Bcg Candidate Core Story V

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A discussion of the best way to get a job using an attorney recruiter or a legal recruiter. The best way to find attorney jobs with an attorney recruiter.

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Bcg Candidate Core Story V

  1. 1. Fast-tracking your legal career
  2. 2. Areas Covered <ul><li>Overview of the legal profession </li></ul><ul><li>Measures of success </li></ul><ul><li>The matching game </li></ul><ul><li>Associates: Tips to making partner </li></ul><ul><li>Partners: Taking it to the next level </li></ul><ul><li>The critical juncture </li></ul>
  3. 3. Overview of the legal profession
  4. 4. Attorney growth <ul><li>Lawyers in the U.S. </li></ul>Graphics dramatically illustrate the points. 1,000,000 1970 1980 1990 1992 355K 552K 355K 552K 720K 355K 552K 720K 973K 355K 552K 720K 973K
  5. 5. Lawyers today and tomorrow <ul><li>Today, there are 1,104,766 active attorneys in the U.S. </li></ul><ul><li>Expect a 10% to 20% growth in lawyers through 2012. </li></ul>Source: American Bar Association
  6. 6. Law firms are growing dramatically <ul><li>There is a growing trend toward larger firms. </li></ul><ul><li>1968: Baker & McKenzie, the largest U.S. law firm, employed 169 lawyers </li></ul><ul><li>1999: Baker & McKenzie, employed 2,343 lawyers. </li></ul><ul><li>2004: Baker & McKenzie employed 3,194 attorneys. </li></ul><ul><li>Jones Day, one of the next biggest firms, employs roughly 1,000 fewer attorneys than Baker & McKenzie. </li></ul>Sources: http://www.law.com/jsp/article.jsp?id=1100295182602; http://www.kellogg.northwestern.edu/faculty/uzzi/ftp/media%20hits/Kellogg%20in%20the%20Media,%20Chicago%20Daily%20Law%20Bulletin,%20September%2015,%202003,%20Kellogg%20School%20of%20Management.htm;
  7. 7. Revenue by industry Source: U.S. Census Bureau, http://www.census.gov/econ/census02/ Revenue by thousands Actual revenue And how much revenue is generated by the legal industry?
  8. 8. Compare to the legal industry Revenue by thousands Actual revenue Source: U.S. Census Bureau, http://www.census.gov/econ/census02/
  9. 9. Legal industry revenue is growing <ul><li>Over the past ten years, the average gross revenue of the top 250 firms nationwide increased by 56% to $265.5 million. </li></ul><ul><li>During the same time period, average annual profits per partner at these firms rose by 34% to $755,000. </li></ul>Source: http://www.judicialaccountability.org/baraccountability6.htm 56% increase in 10 years! $265.5 million
  10. 10. Financial growth of one firm <ul><li>Attorney Robert Sheehan of Skadden, Arps, Slate, Meagher & Flom declared that his firm of 1,332 lawyers was the first to gross more than $1 billion a year. </li></ul><ul><li>In 1978 the firm had 160 lawyers and grossed $30 million. </li></ul><ul><li>Recently, each of the 292 partners of the firm earned a stunning profit of an average of $1.6 million for the year. </li></ul>Source: http://www.judicialaccountability.org/baraccountability6.htm 1978: $30 million Today: Over $1 billion
  11. 11. Law firm profits and billings will continue to rise <ul><li>According to a recent survey of the heads of the top 200 U.S. law firms, profits per partner will continue to rise. </li></ul><ul><ul><li>66% of respondents predicted that profits will grow by more than 5%. </li></ul></ul><ul><ul><li>31% say they will increase 5% or less </li></ul></ul><ul><ul><li>Only 3% say they will be flat. </li></ul></ul><ul><li>Billing rates will also increase according to the survey. </li></ul><ul><ul><li>53% say rates will rise by more than 5%. </li></ul></ul><ul><ul><li>46% say they will increase by 5% t or less. </li></ul></ul><ul><ul><li>Only 2% say they'll keep rates steady. </li></ul></ul>Source: http://www.law.com/jsp/newswire_article.jsp?id=1165582060017
  12. 12. The percentage of lawyers in the AmLaw 100 and 200 is growing - as is the need to fill those positions Sources: Growing Pains, Alison Frankel, The American Lawyer, May 1, 2006 http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1145964622373 1985: 3.8% of 655,191 lawyers 1995: 4.4% of 857,931 lawyers 2000: 5.2% of 1,066,328 lawyers 2004: 6.3% of 1,084,504 lawyers
  13. 13. Areas of growth <ul><li>Litigation: According to a recent survey of the heads of the top 200 U.S. law firms, litigation is expected to see the greatest revenue growth. </li></ul><ul><li>Corporate : Corporate activity runs a close second followed by intellectual property. </li></ul><ul><li>Mass tort and securities litigation: Mass tort and securities litigation will stay in the picture. 45% of the study respondents say that the practices have remained stable this past year, and 31% report an increase. </li></ul>Source: http://www.law.com/jsp/newswire_article.jsp?id=1165582060017
  14. 14. Hot practice areas <ul><li>Corporate </li></ul><ul><ul><li>General Corporate </li></ul></ul><ul><ul><li>Corporate Finance </li></ul></ul><ul><li>Securitization </li></ul><ul><ul><li>Firms are fighting to develop new “products” and become leaders in this area. </li></ul></ul><ul><li>Mutual Funds/Hedge Funds </li></ul><ul><ul><li>Due to the recent changes in securities regulations governing mutual funds </li></ul></ul><ul><li>Mergers & Acquisitions </li></ul><ul><ul><li>It’s no secret this area has been booming. </li></ul></ul>Source: June, 2006 Juriscape Top Recruiter Survey
