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.

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!

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.

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!

Analysis of Law Firm Failures – Early Warning Signs

There has been a great amount of discussion lately about the implosions of Heller and Thelen, and the effect that the economy had on these firm failures. As many firms are courting lateral partners (it’s a brisk lateral partner market!), these partners are analyzing the stability of potential firms.

A new study from Hildebrandt International should provide an interesting base for such an analysis. In a recently-released white paper entitled The Anatomy of Law Firm Failures, Hildebrandt discusses a study of firm failures between 1998 and 2004. Hildebrandt concludes that “failed firms typically exhibit one or more major fundamental flaws, and the flaws usually fall into three primary categories:

Below average financial performance – often including excessive financial leverage, significant deferred obligations, low productivity, and poor realization;
Internal dynamics – primarily involving leadership issues, partners with incompatible goals, differences over compensation philosophy, and lack of succession planning; and
External dynamics – primarily involving competitive pressures related to the firm’s historical client base, access to new clients and desirable work, and inability to recruit key talent.”

Hildebrandt states that certain triggering events brought these flaws to light.

“Four types of triggering events were the most common: (i) overexpansion that weakened the firm over an extended period of time, (ii) the unexpected rapid or gradual defection of significant partners to one or more other firms, (iii) a breakdown in merger efforts for a firm that was already in serious financial distress and barely surviving, or (iv) the impending expiration/renewal of the firm’s primary office lease.”

Lateral partners, especially those contemplating their first lateral move, should consider these fundamental flaws and triggering events when formulating their diligence questions for a potential suitor!

Happy Thanksgiving!

Best wishes for a very happy Thanksgiving from all of the recruiters at BCG Attorney Search. Even in challenging economic times, we all have so much for which to be grateful.

Enjoy the holiday!

Tips for Holiday Networking

There are many networking opportunities during the holiday season! You need to take advantage of these opportunities.

Laura Hill, founder of Careers in Motion and career coach extraordinaire, has put together a quick list of tips for holiday networking:

‘Tis the season to be merry, and even though we may not be feeling as cheerful as usual, it’s still the best time of year to build your professional network. If you’re in a job search, take advantage of this time to build momentum going into the New Year. If you’re not conducting a job search, this is the perfect time to further existing connections and make new ones before you need them.

Here are a few tips for holiday networking which I hope you will find useful.

1. Have your answer to “What do you do?” ready at all times – this is your elevator pitch. Provide your function (human resources, chemical engineering), context (your company name, industry or sub-specialty) and something unique or memorable about what you do. Modify your pitch for the situation and practice it out loud beforehand.
2. If you’re in a job search, tell everyone – and I mean everyone – your dentist, hairstylist, accountant, relatives, and neighbors. Give them your elevator pitch and include “I’m interested in companies such as ABC, XYZ, and DEF.” They may have another client who works at one of your targets!
3. Contact former colleagues and old friends: “How’s your schedule for catching a drink to toast the holidays?” or “With things a little slower due to the holidays, I thought this might be a good time to catch up over lunch.”
4. A holiday greeting card or e-mail letter is a great way to keep your name top-of-mind with your networking contacts. Include recruiters you know who work in your field and your professional network.
5. Arrive on time and stay late at a function to allow ample time to meet as many people as possible. Briefly greet and make plans to follow up with people you already know so you can focus on meeting new people.
6. Volunteer: not-for-profit organizations need more helping hands during the holidays. It’s a great way to meet people outside your usual network and it will lift your spirits.

Creative Ways to Increase Employee Departures

As we deal with a challenging economy, both law firms and companies are
not experiencing the expected annual departures from their ranks. Each
year, a law firm can count on a percentage of associates heading to
greener pastures. But, as there have been fewer opportunities for
associates this year, many have chosen to hunker down and ride out the economic storm at
their current firm. Unfortunately, that doesn’t really mesh well with
law firms’ business models. Imagine if no one left your firm and the
firm continued to bring in sizable summer classes? That would be a lot
of people on line in the lawyers’ dining room (a nod to my old firm and
its lovely cafeteria.)

The obvious way of forcing attrition is
layoffs. Many firms have utilized this method lately. But other law
firms and companies have become much more creative. For example:

1. Announce to your company’s employees that, at
some indefinite time in the next year, 53,000 of them will be without a
job. Citigroup announced this plan on November 17th, and a flood of
resumes hit the street.

2. Announce to your firm’s non-equity
partners that they must contribute a sum of money (rumored to be
$150,000) to the firm and become equity partners who generate business. DLA Piper announced this yesterday to a decidedly mixed response.

3. Announce to your firm’s associates that, not only are their bonuses for 2008 lower than they would like, but that they should not expect bonuses
for 2009. Cravath announced this tonight, and we’ll expect to see
resumes trickling out of Cravath in the next few months as management
no doubt hopes.

All of these are creative ways to cut headcount. I expect that we will see more creativity in the upcoming months!

The Layoff List

American Lawyer and Incisive Media have compiled a list of AmLaw 200 firms that have had “employment shifts” in 2008. Click here for the list.

It will turn around. I hope that you are doing your best to weather the storm.

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.