates at Magic Circle firms are less likely to socialize outside of the office than their American cousins. For one thing, UK firms don’t provide for firm-paid social events in the same way as US firms, and the over-the-top summer associate events are generally unheard of. Also, many UK lawyers at the top law firms have close university and public school friends right in London, and generally they prefer to spend their time away from the office with those “social” friends. Let’s face it: it’s nice to get away from the office (and from fellow lawyers) from time to time.

Finally, the way Magic Circle firms treat their associates seem to be quite uniform. While Magic Circle trainees and associates seem very happy with the way they are treated, they generally enjoy a more gradual training process and are allocated responsibility on deals according to their individual level of PQE. By contrast, Londoners view the American model as a more “baptism by fire” method of training, where junior associates are given high levels of responsibility and client contact despite their status as junior associates. “US law firm culture seems to be more aggressive,” observes one Magic Circle associate, who also notes that their relative office size in London doesn’t lend itself to providing much support to junior attorneys as compared to the larger Magic Circle and top-tier firms. This doesn’t necessarily stop UK lawyers from seeking out super-sized paychecks from the US firms in town, but they do seem generally content with getting a more gradual level of responsibility than their more “assertive” New York counterparts.

Conclusions

Ultimately, many of the qualities that define any one law firm, regardless of the city, can’t be defined simply by geography. Assuming that all London firms offer one lifestyle while all New York firms do not won’t scratch the surface in determining whether one city is better for you. Some differences do, however, emerge. It appears that London firms will be more rigid in terms of work assignments: first-year associates are more likely to be restricted to first year work, whereas a New York associate may easily find himself or herself doing as sophisticated a project as they are capable of taking on (or more!).

Second, New York firms are less likely to keep vacations or holidays as sacred as London firms are. A New York associate is more likely to feel constantly “on call,” as opposed to the Londoner, who will likely enjoy his/her three-day holiday weekend without attaching their Blackberry to their ski boot or scuba gear.

Finally, for those of you who count down the days until the summer associate season, the London firm may not be for you. While associates are friendly and certainly can become close to colleagues they have worked with over the years, they are generally less likely to have a thriving social life with each other outside of work. Plus, the firms foot the bill for fewer social events than their New York counterparts, which doesn’t exactly foster socializing on a grand scale…

While we believe both markets are thriving legal communities, it is unlikely that one city truly trumps the other in lifestyle. As every lawyer has different goals, differences among firms in one city may be more relevant to any particular individual than differences among cities.

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }

What Legal Authority Does

by A. Harrison Barnes on January 7, 2012

Legal Authority assists more law students, at more law schools, get jobs than any other source.”

We’re How Attorneys Get Jobs

At Legal Authority, we are proud to say that our targeted mailing service helps more law students, recent law school graduates, and attorneys find employment than any other service in the world. Legal Authority was designed with you, the job seeker, in mind, and we are constantly evolving to meet every challenge that may be presented and present solutions to those hardest questions about your job search.

What Exactly Does Legal Authority Do?

Simply put, we grant you access to the largest legal employer database in the world. When you use Legal Authority, you will be interviewed by one of our attorneys who will take as long as it takes to understand exactly what you are seeking to do with your legal career. Legal Authority will perform searches for you based on your criteria (What practice areas interest you? What type of employer do you want to work for? Do you want a clerkship? How about in-house opportunities? Where do you want to live? What size firm would like to work for?), and develop a list that is targeted to your particular job search. We can even help you go abroad if you want to.

“The most common means of obtaining a job was a letter or other ’self initiated contact’ with the employer.”

-National Association of Law Placement

Legal Authority’s professional writers will review and revise your resume and create a cover letter for you that is tailored and created from scratch specifically for you. You will work with the writer — as a counselor, guide, and expert — to come up with a letter and resume that are perfect for you.

After we have a final resume and cover letter, Legal Authority will prepare a package of resumes, cover letters and envelopes, addressed to the hiring contact person inside each specific employer (not “To Whom It May Concern” or “Dear Hiring Partner”), with your return address and name on them. We Federal Express the package to you, and all you have to do is sign each letter, stuff each envelope, and put a stamp on each envelope.

Can I Do What Legal Authority Does Myself?

True. You could get subscriptions to over 50 legal directories, make over 500,000 inquiries per year, hire over 40 people to update your database 24 hours a day, hire a crew of attorneys to counsel and advise you of the most appropriate employers to apply to, hire a crew of professional writers to review and revise your resume and cover letter, and spend far in excess of $1,000,000 (just to maintain a database each year). This is what we do at Legal Authority. Because thousands of law students use our service, the cost is profoundly cheaper than it would be if you were to do the work yourself. Theoretically, this is something you could do yourself.

We speak with attorneys on a daily basis who believe they can do all of the work themselves. A lot of law students think they are smarter than us or somehow have everything figured out. Legal Authority is an expert at finding jobs for law students. It’s what we do all day, every day.