  15. 15. Hot practice areas <ul><li>Structured Finance </li></ul><ul><ul><li>Due to the strengthening economy, there is a lot of lending/finance work to be had. </li></ul></ul><ul><li>Investment Management </li></ul><ul><ul><li>Due to the increasing scrutiny over mutual funds during the past few years </li></ul></ul><ul><li>International Business </li></ul><ul><ul><li>Particularly in China </li></ul></ul><ul><li>Intellectual Property Transactions and Patent Litigation </li></ul><ul><ul><li>Particularly in the electrical engineering and computer science areas </li></ul></ul>Sources: June, 2006 Juriscape Top Recruiter Survey and http://jobprofiles.monster.com/Content/job_content/copy2_of_JC_LegalServices/JSC_Attorneys/JOB_022_attorney/jobzilla_html
  16. 16. Hot practice areas <ul><li>Real Estate </li></ul><ul><ul><li>Leasing and sale/acquisition/disposition/finance </li></ul></ul><ul><li>Health Care </li></ul><ul><ul><li>In particular, D.C., the nerve center of the health care industry, especially on the regulatory side.  </li></ul></ul><ul><li>Labor </li></ul><ul><ul><li>A consistently busy area even in a down economy </li></ul></ul><ul><li>Environmental Law </li></ul><ul><ul><li>This increase in environmental work goes hand in hand with the larger number of corporate and project finance deals, many of which require environmental due diligence. </li></ul></ul><ul><li>Tax </li></ul><ul><li>Oil & Gas </li></ul><ul><ul><li>Regionally, in areas like Colorado, Texas and Wyoming </li></ul></ul>Source: June, 2006 Juriscape Top Recruiter Survey
  17. 17. Measures of Success
  18. 18. Average top law firm partner compensation is growing Sources: The AmLaw 100 2005 , The American Lawyer, July 2005; Competitive Intelligence for Law Firms by Larry Bodine* Altman Weil Pensa surveys <ul><li>The average profits per partner of AmLaw 100 firms range widely from $375,000 to $3,500,000 </li></ul>
  19. 19. Serious money <ul><li>Am Law 100 average profit per partner: $1,065,000 </li></ul><ul><li>Am Law 200 average profit per partner: $590,000 </li></ul><ul><li> </li></ul>Source: The American Lawyer , June 2006
  20. 20. The Am Law 200: Profits per partner Source: The American Lawyer , June 2006 7.3% $2,120,000 Kirkland & Ellis 9 -6.9% $2,285,000 Cahill Gordon 8 1.7% $2,370,000 Simpson Thacher 7 2.6% $2,410,000 Sullivan & Cromwell 6 14.8% $2,475,000 Paul, Weiss 5 20.6% $2,545,000 Cadwalader 4 17.9% $2,600,000 Cravath 3 7.7% $2,800,000 Boies, Schiller 2 8.3% $3,790,000 Wachtell 1 % Change from previous year Profits Per Partner Firm
  21. 21. Salaries for new attorneys are at an all-time high on the coasts <ul><li>In 2005, midsize L.A. firm Irell & Manella and L.A. litigation firm Quinn Emanuel Urquhart Oliver & Hedges boosted pay to $135,000. </li></ul><ul><li>Gibson Dunn became the first large firm to follow suit in December, and several major firms on the East Coast then fell into line. </li></ul><ul><li>In 2006, New York firms such as Skadden, Arps; Sullivan & Cromwell; Kirkland & Ellis and Weil, Gotschal & Manges and others began starting new associates at $145,00. </li></ul>Sources: Associate salary war moves to mid-U.S., National Law Journal, Leigh Jones/Staff reporter, June 8, 2006 December, 2006 Juriscape Top Recruiter Survey
  22. 22. Mid-America law firms are not far behind <ul><li>The nation's middle regions are not matching the $135,000-plus salaries of beginning attorneys, but many are raising salaries none-the-less. </li></ul><ul><li>The Denver-based, 219-attorney firm Holme Roberts & Owen increased compensation to $105,000 for the first-year associates it hired in September. Bonuses now range from $10,000 to $50,000. </li></ul>Source: Associate salary war moves to mid-U.S., National Law Journal Leigh Jones/Staff reporter, June 8, 2006
  23. 23. Let’s not forget the bonuses <ul><li>New York law firms such as Simpson Thacher & Bartlett and Sullivan & Cromwell are doubling the annual bonuses paid to some associates after a surge in revenue from advising companies on mergers and acquisitions. </li></ul><ul><li>Simpson Thacher is paying $30,000 in bonuses to first-year lawyers and twice that amount to senior associates. </li></ul>Source: CITY INC. Newsday (New York) December 14, 2004
  24. 24. Lawyer median income in 2-3 years after law school Source: After the JD: First Results of a National Study of Legal Careers, NALP Foundation, 2004, http://www.nalpfoundation.org/webmodules/articles/articlefiles/87-After_JD_2004_web.pdf 11/5 80,000 11% 70,000 9% 84,000 5% 80,000 6% 120,000 Business 1% - 3% 137,000 5% 135,000 11% 140,000 25% 150,000 251+ 2% - 6% 95,000 10% 107,000 22% 135,000 25% 145,000 101-250 12% 79,500 15% 85,000 20% 94.000 27% 130,000 20% 130,000 21-100 41% 54,500 36% 55,000 29% 60,000 16% 75,500 6% 135,000 2-20 8% $57,500 6% $55,000 4% 50,000 2% - 0% - Solo % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY # LAWYERS IN OFFICE TIER 4 Schools TIER 3 Schools TOP 21-100 Schools TOP 11-20 Schools TOP 10 Schools
  25. 25. Grades are critical, but not as important at top schools Income by grades and schools for sampling of 5,000 Lawyers 2 – 3 years after graduation Source: After the JD: First Results of a National Study of Legal Careers, NALP Foundation, 2004, http://www.nalpfoundation.org/webmodules/articles/articlefiles/87-After_JD_2004_web.pdf 50,000 51,500 51,500 49,000 - GPA 2.50 or Lower 50,000 55,000 51,025 56,000 - GPA 2.75 – 2.99 60,000 55,820 63,000 00,000 125,000 GPA 3.00 0 3.24 57,000 65,000 80,000 105,000 135,000 GPA 3.25 – 3.49 79,000 90,000 90,000 127,460 140,000 GPA 3.50 - 3.74 79,000 93,000 100,000 135,000 $130,000 GPA 3.75 – 4.00 TIER 4 TIER 3 TOP 21-100 TOP 11-20 TOP 10
