Pick Your Practice Area Wisely

As we are riding the roller-coaster ride that is the US economy, it seems to be a great time to revisit practice areas selection for associates. There are two types of practice areas - those that thrive in “up” markets and those that thrive in “down” markets. Right now, the market is as down as it can be.

Who’s busy?
Bankruptcy
Litigation (slightly busy, and we are expecting more hours out of you litigation associates this year)

Who’s not busy?
M&A
Capital Markets/Finance
Real Estate

There are certain practices that are able to exist in both “up” and “down” markets:
Tax and other specialty practices
Intellectual Property

Why? Tax supports many of a firm’s practice areas and, thus, has a slight “internal hedge” against a down market. Intellectual property involves different types of work as well. Even though IP transactional work has slowed to a crawl, patent prosecution and IP litigation are still rolling along.

My advice? When selecting a practice area in your early career, know whether or not your practice is an up or down market practice. It will allow you to plan to ride the roller-coaster more enjoyably - e.g. if you chose to become a bankruptcy associate in a top firm, expect that you will be slammed when all of your attorney friends are slow and on the hunt for work.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Location, Relocation, Location

I was reviewing the cover letter a candidate had sent to a number of firms, prior to coming to BCG for assistance. In it, she makes her ties to the city clear, as well as her strong desire to relocate to the area specifically. As you probably know, when applying for a job, a connection to the area is typically going to be very helpful, if not necessary. However, you should be careful relaying this information to potential employers.

In the letter, the candidate was passionate about her desire to relocate to their city and her list of reasons long. Therefore, when she asked if she could go back to the firm and express an interest in another office, I told her it would probably lead them to question her credibility. Expressing an interest in a specific office is by no means an automatic deal breaker for other opportunities, but you should put some serious thought into how you present your desires to the firms.

Keep in mind that this is where the value of a seasoned recruiter comes into play. We know where the firms stand on these things and and guide you on your approach.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

All I Wanted Was A Vacation….

I recently had a firm ask to revisit a candidate that they had passed on several months ago. Their first question, logically, was whether or not the candidate was still on the market. “Are they still interviewing?” To my chagrin, I had to tell the firm that while this candidate was still on the market, she was no longer with her firm. Unfortunately, now the firm has decided to hold off bringing her in for an interview so that they can look at some other candidates.

The truth is that this candidate left her job willingly and happily and did so because “she had enough money to last a while and wanted some time off.” You work hard and deserve to take some time off. However, I can not stress to you enough to take the time off AFTER you secure employment.

I once wrote an article geared toward law students regarding the importance of how they spend their summers and how it can speak volumes to a law firm. Firms want to know their junior associates are focused, goal oriented and are going to be long-term hires. One way to gauge that focus is by looking at how they choose to spend their summers. Backpacking in Europe or billing hours at Skadden Arps?

The same goes for a candidate’s judgment when it comes to leaving one job before securing another. It is rare that a firm’s needs are so urgent that they are willing to walk away from an ideal candidate because they have asked to take a few weeks for some much needed rest.

While every situation is unique, I urge you to talk to your recruiter before taking that walk down the hall and giving your two weeks notice. Otherwise, you may be taking a much longer vacation than you had anticipated!

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Stages of Life: Non-Attorney to Attorney to Recruiter

This weekend, I had the opportunity to revisit my pre-law school life. Between college and law school, I took four years off to live in Boston and D.C. and work for a nonprofit organization. It was that experience that ultimately led me to a career in tax and corporate law. It was incredible to become acquainted with the girl I was before law school and my law practice took over my life. I visited with old friends today who have never heard me talk about bar exams, billable hours, due diligence trips, merger agreements, etc. It was fascinating!

Life wasn’t better then - but it was surely different and less busy!

My friends and acquaintances will tell you that I am not a philosophical person. But, I believe that, as attorneys, our common experiences bond us. For this reason, I generally recommend that associates and partners work with a recruiter who was a practicing attorney (whether or not a BCG recruiter) - with, of course, a few exceptions. I think that former attorneys can bring an interesting perspective to our work as recruiters gained through many hours of one-the-job training (and schooling!) We’ve been there!

Personally, I enjoy speaking with attorneys who remain in practice - especially my fellow BigLaw tax and corporate attorneys. And I have a big soft spot for my fellow Fordham Law alums! I have sat in your seat - and feel incredibly qualified to help you craft the career that you want.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

More on LinkedIn

I know that I have previously been exposed as a LinkedIn evangelist! I cannot say enough positive things about the potential for connectivity that LinkedIn provides. It is like the rolodex of the 1980s but completely souped up! (The photo at right is a tiny part of my LinkedIn network.)