Most of the law students who use Legal Authority are spending far in excess of $100,000 to attend law school for three years. Presumably, one of the reasons for going to law school is to get the best job possible. Conversely, most law students who use Legal Authority spend less than $500 for our service. In most instances, the cost of using Legal Authority is around $2.00 per employer we help you contact and our search can be as expansive or as narrow as you choose. When you consider that thousands of law students each year get summer and permanent jobs paying several times more per week than our service costs, not using Legal Authority could be expensive.

“Legal Authority is, quite simply, the most effective way for law students to get the precise legal job they are seeking. Your first attorney job is already in our database.”

It is no secret that following the crowd and trying to find a job through your Career Services Office, networking, or applying sporadically to jobs on posting boards can be “hit or miss”. You can compete with every other student, at every other law school, trying the same tired old methods, going after the same job listings, or you can take action and call Legal Authority. Legal Authority is the only way to find and apply to every single employer that might be interested in you.

At Legal Authority, we have the resources to help more students find jobs than any other single organization we are aware of in the United States.

Our database contains contacts for virtually every law firm, corporation, and public interest organization in the United States (we can even help you go abroad). We will review and revise your resume and help you apply to any employer you choose—anywhere. Our service is also extremely inexpensive. Contact Legal Authority today and let our Attorney Employment Advocates speak with you about your job search and how we can get you your first job.

A Different Kind of Company

Legal Authority is different. We are specialists in getting attorneys and law students jobs. It is the only thing we do. Once you make the decision to work with Legal Authority, we will serve you with the enthusiasm, integrity and insight you are entitled to. We are proud to make that promise to each of the law students who work with Legal Authority.

Law students who have used Legal Authority know that we take our jobs extremely seriously. We are truly passionate about our work. It is not uncommon for many of our Employment Advocates and researchers to work as many as 16 hours a day, all week long. Sound familiar? As an organization founded by high-level attorneys, we know what it takes to succeed. Our firm has earned its reputation for decisive thinking and vigorous action. Legal Authority clients appreciate our honesty and upfront approach to assisting them with their job search. They realize that we live in a winner-takes-all environment where the stakes are always high.

Our goal is to help start careers that will lead to meaningful lives for our clients. We always give the law students who use Legal Authority an honest assessment of their prospects.

“With meaningful experience in virtually every facet of the legal industry, Legal Authority brings an unrivaled level of understanding to the job search requirements of law students.”

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }

Legal Authority Is Not for Everyone

by A. Harrison Barnes on January 6, 2012

Quite frankly, Legal Authority is not for everyone. And not everyone we speak with chooses to use Legal Authority. Legal Authority is the perfect example of the old adage, “You get what you pay for.”

For example, Legal Authority gives you the benefit of access to the largest database of legal employers in the world. Legal Authority actually GUARANTEES that they will reach every potential employer matching your interests. You are assigned your own personal attorney who will revise your resume and cover letter and provide you with as much personal attention as you require. A team of researchers will ensure that the hiring contacts inside each and every legal employer you are contacting are current before we even print a single letter for you.

An attorney will personally print and review each cover letter, resume, and envelope for you to ensure that they are perfectly formatted, that there are no typographical errors, and that you are making the best impression possible. We will then overnight mail these materials right to your front door. Included in these materials will be a list created especially for you containing the address and telephone number of each and every legal employer you are contacting so you can follow up with them.

After your targeted mailing, we will follow up with you to gauge your progress until you have found your perfect job. When you do begin receiving offers, we will be there to assist you in deciding which one to accept. In fact, throughout your relationship with Legal Authority, we will be here seven days a week to answer any questions you may have. We will literally be here for you seven days a week.

Obviously, a service like this is not for everyone and it is not something everyone can afford or can see the benefit in using. If you do not use Legal Authority, you could spend the next several months applying for attorney jobs in classified sections of legal newspapers, surfing Internet job posting boards, and maybe even researching the thousands of employers we investigate every day to make sure we have current and accurate information.

Or you can achieve everything this would accomplish — and much more — by choosing Legal Authority today. We don’t want to be dramatic and say, “If you do not use Legal Authority you will not find the perfect job.” We have found, however, that the people who choose to “think about it” are most often the same people who will still be looking for their perfect position a few months from now. By using Legal Authority, you will ensure that you (1) reach every employer matching your interests as quickly as possible, (2) get the best possible offer at the highest possible salary, and (3) find the best cultural “fit” for you. This is our job and something we can help you do!

Smart attorneys are naturally skeptical—and we sense you are. However, we’re afraid that you have passed up a very good opportunity to potentially make a meaningful difference in your career by not choosing Legal Authority for your job search. We are really hoping to make a significant difference in your future career prospects.

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }

Why I Started Legal Authority

by A. Harrison Barnes on January 5, 2012

I Started Legal Authority to Get More Attorneys Jobs.