  26. 26. Hourly billing rates on the rise <ul><li>A recent survey shows that about 75% of the 250 largest law firms said they raised their billing rates in 2006. </li></ul><ul><li>In big cities, some partners are billing out at $1,000 per hour or even more. </li></ul><ul><li>Here are some sample attorney hourly billing rates: </li></ul>Sources: NLJ, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1165582055184 http://www.law.com/special/professionals/nlj/2002/firm_by_firm_sampling_of_billing_rates_nationwide.shtml <ul><ul><li>Locke Liddell & Sapp (Houston) Partners $300-$595 </li></ul></ul><ul><ul><li>Associates $150-$350 </li></ul></ul><ul><ul><li>Kramer Levin Naftalis & Frankel (New York) Partners $440-$625 Associates $210-$440 </li></ul></ul><ul><ul><li>Cooley Godward (Palo Alto, Calif.) Partners $330-$600 Associates $190-$425 </li></ul></ul><ul><ul><li>Akin, Gump, Strauss, Hauer & Feld (Washington, D.C.) Partners $350-$600 Associates $170-$330 </li></ul></ul>
  27. 27. Five highest paid general counsel ranked by cash compensation—salary plus bonus Source: http://www.law.com/jsp/cc/pubarticleCC.jsp?id=1121331913549 $3,442,000 $0 $3,442,000 $1,300,000 The News Corp. Ltd. Arthur Siskind $3,083,173 $0 $3,083,173 $2,000,000 Viacom Inc. Michael Fricklas $3,780,769 $0 $3,780,769 $2,800,000 Time Warner Paul Cappuccio $6,898,033 $3,098,033 $3,800,000 $3,350,000 Lehman Bros. Holdings Thomas Russo $11,307,110 $6,648,777 $4,658,333 $3,125,000 General Electric Benjamin Heineman Jr. Total Stock + Value Realized Value Realized Cash Compensa-tion Bonus Company GC
  28. 28. Average attorney household income <ul><li>Average household income: $199,000 </li></ul><ul><li>Attorney Average Household Income by Firm Size: </li></ul><ul><ul><li>1-9 lawyers: $176,000 </li></ul></ul><ul><ul><li>10-99 lawyers: $204,000 </li></ul></ul><ul><ul><li>100-499 lawyers: $241,000 </li></ul></ul><ul><ul><li>500+ lawyers: $363,000 </li></ul></ul>Source: American Bar Association
  29. 29. Top lawyers make even more <ul><li>Average employment income: $689,800 </li></ul><ul><li>Average household income: $846,000 </li></ul><ul><li>Total market value of investments: $3.289 million </li></ul><ul><li>Average household net worth: $4.0 million </li></ul>Sources: Survey, The American Lawyer, Survey American Bar Association Income Income
  30. 30. Are you making the money you should? <ul><li>Even though attorneys make four times as much money as the average adult, recent studies indicate a wide gap between high-earning lawyers and those at the lower end of the income spectrum . </li></ul>Source: American Bar Association
  31. 31. Do you have the time to enjoy your life? <ul><li>Money is all well and good, but these days many also want time to enjoy their lives </li></ul><ul><li>Now, new associates at many major firms are expected to bill 1,800 to 2,000 hours a year or more. </li></ul><ul><li>Fit is extremely important and big firm life is not for everyone as even highly successful partners often leave for boutique firms </li></ul><ul><li>Even large firms are beginning to offer alternatives. </li></ul>Source: Brave New World of Partnership, ABA Journal January, 2004
  32. 32. Keeping and attracting talent: The “up or out” hierarchy is shifting <ul><li>Traditionally, most associates left firms when they didn’t make partner. </li></ul><ul><li>More firms are now adopting non-equity tier partnerships or adding more tier partners to the ranks. </li></ul><ul><li>Nonequity partners have been a growing breed of big-firm lawyer since the mid-1980s. </li></ul><ul><li>It is still primarily a bridge to full partnership rather than a final destination. </li></ul>Source: Toutant, Charles. &quot;Most tier partners still 'on path' to equity status, survey finds.(Pennsylvania).&quot;  New Jersey Law Journal  (May 22, 2006)
  33. 33. Getting and staying on track <ul><li>Success does not just happen </li></ul><ul><li>Success must be planned </li></ul><ul><li>Making the right plans and the right moves is the secret to a fulfilled life </li></ul><ul><li>To reach your goals, you must be clear exactly what they are regarding income and work/life balance </li></ul>
  34. 34. The matching game
  35. 35. Firms are recruiting lateral hires <ul><li>2005 – 2006 saw a rise in economic activity and stepped up recruitment of entry-level and lateral attorneys after a downturn after the late 1990’s. </li></ul><ul><li>Firms are hiring more lateral than entry-level attorneys. </li></ul>Source: The market for lateral hires continues to heat up, The National Law Journal, May 1, 2006 http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1149239115878
  36. 36. Lateral hiring is on the rise <ul><li>Following a jump of 14% from 2003 to 2004, overall lateral hiring increased by an additional 19% in 2005. </li></ul><ul><li>Firms of more than 500 lawyers collectively reported the biggest increase in lateral hiring, measured at almost 25%. </li></ul><ul><li>At firms of 251 to 500 lawyers, the increase was about half that. </li></ul>Source: The market for lateral hires continues to heat up, The National Law Journal, May 1, 2006 http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1149239115878
  37. 37. Partners are on the move <ul><li>According to a recent study there have been an average of 2,336 lateral partner moves for the last three years. </li></ul><ul><li>Why do they leave? </li></ul>Source: http://lawfirminc.law.com/display.php/file=/texts/1106/mgmt1106
