Goodbye Thelen

There is something rather sad about the dissolution of Thelen Reid Brown Raysman this week. It’s not so much the demise of a good firm as it is the evaporation of part of my past. Graduating from law school in the late 90s (and focusing on IP law), Brown Raysman was one of the hot shot, new media practices in NYC. Dynamic, entrepreneurial, and at the cusp of evolving Internet law, the firm offered something really different to Manhattan legal practice — in addition to its decidedly West Coast feel. While I never practiced law there, I always enjoyed seeing it from afar (the firm operated out of the building behind my firm). It was almost like something “magical” to wish for later on in life (whether real or not). Moreover, when other IT/IP firms like Brobeck Phleger tanked, Brown Raysman held on in NYC, and I kept hoping it would keep holding on.

Today’s announcement of Thelen’s dissolution reinforces, however, the idea that nothing is forever in today’s market. It also forces me remember that a “firm” doesn’t make the magic. It’s people do. Brown Raysman’s folks will move on from Thelen’s walls, join other firms, and take their brand of practice somewhere else. I suppose little bits of the new media magic will be scattered around New York, at other firms, and to other cities. Maybe this isn’t so bad. As a practitioner of IP law, maybe this is a good thing. So, while I’m feeling sad that something important from my early days of practice is gone, I suppose there is an upside to all of this. Maybe it is time to move on — for all of us.

I told this to a friend of mine who was laid off today from another firm. She was talking about how good things were — what a good group it was — and how nothing can compare. Maybe that’s true, but maybe for some of those who are getting laid off, it might be time to move on. Take your magic elsewhere. I do believe that something good will come from all of this reshaping of national law firms. We just have to look for it and realize that we are part of it.

Stay the Course

I received one piece of useful advice last week which is applicable (and appropriate) not only to the financial markets but also to your job: “Stay the course.” Sitting across the desk from my financial consultant last Thursday, I was reminded again and again to “stay the course,” not dump my stocks, and trust that my 2006/2007 planning would pay off and be able to ride out 2008 without too much damage. It is hard to be patient when your 401K is tanking, but it is worse to panic and make hasty changes in order to satisfy your need to “do something.”

The same can be said about your job. Many associates, partners and counsel are facing layoffs or fear of layoffs as the year comes to a close, and there is a natural need (especially amongst lawyers) to “do something.” Don’t. If you have spent the past few years working hard, networking, pitching in, taking on new work, and operating at a high level of performance, stay the course. Continue to do the same. Trust that your reputation, which you have spent the last few years building, will protect you through the rough times at your firm. When rumors of layoffs are around, people sometimes panic and otherwise high performers can freeze in fear. Some will stop attending networking dinners; others will generally stop performing at their best because they become distracted by the market. It’s very much a deer in the headlights reaction. Don’t pick this approach. Likewise, be careful not to pick an approach which makes you appear panicked Instead, do your best to take note of what is going on in the marketplace, and then continue forward with confidence. Not only will this propel you through the bad times, it will likely propel others who interact with you — peers and clients.

A large part of what is going on in the marketplace is out of your control. Thus, if you have structured your career over the years in such a way that you currently maintain a strong reputation in your group, stay the course. There is some value in continuity. Keep moving forward with the faith that your “life plan” (like your financial plan) — if well structured over the last few years — will carry you through this rough patch.

Learning to Wait With Grace: The Art of Patience

I hate to wait. Really, really hate it. It depresses me, puts me in a funk, and sometimes makes me act irrationally. But, as a legal recruiter, I’ve started to accept the fact that waiting is a critical part of the process for myself as well as my candidates.

Going In-House: Look Before You Leap

I have recently spoken with several candidates who have expressed a desire to go in-house, and wanted to share some thoughts on making such a transition since I am a former in-house attorney. After several years of being a BigLaw attorney, I made the jump to go in-house at one of my firm’s clients, a very well-regarded private equity/investment management company. At the time, I wasn’t necessarily looking to make a move, but I didn’t think I should pass up such a great opportunity. After all, it had been ingrained in my mind that going in-house was the ultimate dream job for mid-level associates like myself. So, before I knew it, I had accepted my offer, given notice, and had started my new job as an in-house attorney.

I spent over six years at my in-house position, and feel very fortunate in that it proved to be an overall amazing experience. However, I think my situation was the exception to the rule as I have heard many horror stories that depict situations quite contrary to my own. The general thought is that going in-house means a better overall lifestyle, but that is not necessarily the case. In-house positions come in all shapes and sizes, and it is extremely important that you properly analyze each opportunity you come across because it can be extremely difficult to return to private practice, especially in this down market.

I recently wrote an article that discusses my experience as an in-house attorney because I wanted to help anyone thinking about going in-house understand the advantages and disadvantages of doing so before making that jump. Here is the link to the article: http://www.bcgsearch.com/crc/view-from-other-side.html. I hope you find it helpful!

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.