One day I was sitting in front of my computer at BCG Attorney Search office and a resume came over email from a student of mine who I had taught law. While the law school I had taught at was ABA-approved, it was fourth tier and not considered the best law school in the United States. This student was at the top of his class and, like many other students in his law school, had been unsuccessful in securing a position with a law firm when he graduated. I was frustrated because, as a legal recruiter, I knew I could not help him. I was also frustrated because I knew that he had worked hard in law school, showed potential to be a good attorney, and deserved a chance. If someone does well enough in college to get into law school, completes law school, and wants to work as an attorney, he/she deserves a chance.

I called this student and invited him in anyway. I rewrote his resume for him and helped him write a cover letter. Then I allowed him to send his documents out to the 300 or so law firms in the BCG Attorney Search database that were in Los Angeles. Prior to this point, this student had simply applied to the law firms in the NALP guide and also had applied to the occasional listing in his law school’s career services office. All that had ever resulted from this was an interview with a two-person law firm.

Out of the 300 applications he sent out, this student got several interviews and secured a position with a mid-sized law firm where he made close to $100,000 in his first year. I am sure his salary was among the highest of any student in his graduating class. He is enjoying an excellent career today.

Around this same time, the economy was beginning to go into a tailspin. Many of the corporate attorneys I had placed during the boom began to get laid off and, remembering the lesson of the law student, I started inviting them into my office and helping them redo their resumes and cover letters as well. Because there were so few corporate openings (and law firms simply would not pay recruiting fees for corporate attorneys), I helped these same attorneys send out their documents to the firms in the BCG database at no cost.

All of these attorneys got jobs.

Word soon spread that I was helping corporate attorneys do this and corporate attorneys and others sought out my service to such an extent that I soon had no time for legal recruiting. We ran a “war room” of sorts out of BCG’s Los Angeles offices and attorneys came in and assisted each other in building a massive database of every legal employer in California. Things were really crazy and we were operating 24 hours a day out of that office helping attorneys get jobs. The printers were going like crazy all the time.

What ended up happening, though, was that it all became too much, a lot of it due to the overwhelming costs involved. Soon, this mailing service was getting calls for help even though no formal business had been organized. In fact, I was spending thousands of dollars each week out of my own pocket to support this effort.

With the help of some really dedicated people, I soon started Legal Authority. Legal Authority is the embodiment of my goal to get the most attorneys jobs. To date, Legal Authority has gotten thousands of attorneys and law students jobs and gets more attorneys jobs than any other similar service in the United States.

Unlike job boards or legal recruiters, Legal Authority helps attorneys find both open positions and jobs where none may exist. Firms often actually create jobs for attorneys once the attorney has expressed interest in potential employment by simply sending a resume and well crafted letter. Legal Authority is truly an outstanding service and if there is one thing I have done in my life to “make a difference,” this is it. The success stories from this business are nothing less than remarkable.

In order to run a business like Legal Authority, you need a lot of people. There are currently over 40 people working here, updating our data literally 24 hours a day. Legal Authority has contact information (we know exactly who is in charge of hiring) for virtually every American legal employer.

While personal stories may not have a role in my discussion of Legal Authority, I can tell you that starting this business almost destroyed me financially and personally. For over the first year Legal Authority was in existence, I worked 15+ hours a day on it virtually every day of the week. My wife divorced me and I came very close to going out of business for financial reasons several times. The debt I accumulated to start the business was nothing short of astonishing. In the first year of running Legal Authority, I was often losing in excess of $20,000 per week in order to do something I believed was a higher calling.

I do not resent starting Legal Authority at all. Everything that is good in this world and every positive change is not easy. Each new challenge with Legal Authority has only motivated me further. I know that there are numerous, numerous lives of people everywhere that have been bettered through our efforts. I am sure you can say the same for your work. This is something that gives both of us lives of substance and meaning.

I gave Legal Authority everything I had because I knew I was doing something meaningful for the world.

The problem with Legal Authority, though, is that the cost is expensive; and it is therefore quite exclusive and high end. While the attorneys who counsel people on their job search consider their work to be like public interest work (and are paid similarly), the costs of gathering data, rewriting resumes and cover letters, printing, shipping, and so forth are substantial. Accordingly, from an attorney and law student’s perspective, the cost of Legal Authority can be expensive. In most cases, attorneys spend over $500 (often more) to get a position through the service. It is not a lot of money to get several jobs; however, it is still a lot of money to most people.

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 2 comments }

The Story Doesn’t End There

by A. Harrison Barnes on October 24, 2011

Once upon a time a tortoise and a hare had an argument about who was faster. They decided to settle the argument with a race. They agreed on a route and started off the race. The hare shot ahead and ran briskly for some time. Then seeing that he was far ahead of the tortoise, he thought he’d sit under a tree for some time and relax before continuing the race. He sat under the tree and soon fell asleep. The tortoise plodding on overtook him and soon finished the race, emerging as the undisputed champ. The hare woke up and realized that he’d lost the race.