  38. 38. Why partners leave <ul><li>To increase compensation </li></ul><ul><li>To move to a firm with a better reputation </li></ul><ul><li>To move to a firm where there is more harmony </li></ul><ul><li>To go to a firm where it is possible to develop more business </li></ul>Source: Attorney Job Search Secrets Revealed, by Harrison Barnes Top legal recruiter survey, Dec. 2006, Juriscape
  39. 39. More reasons <ul><li>To go to a firm with more work in their practice area </li></ul><ul><li>Too many conflicts with potential new business at current firm </li></ul><ul><li>To rid themselves of administrative tasks </li></ul><ul><li>They have been asked to leave </li></ul><ul><li>To get out of a dying firm </li></ul>Sources: Attorney Job Search Secrets Revealed, by Harrison Barnes Top legal recruiter survey, Dec. 2006, Juriscape
  40. 40. Some partners leave to start/join boutique firms <ul><li>Reasons they cite: </li></ul><ul><ul><li>Flee impersonal treatment </li></ul></ul><ul><ul><li>Flee corporate bureaucracy </li></ul></ul><ul><ul><li>Desire more chances for career growth </li></ul></ul><ul><ul><li>Desire different practice focus </li></ul></ul><ul><ul><li>Cost of opening additional offices </li></ul></ul><ul><ul><li>Increased income, less work </li></ul></ul>Source: http://www.law.com/jsp/article.jsp?id=1117184721239
  41. 41. Attorneys no longer view a firm as a home for life <ul><li>Crowell & Moring lost its securities regulatory group. </li></ul><ul><li>Swidler's energy practice jumped to Alston & Bird. </li></ul><ul><li>George Pappas, along with his nearly $10 million in business, gave up on his longtime firm, Venable, for the more white-shoe Covington & Burling. </li></ul><ul><li>The lateral market is hot, and firms are losing some of their best to better financial offers. </li></ul>Source: WILL MERGER MANIA CONTINUE ? Legal Times January 6, 2006
  42. 42. Associates are leaving, creating a hot lateral market <ul><li>A 2005 study by the NALP Foundation for Law Career Research and Education found a rising attrition rate for associates at firms of every size and in every market. </li></ul><ul><li>In the same study, less than three years out of law school, more than a third had already changed jobs at least once. </li></ul><ul><li>By the fifth year, 80% of associates have already left. </li></ul>Sources: The market for lateral hires continues to heat up, James G. Leipold/Special to The National Law Journal, May 1, 2006 http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1149239115878 After the JD: First Results of a National Study of Legal Careers, a joint publication of the NALP Foundation for Law Career Research and Education and the American Bar Association
  43. 43. Why associates leave <ul><li>Did not make partner </li></ul><ul><li>Seeks more work/life balance </li></ul><ul><li>Wants more responsibility </li></ul><ul><li>Seeks better personality fit </li></ul><ul><li>Seeks position with more prestigious firm </li></ul><ul><li>Wants to change practice area </li></ul><ul><li>Dislike of practice of law itself </li></ul>
  44. 44. Increased educational debt results in increased attrition <ul><li>Lawyers are paying up to 267 % more for their education, compared to costs in 1990. </li></ul><ul><li>New associates are earning on average just 60 % more than what they were in the private sector in 1990, not even taking inflation into account. </li></ul><ul><li>At the nation's biggest firms, salaries have risen just 78% since 1990, compared with the 267% increase in the cost of public in-state education and the 130% escalation in private law school education. </li></ul><ul><li>Many fear this leads to more loan defaults, attrition and job dissatisfaction. </li></ul>Source: Salary raises dwarfed by law school tuition hikes, N ew Jersey Law Journal  (Feb 6, 2006)
  45. 45. Lateral associates are sought after and well paid <ul><li>With beginning attorney rates at an all time high and law firms needing more help, it is little wonder the market for experienced lateral associate hires is increasing. </li></ul><ul><li>Experience is valued, and in 2005, for the first time in five years, associates saw base pay for their class rise at many firms. </li></ul><ul><li>The boosts averaged about $10,000 a class. </li></ul>Source: WILL MERGER MANIA CONTINUE ?, Legal Times January 6, 2006
  46. 46. Associates: Tips to making partner
  47. 47. Partnership can be elusive <ul><li>Only a small fraction of associates are eventually offered partnerships. For example, 15% of firms make partners of fewer than 10% of their associates. </li></ul><ul><li>Many firms now have two-tiered partnerships resulting in extended partnership track: </li></ul><ul><ul><li>It might take, for example, eight years to become a junior nonequity partner </li></ul></ul><ul><ul><li>Then perhaps another five until full equity partnership is offered to those who make the grade </li></ul></ul>Sources: Brave, New World of Partnership, ABA Journal January, 2004 The Money Makers, ABA Journal, Aug. 1, 1987
  48. 48. Qualified women are even less likely to make partner <ul><li>The average female lawyer makes $20,000 a year less than the average male lawyer. </li></ul><ul><li>Given the same qualifications, men are still twice as likely to be offered partnership in law firms. </li></ul><ul><li>Women make up about 29% of the profession, yet </li></ul><ul><ul><li>Only 15.6% of law firm partners are women </li></ul></ul><ul><ul><li>Only 13.7% of general counsel at Fortune 500 corporations are women. </li></ul></ul><ul><ul><li>For women of color, the under-representation is even greater </li></ul></ul>Sources: The Right Equation: Despite increasing numbers of female lawyers, gender equality may not be guaranteed in the future. ABA Journal August, 2000 Moving into the Driver's Seat: Roadblocks to equality falling, subtle barriers persist, ABA Journal June, 2001