Here is a Wall Street Journal article on LinkedIn. It has just received funding from VCs and it is here to stay. Venture capitalists have currently valued the business at $1B. It’s the business version of Facebook.

Interesting facts:

• Average user’s age is 41 and income of $109K+.
• Many people (including me!) have both LinkedIn and Facebook accounts. LinkedIn for work and Facebook for fun!

I definitely urge you to check it out!

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

RIP Tim Russert

What shocking news about Tim Russert! This election season will not be the same without him. The news of his death has hit all of us so hard. For those of us in our 30s, we rarely remember a day when Tim wasn’t a permanent fixture in news broadcasting.

It is a testament to the man that the world over is saddened by his passing. He was a class act, a phenomenal journalist and a devoted family man.

RIP Little Russ.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Life in the Real World

When I speak with candidates, I really believe that honesty is paramount. After a conversation with a recruiter, a candidate should know his/her chances of success in the market and should have an assessment of the timing of the search, etc. Sometimes it is hard for candidates to hear the truth.

I was recently speaking with a first year litigation associate who had excellent credentials. The potential candidate came to me in her second month of practice and said that she had to leave her firm. She couldn’t stand it. Really. I am sure it wouldn’t surprise you to know that looking for a new position in the second month of your first year might set off a few red flags in a law firm’s recruiting department. Even though I had explained every one of the associate’s “negatives” to her, she insisted upon a job search against my admonition.

Fast forward a few months. I was right. This associate doesn’t have a new position. Why not? Well, the associate couldn’t understand the reality of the situation - the overall economy, her lack of experience, the non-existent litigation market. It was a confluence of many negative factors. According to the candidate:

I should have been marketable on the basis of my credentials alone, no matter what my seniority or the state of the economy.

That statement might be accurate when you are interviewing for a summer associate position but it is very different in the lateral hiring context. Some associates get the wrong idea about lateral hiring because their only experience involves interviewing for a summer position as a law student. It’s not like that in the “real world” - the post-graduation, first year associate world. I had a teacher in high school who would always reference a utopia called “the land of the bunnies.” Would that all job searchers could live there!

If only this associate could accept the reality of her situation. Some factors are beyond anyone’s - even an associate with excellent credentials - control. Sometimes it is best to wait on a job search until those factors lessen a bit.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Do We Really Need More Law Schools?

Plans for three new law schools in New York were recently announced. There are additional law schools being started around the country. The National Law Journal has an article on the “deluge of law schools” today. For the article, click here. More law schools - is that necessary? There are so many law schools producing lawyers, but not enough jobs to go around.

Many students think that a law degree will lead them to a $160K job in BigLaw. So they attend law school. Unfortunately, graduates of lower tier law schools have an incredibly hard time securing legal employment after graduation. Some of these newly-minted lawyers have crushing law school debts and no chance of the $160K job (or, in some cases, a job at all!) Graduates of non-accredited law schools are really behind the eight ball upon graduation.

If you go to a law school outside of the top 20, make sure that you graduate in the top 10% - otherwise you will have a very difficult time trying to recoup your law school investment.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Am Law Second 100

The American Lawyer just released the list of the 101-200 firms ranked by gross revenues. Click here for the story and rankings.

So many attorneys look to flee BigLaw for an in-house position without considering a move to the Am Law second 100. Look at the stats provided by the American Lawyer: the average profits per partner for the Am Law second 100 is $666,000. It’s certainly less than the average PPP for the Am Law 100 ($1.315 million) but more than you would make in an average in-house legal department. Something to think about on this Friday afternoon.

You could have a pretty good life on $666K/year!

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

LinkedIn - Ramp It Up!

I am a fan of LinkedIn. I think that it has incredible potential to maximize an individual’s network. By linking your network with your the networks of your contacts - you can exponentially increase your contacts. Those contacts can help you find a job or a new client.

People ask me about the benefits of LinkedIn all the time. I really think that people are just beginning to mine the opportunities.

If you’d like to explore the possibilities, you might want to check out Jason Alba’s new book, I Am On LinkedIn - Now What? Jason has a blog in support of the book. Click here to view!

Post Footer automatically generated by Add Post Footer Plugin for wordpress.