The moral: “Slow and steady wins the race.”

This is the version of the story that we’ve all grown up with.

THE STORY DOESN’T END HERE. There are few more interesting things. It continues as follows…

The hare was disappointed at losing the race and he did some soul-searching. He realized that he’d lost the race only because he had been overconfident, careless and lax. If he had not taken things for granted, there’s no way the tortoise could have beaten him. So he challenged the tortoise to another race. The tortoise agreed. This time, the hare went all out and ran without stopping from start to finish. He won by several miles.

The moral: “Fast and consistent will always beat the slow and steady. It’s good to be slow and steady; but it’s better to be fast and reliable.”

THE STORY DOESN’T END HERE

The tortoise did some thinking this time, and realized that there’s no way it can beat the hare in a race the way it was currently formatted. It thought for a while, and then challenged the hare to another race, but on a slightly different route. The hare agreed. They started off. In keeping with his self-made commitment to be consistently fast, the hare took off and ran at top speed until he came to a broad river. The finishing line was a couple of kilometers on the other side of the river. The hare sat there wondering what to do. In the meantime the tortoise trundled along, got into the river, swam to the opposite bank, continued walking and finished the race.

The moral: “First identify your core competency and then change the playing field to suit your core competency.”

THE STORY STILL HASN’T ENDED

The hare and the tortoise, by this time, had become pretty good friends and they did some thinking together. Both realized that the last race could have been run much better. So they decided to do the last race again, but to run as a team this time. They started off, and this time the hare carried the tortoise till the riverbank. There, the tortoise took over and swam across with the hare on his back. On the opposite bank, the hare again carried the tortoise and they reached the finishing line together. They both felt a greater sense of satisfaction than they’d felt earlier.

The moral: “It’s good to be individually brilliant and to have strong core competencies; but unless you’re able to work in a team and harness each other’s core competencies, you’ll always perform below par because there will always be situations at which you’ll do poorly and someone else does well.

Teamwork is mainly about situational leadership, letting the person with the relevant core competency for a situation take leadership.

Note that neither the hare nor the tortoise gave up after failures. The hare decided to work harder and put in more effort after his failure. The tortoise changed his strategy because he was already working as hard as he could.”

In life, when faced with failure, sometimes it is appropriate to work harder and put in more effort. Sometimes it is appropriate to change strategy and try something different. And sometimes it is appropriate to do both. The hare and the tortoise also learnt another vital lesson. When we stop competing against a rival and instead start competing against the situation, we perform far better.

To sum up, the story of the hare and tortoise has much to say:

  • fast and consistent will always beat slow and steady;
  • work to your competencies;
  • pooling resources and working as a team will always beat individual performers;
  • never give up when faced with failure; and finally
  • compete against the situation - not against a rival
Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }

Self-Initiated Employer Contact Works

by A. Harrison Barnes on October 17, 2011

Statistics indicate approximately 85% of all legal employment positions in the United States are filled via self-initiated contact with employers. Self-initiated contact generally requires (1) researching who the contacts are in various organizations, and (2) preparing cover letters to the organizations that match your interests. Despite the fact that an employer may not advertise or engage a recruiter to fill a position, many employers have never advertised openings and simply fill positions and create openings from the people that approach them. In a market as small as Los Angeles, California, for example, there are over 2,000 legal employers and we would estimate that well over 25% are always on the look out for good attorneys. On our end, we use probably in excess of 25 sources to identify employers. Not all firms list themselves in Martindale Hubble due to costs considerations and only a small percentage of legal hiring organizations list themselves with the National Association of Law Placement. Accordingly, the resources of recruiters and job posting boards and others who collect this information and initiate contact with the employers can be extremely beneficial.

Prominent job posting boards and recruiting firms have an incentive to have the best information possible. Good legal recruiters specialize in information gathering and the larger ones even have entire departments that do nothing but gather information. Similarly, good classified ad sections of legal newspapers specialize in information gathering and selling of ads to employers. The larger organizations are usually able to compile the most information.

Due to the sharp downturn in the job market, self-initiated contact with employers may well become even more prominent as legal hiring organizations seek to cope with a decrease in demand for legal services. This is true whether you are seeking a position with a law firm, in-house legal department, or public interest organization. If you have tried other methods to find a job and have not been pleased with them, self-initiated contact may be a good option.

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }

How We Work on Client Files at Legal Authority

by A. Harrison Barnes on October 10, 2011

The process of working on client files at Legal Authority is quite complicated and works like this:

 

First, our clients generally sign up on our website or call in. Once clients call in or sign up on our website, we call to schedule an appointment with them and they are assigned an Employment Advocate who will be their contact person throughout their search. With only one exception, all of our Employment Advocates are attorneys. Our Employment Advocates work with our clients through each step of the process.