  49. 49. Minorities are also under-represented <ul><li>African Americans account for only about 1% of 40,000 law firm partners listed in the National Directory of Legal Employers. </li></ul><ul><li>Overall, minorities – African Americans, Asians/Pacific Islanders, Hispanics and Native Americans -- comprise 2.95% of partners nationwide. </li></ul><ul><li>Even those statistics don't account for the difference between equity and nonequity partners. </li></ul>Source: Getting There, Staying There, ABA Journal February, 1999
  50. 50. The partner pool is shrinking <ul><li>Even though lawyers’ numbers are increasing, the number of equity partners at law firms grew by just 2.5% last year, which is down from 3% from three years ago and 4.5% five years ago. </li></ul><ul><li>The use of multi-tiered partnerships is a growing trend. At the end of 2004, 71% of the country's 250 largest firms had multi-tier structures, up from 48% of large firms in 1999. </li></ul>Sources: http://www.law.com/jsp/article.jsp?id=1125392710244 http://www.bizjournals.com/milwaukee/stories/2005/04/04/focus5.html 5 years ago: 4.5% growth 3 years ago: 3% growth Today: 2.5% growth How can you ensure you will be one of the chosen?
  51. 51. Tips for success <ul><li>Be true to yourself. If you don’t have fun doing what you spend over 50% of your time doing, you are not practicing in the right area. </li></ul><ul><li>Once you find that area, stick with it. Building expertise in a particular area will result in increased earning potential. </li></ul><ul><li>We don’t need to tell you – billing. </li></ul><ul><li>Build business. If you don’t meet your billable hours, but bring a lot of business to the firm, you’re pretty much guaranteed advancement. </li></ul>Source: Top legal recruiter survey, Dec. 2006, Juriscape
  52. 52. It pays to plan <ul><li>Have a personal business plan for where you want to be in 5 and 10 years, and what steps you’ll take every 6 months to get there. </li></ul><ul><li>Look at the partners you work for. Would you want to switch places with them? If not, it’s time to reevaluate your career. </li></ul><ul><li>Treat the partners you work for like they are your clients. If partners feels you can never do enough for them they will favor you over other associates. </li></ul><ul><li>Become a leader with different organizations in your community. </li></ul>Source: Top legal recruiter survey, Dec. 2006, Juriscape
  53. 53. And don’t forget… <ul><li>Find good mentors. They will help you negotiate the path to partner, teach you rainmaking skills, help you network and help you build your own book of business. </li></ul><ul><li>Build relationships within your own firm. </li></ul><ul><li>Meet deadlines and ask for feedback on your work product. </li></ul><ul><li>Choose your firm carefully. Each placement will effect your future opportunities. </li></ul><ul><li>Don’t burn bridges - word gets around. </li></ul>Source: Top legal recruiter survey, Dec. 2006, Juriscape
  54. 54. Mistakes associates make <ul><li>Working at a satellite office of a major firm </li></ul><ul><li>Working in a practice area that is not a revenue producer </li></ul><ul><li>Working in a practice area that does not warrant as many promotions in a particular firm </li></ul><ul><li>Failing to feel out the firm regarding a possible future partnership while still a three to four year associate </li></ul>Source: Top legal recruiter survey, Dec. 2006, Juriscape
  55. 55. More mistakes <ul><li>Assuming being a good lawyer is enough </li></ul><ul><li>Not developing portable business that will enable you the freedom to move to other firms </li></ul><ul><li>Only working for one partner on the way up – you can be stranded if that partner leaves </li></ul>Source: Top legal recruiter survey, Dec. 2006, Juriscape
  56. 56. Partners: Taking it to the next level
  57. 57. Why firms hire lateral partners <ul><li>Lateral partners can </li></ul><ul><ul><li>Strengthen a brand-name practice by adding depth or breadth </li></ul></ul><ul><ul><li>Fill a gap in an office or practice group </li></ul></ul><ul><ul><li>Help a firm gain access to a client or industry sector </li></ul></ul>Source: http://lawfirminc.law.com/display.php/file=/texts/1106/mgmt1106
  58. 58. What firms look at when hiring lateral partners <ul><li>Cultural Fit </li></ul><ul><ul><li>Many firms extend offers to a lateral candidate only after the individual has met all of the partners in the candidate's practice area and office, and sometimes every office. </li></ul></ul><ul><li>Due Diligence </li></ul><ul><ul><li>Has the candidate's practice slipped in the recent past? </li></ul></ul><ul><ul><li>Has he or she been the subject of a professional liability claim? </li></ul></ul><ul><ul><li>Has an important client severed its relationship with the candidate or been acquired by another company? </li></ul></ul>Source: http://lawfirminc.law.com/display.php/file=/texts/1106/mgmt1106
  59. 59. Tips for Success: creative rainmaking <ul><li>Collaborate with your partners for cross-selling and business development. </li></ul><ul><li>And never, never be complacent. It can be costly. </li></ul>http://www.law.com/jsp/newswire_article.jsp?id=1165582060017