 

Second, once an appointment is scheduled, clients speaks with one of our Employment Advocates about their job search and what they are seeking to do. During the phone call, a list of employers is generated which matches precisely what the client is seeking to do. Employment Advocates will generally counsel clients about what they believe are the most appropriate steps for the candidate to follow in their job search. Employment Advocates are sort of like recruiters because their ultimate objective is to get you a job. The difference between an Employment Advocate and a traditional legal recruiter, however, is that Employment Advocates work with you.

 

In the third step of the process, the list of employers that the client and Employment Advocate agree upon is sent to our data review center and the resume is sent to our resume and cover letter department.

 

Our resume and cover letter department is also populated almost exclusively by attorneys. Two of our resume and cover letter personnel have worked in major New York law firms. Another holds a master’s degree in English Literature from the University of Pennsylvania. In our resume and cover letter department, with the input from what you are seeking to do gained from their discussions with you and your Employment Advocate, a resume fitting exactly what you are seeking to do is crafted.

 

Our data center is extremely sophisticated, operates 24 hours a day seven days a week and is staffed by over twenty researchers. Our data center is populating our database with contact information every day of the week. Many of our candidates often ask us where we get our data and the answer is we get it from numerous sources. The least challenging aspect of our work is getting the data from printed sources. The problem with printed sources, however, is that a large percentage of law firms, corporations and other legal hiring organizations do not even list themselves in printed sources. A listing in Martindale Hubble, for example, costs firms several hundreds of dollars. At a cost exceeding $50,000 a month, our data center pulls information from other data sources making use of U.S. Government issued Standard Industry Classifications (SIC Codes) which classify businesses based upon the type of industry they are in. This information is constantly being double checked, reclassified and loaded into our database.

 

Once the candidate file is sent to the data center, the data center reviews the list of contacts put together by the Employment Advocate. Since each search is personal to everyone who uses our service, our list of contacts inside each legal hiring organization is never perfect. For example, we try to use contacts that are less than four months old. If a contact is less than four months old we do not use it and reinvestigate who the contact is. In addition, we very rarely have a full list of contacts within each hiring organization because each search our candidates perform is unique. Accordingly, the data center identifies which contacts on the Employment Advocates’ list either (1) need to be found, or (2) need to be updated and sends them to a researcher within the data center. This process of updating the information often takes less than a day. In some cases it has taken our data center over two weeks. Once the data center is happy with its information, it is sent to a data analyst like Catherine for review.

 

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 1 comment }

As I sit before my computer monitor writing this short article, the window for my document is minimized so as to maximize my view of my desktop background—a view of our beloved, blue planet from two hundred miles above its surface. The stunning vista of creamy, white-blue clouds and indigo sea against a black, starless sky reminds me of the amazing richness of opportunities constantly before us…and of our regrettable inability to take advantage of all of them. Fortunately, leading full and joyful lives does not require that we take advantage of all opportunities but, rather, that we carefully choose the precious few possibilities that we can and will pursue. What a difference it will make in your law career if you seize those few opportunities and take full advantage of the doors they open!

Candidates ask me all the time, “Which firms are making partners now?” I always respond, “None of them!” The dead silence is usually followed by nervous laughter. “Not, really,” candidates say. “I know it seems like that, but where are associates really making partners?”

At this juncture, I usually let them in on a little secret: things have changed in the practice of law since the 1950s. Here’s the bottom line: there are no more firms where associates simply “make partner.” Instead, associates grow up, get clients, create practices, and only then are awarded partnership status.

What this means is that attorneys must know how to create thriving practices while maintaining heavy workloads, and most firms cannot or will not expend resources to teach lawyers how to do this. They are on their own. Well, almost.

Here are some pointers that will help you develop the personal and professional clout you will need to build your own book of business.

Start Building Partner Skills Now

Associates who are ultimately invited to join their firms’ partnerships are not created equally, yet there are several “types” of attorneys who possess skills that increase their likelihood of making partner. I once sat in on a lecture given by the chairman of a prominent law firm, in which he discussed three types of partnership-bound associates.

First, there is the “rainmaker” who spends all (or most) of his or her time networking, having lunches, meeting people, and bringing in business. Second, the “service partner” adds value to a firm by providing niche expertise in a specialized area of the law, thus meeting the needs of sophisticated clients in ways that a partner with general legal skills cannot. Finally, the “hybrid” brings good leadership skills, strong connections to the firm and within the local community, and the ability to supervise projects and associates with aplomb.

While I respect these distinctions, I see things a little more simply. The only kind of person who can make and remain a partner is a person who has developed and continues to nurture a large, quality network of friends, colleagues, experts, and clients with whom he or she is involved on a professional level. This means that a potential partner must be able to call upon the people within his or her network to meet the needs of existing clients, to refer and generate new clients, and to keep abreast of developments in his or her industry.

No matter what level of practice you may now enjoy, the levels of ability and interest you exhibit in maintaining such a network may well mean the difference between professional and remunerative success or failure.

The Core Competency of a Partner

The ability to develop successful professional relationships is one of the core competencies of a partner. Almost anyone can practice law, but only a few develop law practices. I always try to emphasize to younger lawyers that it is never too early to start the process of building a network of strong relationships. The fundamental difference between a partner and any other lawyer is leadership ability. Partners lead. That means that partners assume responsibilities, delegate tasks, and are accountable for meeting the needs of their clients. These leadership traits are not innate; they must be learned, and to be learned, they must be practiced.

The only way to become a leader is to practice leadership in a thousand small ways. Sets of small acts tend to grow, of their own accord, into larger sets of responsibilities that eventually can develop into leadership over an entire case, with a large client, or in a 3,000-member law firm.

Furthermore, leadership does not begin with a “lucky break,” such as when, for instance, the senior associate on a matter calls in sick and you are named the lead attorney…or when the lead partner suddenly realizes that you are brilliant…or even if a client suddenly prefers that you take the reins. Rather, leadership begins with relationship management. In essence, every legal task can be broken down into a series of relationships that need managing. For example, an attorney must exhibit leadership in order to assign the appropriate people within a law firm to answer interrogatories, to find critical documents, to communicate key information about deals to clients, or to manage support staff and other associates in preparing filings or coordinating nationwide document collections and reviews.

Thus, to build the confidence, credibility, and leadership skills necessary to fulfill these responsibilities, attorneys must begin by cultivating as many meaningful relationships as possible. To do this, they must actually meet people.

Get Out There, Meet People, and Make Friends

Networking is just a fancy way of describing the process of intentionally making friends. Every lawyer in the country should be a member of at least three organizations and should contribute to each of them. It is often the case that the most effective, highest-functioning attorneys are those who are members of scores of organizations that they have joined over the courses of their careers.

For starters, however, any professional—and every lawyer—should join one organization within each of the following genres: professional, service-oriented, and fraternal or social. At the most basic level, every lawyer should be closely involved with some sort of professional organization of lawyers dedicated to furthering the practice of law. This might be a subcommittee within a state bar association, the American Bar Association, the Association of Trial Lawyers of America, or even your local Barristers Club. There is no substitute for meeting and interacting with new lawyers in settings devoted to their respective practices. Successful lawyers have hundreds of colleagues who are essentially professional acquaintances with whom they have developed familiarity. Although meeting people and getting to know colleagues is incredibly easy to do, many lawyers dread it. It doesn’t have to be painful. Go out and meet someone new today!

For the Socially Challenged: A Step-by-Step Guide to Creating Your Network

Here is a step-by-step primer for developing a network of professional colleagues that even a partner would envy:

  1. Join the “[fill in the blank]” club.
  2. Actually go to a meeting.
  3. Say, “Hello, how are you?” to five people. Be brave. Try to initiate some small talk. (For example, ask questions such as “Where do you practice?” or “What is your most interesting case right now?”)
  4. Give a business card to each person you talk to. Ask for a business card from each of them, or write their names and phone numbers down on one of your own cards and hang on to it!
  5. Once you get home or back to the office, enter their names in your Outlook folder (or some other location), and set up a reminder to call each person back in one week to follow up and say how much you enjoyed meeting him or her.
  6. Actually call each person back.
  7. Make it a practice to call each person on your list of contacts once every three months.
  8. Follow where this leads you.

There. That wasn’t so hard! These are simple but invaluable steps. Every lawyer has some basic social skills, or he or she would not have survived the first year of legal practice. Begin naturally—but begin—and see where these proto-relationships take you. The point is that, just like in sales, there are only so many solid opportunities per “X” number of contacts. The only way to “get lucky” is to make sure that you make lots of attempts to build and maintain your personal network. Not every person is going to become a client, but the greater the number of personal contacts you maintain, the greater the resulting synergy between their accumulated sums of interactions, relationships, and experiences and your own.

Bringing It All Together

Once you have started down the path of generating a network of diverse professionals, you will be surprised at how it starts to take on a life of its own. Telling one colleague about an amusing vignette may lead him or her to do a small favor for you, such as sending over a client as a referral. Over time, that client or that colleague may lead you to significant business opportunities. All the while, you should be continuing to grow these and other relationships.

The key point to remember is that becoming a responsible leader depends on your ability to manage relationships. In every interaction, follow through with whatever you promise to do. If you offer to provide a reference, provide it! If you agree to get the name of someone who can serve as an expert, do it—and promptly! Demonstrating this kind of courtesy builds reputations and relationships—one small, solid step at a time. I absolutely guarantee that if you follow these practices, you will eventually succeed. You don’t have to be perfect all the time. You just need to be reasonably careful, reasonably reliable, and reasonably friendly, and you will be ahead of the majority of the pack.