  60. 60. Tips for success: don’t rest on your laurels <ul><li>In one case, a gentleman had brought in a large case that sustained him as a partner at a large national firm. </li></ul><ul><li>Once this case was over, his portable business dropped off and he did not develop new business. </li></ul><ul><li>He was surprised to find when he tried to change firms that he could no longer command the same salary. </li></ul><ul><li>Lesson learned: Continue to develop business – don’t rest on your laurels </li></ul><ul><li>Ask us about our orientation on how to get new clients! </li></ul>Source: Top legal recruiter survey, Dec. 2006, Juriscape
  61. 61. More tips <ul><li>Be polite and friendly </li></ul><ul><ul><li>Associates will work hard and be loyal if they feel they have your respect. </li></ul></ul><ul><ul><li>In-house attorneys who like to work with you, are more likely to send you work. </li></ul></ul><ul><ul><li>Tip for being well-liked – everyone’s favorite person is themselves. If you want to be interesting, be interested. </li></ul></ul>
  62. 62. And finally <ul><li>Be on at least three firm committees. </li></ul><ul><li>Network constantly and diligently nurture your ever-growing network. </li></ul><ul><ul><li>(You should have at least 300 names on your professional holiday card list.) </li></ul></ul><ul><li>Put yourself in the public eye through speaking engagements, publishing articles and participating in community and non-profit organizations. </li></ul>
  63. 63. The critical juncture Don’t make a costly mistake
  64. 64. Look for recruiters who have your long-term interests at heart <ul><li>Recruiters can hurt you by: </li></ul><ul><ul><li>Papering your resume indiscriminately </li></ul></ul><ul><ul><li>Not informing you where your resume has been sent </li></ul></ul><ul><ul><li>Sending your resume without express permission, thereby increasing the possibility your current firm will learn of your job search </li></ul></ul><ul><ul><li>Giving you false information about the legal market that can jeopardize your future chances </li></ul></ul>
  65. 65. Don’t pay the price for bad advice <ul><li>A candidate wanted to move from litigation to real estate, a practice area in which she had no experience. She disregarded sound advice that approaching firms as a real estate candidate might effectively bar her from a position at the same firm in litigation. </li></ul><ul><li>A disreputable recruiter assured her that she should apply for positions in the new area, even though she had no relevant experience. </li></ul><ul><li>Months later, the candidate found herself without any opportunities whatsoever and in an extremely compromised situation in approaching the same firms for a position in her area of expertise. </li></ul><ul><li>What does this show us? </li></ul>Source: Top legal recruiter survey, Dec. 2006, Juriscape
  66. 66. Avoid the mine fields <ul><li>Think carefully before applying for open positions. This will impact your ability to apply at the same firm in other practice areas. </li></ul><ul><li>Consider your expertise and your ultimate goals. </li></ul><ul><li>Every move you make has an impact. Seek sound advice on how to step around the mine fields. </li></ul>
  67. 67. Don’t treat your career casually <ul><li>An attorney who wanted to relocate found a job through a friend. </li></ul><ul><li>Because the attorney did not do due diligence, he did not learn of the firm’s reputation as a difficult place to work. </li></ul><ul><li>The attorney was miserable, his work suffered and he was fired. It took the attorney six months to find a new job at a 35% pay cut. </li></ul><ul><li>Had he consulted a reputable recruiter, this could have been avoided and his career would be on track today. </li></ul>
  68. 68. If you choose to use a recruiter <ul><li>Once you decide to use a recruiter, use due diligence. </li></ul><ul><li>Your recruiter will represent you to your profession. It is critical they are both ethical and knowledgeable. </li></ul><ul><li>Asking the following questions can make all the difference in your career and your future. </li></ul>
  69. 69. An effective recruiter is plugged in <ul><li>Do you as an individual work exclusively in the geographical area I desire? </li></ul><ul><ul><li>To get the best leads and to wield the most influence, your recruiter should be plugged into your community. </li></ul></ul><ul><li>How long have you been recruiting? </li></ul><ul><ul><li>Long-time recruiters have good connections. </li></ul></ul><ul><ul><li>Don’t discount hungry new recruiters, particularly if they are lawyers who may have connected with important firms while practicing. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  70. 70. Your recruiter should position you for success <ul><li>Will you be writing a cover letter to the employer on my behalf? </li></ul><ul><ul><li>A recruiter who just fires out resumes without taking the time to address your unique assets is not dedicated to your career goals and finding you the right fit. </li></ul></ul><ul><ul><li>Your recruiter should tell you the content of the cover letters and where they are sent. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  71. 71. Don’t miss opportunities <ul><li>Are there any firms that you do not work with, but that still could be a good match for me? </li></ul><ul><ul><li>Your recruiter may place candidates with some firms and solicit candidates from others. There could be a good position for you at a firm where the recruiter solicits candidates, but the recruiter may not want to tell you about the opening. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  72. 72. Your recruiter should constantly work towards your goals <ul><li>Are you a hands-on recruiter who will leave no stone unturned? </li></ul><ul><ul><li>Learn work history, goals, relevant experience </li></ul></ul><ul><ul><li>Provide insights on firms not apparent from just interviewing </li></ul></ul><ul><ul><li>Present me in the best light </li></ul></ul><ul><ul><li>Diligently follow up </li></ul></ul><ul><ul><li>Help in interview preparation </li></ul></ul><ul><ul><li>Debrief me after the interview </li></ul></ul><ul><ul><li>Help negotiate my offer </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  73. 73. Be wary of “marrying” your recruiter <ul><li>Am I obligated to work with you exclusively? </li></ul><ul><ul><li>Working with one good recruiter is by far the best option, because two different recruiters presenting you to the same firm can severely undermine your candidacy. </li></ul></ul><ul><ul><li>However, if you are not happy that your recruiter is representing you well, you should be able to seek help elsewhere. </li></ul></ul><ul><ul><li>Be cautious about agreeing to any kind of exclusive relationship that may prevent you from using another agency. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  74. 74. Don’t be limited by your recruiter’s job description <ul><li>Does your company divide employers between its different recruiters? </li></ul><ul><ul><li>If you are working with a recruiter who is only allowed to place you within his or her assigned firms, you are under a severe handicap. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  75. 75. Check credentials <ul><li>Are you a member of the National Association of Legal Search Consultants? </li></ul><ul><ul><li>NALSC is a trade association of member search firms that agree to abide by the NALSC Code of Ethics. Under the code, a recruiter is required to provide you with the most accurate information about an employer, not withhold any information about an employer that would be relevant to your decision, and obtain your express consent before presenting you to an employer. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  76. 76. Take a look, kick the tires <ul><li>Can I meet with you in person? </li></ul><ul><ul><li>You may learn a great deal by meeting recruiters in person, such as whether they dress like polished attorneys who can best represent you to top firms. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  77. 77. The right stuff to make top placements <ul><li>Do you concentrate exclusively on placing top attorneys in top firms? </li></ul><ul><ul><li>Choose a recruiter who spends all their time learning about you, the market, the best positions and best fit for you. </li></ul></ul><ul><ul><li>Don’t use a recruiter who makes in-house, contract or secretarial placements. Recruiters who do this splinter their time and generally do not get the best placements at the top firms. </li></ul></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  78. 78. Look for recruiters who know the openings and the candidates <ul><li>Look for a recruiter who you can consistently rely upon to know all the best openings at all the best firms. </li></ul><ul><li>To effectively represent you, a recruiter must have a stellar reputation in the legal community. </li></ul><ul><li>This recruiter must know the current employment market, specific firms' cultures and the chances of success with a new career opportunity. </li></ul><ul><li>If your recruiter is also an attorney, they will better understand your concerns and that of your potential employers’. </li></ul>Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006
  79. 79. And now a word from your sponsor
  80. 80. BCG Search is the biggest and the best <ul><li>BCG Attorney Search is the largest search firm in the United States dedicated exclusively to placing associates and partners in law firms. </li></ul><ul><li>Through BCG Attorney Search and its wholly owned subsidiary companies, we place an estimated 10,000+ attorneys each year. </li></ul>
  81. 81. BCG Search serves the top attorneys and the most elite firms <ul><li>We have more law firm listings than any other recruiting firm in the United States. Period. </li></ul><ul><li>We have the most up-to-date knowledge of the legal market of anyone in our business. </li></ul><ul><li>We are the best source for top quality candidates. </li></ul><ul><li>Many of our recruiters were once lawyers at top law firms themselves. </li></ul><ul><li>Our recruiters typically work with very few candidates at a time. </li></ul><ul><li>Our recruiters are supported by a multi-million-dollar internal research budget that far eclipses that of any legal-recruiting company in the world. </li></ul>
  82. 82. BCG Search knows your market <ul><li>BCG Attorney Search has offices in Atlanta, Boston, Century City, Charlotte, Chicago, Denver, Houston, Los Angeles, Miami, New York, Newport Beach, Palo Alto, San Francisco, and Washington, DC. </li></ul>