Conclusion

The world is full of opportunities, but we cannot take advantage of them all; we can only capitalize on a few. To the extent that you can internalize this powerful principle, you will find that the world—and, in particular, your own practice—is as full of opportunities as a path strewn with gems. The key is to determine which gems to pick up, carry, and ultimately safeguard…because you cannot take them all. If you follow this path, you may find that your biggest challenge lies not in finding opportunities, but in having sufficiently large pockets!

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }

Taking a Pay Cut: Is it Worth it?

by A. Harrison Barnes on September 20, 2011

Q: I’m thinking of making a move to another firm that will give me a drop in pay, but I feel it will be less stressful. In your experience, is a 20% pay cut worth it if I end up happier?

A: There is no good general answer to this question since the answer will vary for each person depending on his or her specific situation, and several different personal factors. For example, some people place such a high value on prestige and money that they are willing to sacrifice anything in order to achieve great success in these areas. For these people, taking a pay cut simply to work less hours would not be worth it. However, I have spoken to many candidates who have been more than willing to take a pay cut in order to have a better lifestyle and spend more time with family and friends. In fact, I myself did exactly that, and have absolutely no regrets about my decision to do so. As the saying goes, “money can’t buy happiness” and more often than not, people find this to be true.

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }

Transitioning to Bankruptcy as Your Practice Area?

by A. Harrison Barnes on September 9, 2011

My firm’s bankruptcy practice has been very busy recently and proposed that I transition to this work. What would this mean to my long-term career?

Bankruptcy has been a hot topic in the legal market ever since the dotcom bubble burst in the late 1990’s. Although many of the dotcoms disappeared with nary a whimper (because many of these firms did not have significant assets), the quick and public demise of huge international companies such as Enron Corp., WorldCom, and Global Crossing increased the amount of bankruptcy work at many firms around the United States.

In addition to the increase in activity in the bankruptcy and restructuring markets, the United States capital markets have been quiet as the economy has slowly recovered. In the recent depressed market, many corporate attorneys who were not billing enough hours were approached by their firms to “re-tool” and work with the firm’s bankruptcy or restructuring group.

Consequently, I am frequently asked by midlevel, junior, and summer associates how they should approach the current economic recession from the perspective of their practice areas, and whether they should consider a short stint in other busier areas of law such as bankruptcy or even litigation. The answer for any individual is case by case, however, there are some common threads that all candidates will have to consider before accepting a temporary or permanent change.

An important distinction should be made between experienced and newly minted attorneys. That distinction is driven, in my opinion, by the concept of an attorney’s “brand.” What is an attorney’s brand you may well ask? Practicing attorneys have a brand that is a combination of their expertise and education. Do you realize that every task performed by an attorney develops (or hinders) their brand? Therefore, choosing and changing practice areas affect your brand, and any such arrangement should be considered carefully. In my experience, well-branded attorneys get the best work and consistent recognition, and managing your brand correctly will help your success at your firm.

Bankruptcy Law

First, let us consider the practice of bankruptcy law. The bankruptcy practice is, for the most part, a federal practice before Article III courts. Under the United States Constitution, businesses (and individuals) can seek the protection of the bankruptcy courts as they seek to sort out their business and financial affairs. Bankruptcy is a code-based practice which relies on the bankruptcy code (Title 11 of the United States Code), a set of rules which are loosely drawn to determine the arena in which creditors and debtors can determine how they are going to proceed to resolve a company’s financial situation. The Bankruptcy Code has been modified by case law, but much of the bankruptcy practice never reaches published judicial decision because the parties negotiate a solution that is blessed by the supervising court.

Contrary to popular belief, businesses do not stop operating when they file for bankruptcy, and most businesses that have filed for bankruptcy continue their daily operations with the same pre-bankruptcy management and personnel. One example is Texaco, which filed for bankruptcy in the 1980’s after losing a multi-billion dollar lawsuit to Pennzoil. The bankruptcy process allowed Texaco to continue to operate its business while it negotiated payment of the lawsuit with Pennzoil. However, businesses in bankruptcy operate under the watchful eye of a court, and they cannot dispose of any of their assets without court permission. Of course, a company’s creditors are busy scrutinizing the company’s books too!

A primary function of a bankruptcy attorney is to assist his/her client in realizing the maximum value of a debtor’s estate so that creditors can receive the maximum return on their debt. Maximizing return to creditors frequently occurs in the form of the sale of assets or business operations or the whole business in an auction process. Bankruptcy attorneys are frequently called upon to assist their clients with the daily components of running a large firm while in bankruptcy.

Bankruptcy can be loosely divided into creditor and debtor practice areas and restructuring and bankruptcy practices. The creditor and debtor practices are essentially similar practices; attorneys represent either creditors (generally financial institutions) or debtors. Frequently a firm will specialize in creditor or debtor work to prevent inter-client conflicts.

Creditor practice is frequently portrayed as the more intellectual and enjoyable practice because the attorney is not involved in the day-to-day minutia associated with running businesses in the bankruptcy process. However, these practices really are two sides of the same coin, with creditors’ attorneys required to respond to and engage in the same motion practice as their debtor counterparts. In addition, the personal side of a debtor practice can be extremely rewarding because clients tend to be very grateful for their attorney’s assistance in navigating them through the bankruptcy process. In addition, associates with a debtor’s practice frequently liaise at a very senior level because bankruptcy necessarily streamlines the personnel structure in a business.

Whereas creditors and debtor re-negotiate the terms of existing debt, restructuring is rarely as complex or as lengthy as a full-blown bankruptcy. In general, this practice involves financial institutions and corporate executives working to renegotiate a company’s private or public debt.

One advantage of being a bankruptcy attorney is that the attorney has the opportunity to act both as a litigator and as a transactional attorney. One day, the attorney may be required to do research, engage in motion practice or attend court hearings, while the next, the attorney may liaise with corporate attorneys, tax attorneys, ERISA and employment attorneys, intellectual property attorneys, corporate finance, and in the case of public companies, securities professionals as they work to negotiate a deal on certain of the debtor’s assets. A bankruptcy attorney does not need to know these areas of the law, but should develop a thorough understanding of the concepts associated with these practice areas. Consequently, the practice of bankruptcy law can be bewildering to the junior attorney, as they endeavor to understand not only their own practice area, but also learn to integrate other areas of the law into their practices. This straddle between transaction and litigation frequently generates the common perception that an attorney can easily transition into or away from the bankruptcy practice. While the bankruptcy practice straddles transaction work and litigation work, it is not the same as practicing in either of those areas of the law.

Graduating Associates

Recent law school graduates frequently do not realize that they have a “brand” and their career depends on the continued development of that brand. Most recent law school graduates have invested more than $120,000 in their legal education and law school living expenses to develop their brand. With attorneys, the brand starts with your pre-law school education. In most cases, this will be the primary factor that will decide which law school you attended. Next, your law school and your grades generally determine the scope of employers and training that you receive once you have graduated.

A graduating associate is different from an experienced associate because the graduating associate has yet to develop their practice area. The biggest career choice that graduating associates make when they join a firm is deciding their practice area. Consequently, I would recommend that graduating law students find an area of practice that they are prepared to commit to from the start. Choose an area of law that is right for you rather than being “hot.”

Changing practice areas later is not necessarily easy, especially if the associate has been branded as a bankruptcy associate. For example, many junior attorneys overlook the fact that law firms are seeking laterals with experience in an advertised practice area. Junior associates can lateral into a different practice area, but frequently they must compete against candidates who have the prerequisite experience and all else being equal, it is most likely that the experienced candidate will fill an available job.

Experienced Associates

With experienced attorneys, the issue is more complex. Experienced associates have (presumably) developed expertise in one area of law and have managed their career to get the widest range of experience in their practice area. However, a dilemma arises when your practice area is quiet, and the partner has asked you to “help out” in another department.

Temporarily working in a related practice area may be perceived as being beneficial to an experienced associate. The associate can make new contacts with different departments and partners of the firm. The attorney believes they will also demonstrate their commitment to their firm, and wants to see their firm succeed.

However, an attorney’s skills in their chosen practice area will atrophy over time, and the attorney is not being trained in their chosen practice area. It is hard to focus on the demands of the training and reading associated with one’s favored practice area when one is busy working in a foreign practice area. In addition, there is the chance that the associate will be removed from the roster of associates available for assignments because the transferred associate’s hours have increased. Associates asked to transition should consider whether the firm is giving them a subtle hint that they are not fitting in with their peers in their own practice areas. For example, do some of your colleagues remain busy while you are idle? Perhaps it is time to dust off your résumé and consider looking for a new home.

Having said all that, if you like the idea of bankruptcy as a career then I would encourage it. I worked as a bankruptcy attorney at one of the large New York firms and I still consider that experience to be one of the best in my legal career. The work was hard, the hours were long, but, in retrospect, I learned an enormous amount about how to get deals done and what it means to run a business. Finally, bankruptcy, in many ways, is not like other aspects of the law. I found it to be very creative because bankruptcy lawyers operate in one of those rare spheres in the business and legal worlds where the legal process drives some of the business decisions.

Share This Story:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • BlinkList
  • Blogosphere News
  • Blogsvine
  • description
  • E-mail this story to a friend!
  • Faves
  • Furl
  • Live
  • NewsVine
  • Print this article!
  • Propeller
  • Spurl
  • StumbleUpon
  • Technorati
  • Tumblr
  • TwitThis
  • YahooMyWeb

{ 0 comments }