  83. 83. BCG recent placements Diamond McCarthy Taylor Finley Bryant & Lee Diepenbrock Law Firm Dorsey & Whitney Dykema Gossett PLLC Faegre & Benson LLP Fenwick & West LLP Finnegan, Henderson, Farabow, Garrett & Dunner, LLP Fisher & Phillips LLP Flaster Greenberg Foley & Lardner Foley Hoag, LLP Fox & Spillane LLP Fox, Hefter, Swibel, Levin, & Carroll Freshfields, Bruckhaus, Deringer Fulbright & Jaworski LLP Fredrikson & Byron PA Christensen, O’Connor, Johnson & Kindness Clark Hill PLC Clifford Chance Cole, Schotz, Meisel, Forman & Leonard Conroy, Simberg, Ganon, Krevans & Apel Cooley Godward LLP Cox, Castle & Nicholson Colley Godward LLP Crowell & Moring Dechert Debevoise & Plimpton LLP Darby & Darby Davis & Kuelthau, S.C. Davis, Graham & Stubbs Davis, Wright & Tremaine Davies Ward Phillips & Vineberg LLP Dewey Ballantine, LLP Bryan Cave Bryan Webster Buchalter, Nemer, Fields & Younger Budd Larner Burke, Williams & Sorensen Butler Snow Bodman LLP Broad & Cassel Brownstein, Hyatt & Farber Ballard Spahr Cadwalader, Wickersham & Taft Cahill Gordon & Reindel LLP Carroll, Burdick & McDonough Carlton DiSante & Freudenberger LLP Carr & Ferrell Carter Ledyard Milburn Castle Petersen & Krause Chadbourne & Parke LLP Afridi & Angell Akin Gump Strauss Hauer & Feld Allen Matkins Leck Gamble & Mallory Andrews Kurth LLP Arent Fox PLLC Arnall Golden Gregory, LLP Arnold & Porter Arnstein & Lehr LLP Baker & Hostetler LLP Baker Botts LLP Berenbaum, Weinshienk & Eason Bergenson Bingham McCutchen Bleakley Platt & Schmidt Blakey, Sokoloff, Taylor & Zafman Blank Rome LLP Brown Raysman Millstein Felder & Steiner
  84. 84. Solid relationships Mayer, Brown, Rowe & Maw LLP McCutchen, Doyle, Brown & Enerson LLP McDermott, Will & Emery McDonnell Boehnen McDonough Holland McGlinchey Stafford McGuire Woods McKee Nelson LLP McKenna & Cuneo LLP McKool Smith McQueen & Ashman, LLP Messner Reeves Michael Best & Friedrich Milbank, Tweed, Hadley & McCloy LLP Milberg Weiss Bershad Hynes & Lerach Miller & Chevalier Mitchell, Silberberg & Knupp LLP Kennedy Covington LLP Kilpatrick Stockton LLP King & Spalding Kirkland & Ellis KMZ Rosenman Konowiecki & Rank LLP Kutak Rock, LLP Kirkpatrick & Lockhart Kronick Moskovitz Tiedemann & Girard Lanahan & Reilley LLP Latham & Watkins Levene, Neale, Bender, Rankin & Brill Lewis & Roca LLP Lindquist & Vennum PLLP Liner Yankelevitz Loeb & Loeb LLP Lovells Manatt, Phelps, Phillips LLP Marino & Garson Heller, Ehrman Hennigan, Bennett & Dorman Hill Betts & Nash Hogan & Hartson LLP Holme Roberts Owen Howard Rice Howrey Simon Arnold & White LLP Hunton & Williams Isaacson Rosenbaum PC Jackson Walker LLP Jackson, Lewis, Schnitzler & Krupman Jeffer, Mangels, Butler & Marmaro Jenner & Block Jones Day Jones Vargas Kanoski & Associates PC Kasowitz Kaufman & Logan Kane & Fischer Gadsby Hannah LLP Gallagher Callahan & Gartrell Gardere Wynne Sewell Gibson, Dunn & Crutcher Goodwin Procter Goold Patterson Ales Roadhouse & Day Gordon & Rees, LLP Goulston & Storrs Graham & Dunn PC Greenberg Glusker LLP Greenberg Traurig LLP Gunster, Yoakley & Stewart Gibbons Del Deo Dolan Griffinger & Vecchione Hahn & Hahn Hale Lane Peek Dennison and Howard Hall, Estill, Hardwick, Gable, Golden & Nelson Hancock, Rothert & Bunshoft Hanson Bridgett
  85. 85. The top firms Seyfarth Shaw Shaw Pittman LLP Sheppard Mullin Shutts & Bowen LLP Silver & Freedman Simpson Thacher & Bartlett LLP Skadden, Arps, Slate, Meagher & Flom LLP Smith, Gambrell, Russell LLP Snell & Wilmer Sonnenschein, Nath & Rosenthal Sonnenschein Nath & Rosenthal LLP Squire, Sanders & Dempsey LLP Stein & Lubin LLP Stephan Oringher Steptoe & Johnson LLP Stoel Rives Preston Gates & Ellis LLP Proskauer Rose LLP Patton Boggs Piliero Goldstein Kogan Mitchell Quarles & Brady LLP Quinn, Emanuel, Urquhart, Oliver & Hedges Reed Smith Reicker Pfau Pyle & McRoy LLP Reinhart, Boerner & Van Deuren Rosenfeld & Hansen, LLP Ricer Silbey Reuther & Sullivan Ross Dixon & Bell Ryker Danzig Sachoff & Weaver Schiff Hardin LLP Schopf & Weiss Parker Poe Paul Hastings Paul Weiss Rifkind Wharton & Garrison Payne & Fears LLP Peitzman, Weg & Kempinsky LLP Pennie & Edmonds LLP Pepper Hamilton Perkins Coie LLP Peitzman Weg & Kempinski Piliero, Goldstein, Kogan & Mitchell LLP Pillsbury Winthrop LLP Pircher, Nichols & Meeks Pitney, Hardin, Kipp & Szuch, LLPPircher, Nichols & Meeks Porter, Wright, Morris & Arthur LLP Powell Goldstein Poyner & Spruill Morgan, Lewis & Bockius LLP Morrison & Foerster Munsch, Hardt, Kopf & Harr Murphy Austin Adams Schoenfeld, LLP Myers Bigel Sibley & Sajovec, P.A. Neal, Gerber & Eisenberg LLP Needle & Rosenberg Neider & Boucher S.C. Newmeyer & Dillion Nixon Peabody Nossaman, Gunther, Knox & Elliott Novack & Macey O’Melveny & Myers LLP Orrick, Herrington & Sutcliffe Palmer & Dodge LLP Palmieri, Tyler, Wiener, Wilhelm & Waldron
  86. 86. In your city Womble, Carlyle, Sandridge & Rice PLLC Wood, Smith, Henning & Berman Woodcock Washburn Kurtz Mackiewicz & Norr Wolf Block Schorr & Solis-Cohen Zelle, Hoffman, Voelbel, Mason & Gette Von Briesen, Purtell & Roper SC Vorys, Sater, Seymore & Pease LLP Vinson & Elkins Watt, Tieder, Hoffar & Fitzgerald, LLP Weil, Gotshal & Manges LLP Weston Benshoof Rochefort Rubalcava and MacCuish LLP Wheeler Trigg Kennedy LLP White & Case LLP Wildman, Harrold, Allen & Dixon LLPWiley Rein & Fielding Williams, Kastner & Gibbs Wilmer Cutler Pickering Hale & Dorr Wilson Sonsini Winstead Sechrest Winston & Strawn LLP Stradling, Yocca, Carlson & Routh Strasburger & Price Strook & Strook & Lavan LLP Sidley Austin Brown & Wood Sills Cummis Epstein & Gross Sills Cummis Steel Hector & Davis Tarlow, Breed, Hart & Rodgers, P.C Thacher Profitt & Wood, LLP The Furth Firm The Mulcahy Law Firm Tousley Brain Stephens Townsend & Townsend & Crew Trainor Robertson Thelen Reid Ungaretti & Harris Vedder Price Kaufman & Kammholz
  87. 87. Call BCG Search <ul><li>The world’s most knowledgeable and dedicated attorney search firm </li></ul>
  88. 88. END

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