Confessions of a Legal Recruiter: Should I Stay, or Should I Go

Many candidates are waiting to see what happens in December. This is the time to start accessing your strengths, and your career goals.

Should I Stay Or Should I Go

Waiting for December / January puts you behind the eight ball…

The economic forecast for 2019 is bullish and many law firms will be bringing on more lawyers. For many law firms updated budgets and forecasts have been completed and as the new year approaches firms have a bet-ter idea of what they need and who they can afford to hire. When evaluating whether you should stay or go, there are strong indicators that you should not ignore.

Promises, Promises, Promises.

Associates
Have you been promised to be made partner? What makes you think if they haven’t made you partner yet, they are going to now?

  • Firm culture: Does the life work style, fit with your future goals?
  • Clarity: Is it clear how to make partner? What targets do you have to hit to achieve partner status?
  • Support: Is law firm leadership, helping you get to the next level? Are there mentors there to help you get to next level?

Partners
Is the firms direction going in the same direction as you are? Or is there a fork in the road. Which way do you want to go? Right or left?

Here are some red flags to watch out for….

  • The current firm no longer supports your practice area? Has the firm changed strategic direction? Are they moving away from working with middle market business to Fortune 500 companies?
  • Your current firm decided to raise its billing rates.
  • The partner next store has a larger book and he / she determines which clients you can work with. Are there recurring client conflicts?
  • Dissatisfaction over your current compensation, pension not being funded or facing forced retirement
  • Dissatisfaction over the firm’s leadership?
  • Red tape: taking too long to get everything approved. From getting pens to changing billable hours / lack of alternative fee structures. Is it costing you money?
  • Lack of cross-selling opportunities? Your firm doesn’t have a platform to service your clients in other practice areas?
  • Not able to fully service clients needs, in national or international markets?

If you not happy at your firm, move on. An oppressive work environment does not breed a wining track record. Consider what your worth will be if you stay or make the move now.

“I am speaking with several candidates and groups looking toward the horizon. Now is the time to start strate-gizing and taking next steps. December is only a few weeks away. New Year’s resolutions can be made early and kept by those who are proactive,” said Shari Davidson.

Talk to a top recruiter, understand what the market’s appetitive is for a lawyer with your skill set. Assess and account for any external factors that can affect your prospects. Partnering with a recruiter can help you reach your goals.

All the old clichés work here. Time is money. You snooze you lose.

Top Takeaway: Many of the best opportunities are up for grabs in January, so start talking to a recruiter now so that you are positioned to get the job before your competitors put themselves on the market.

 

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today. Call 516.731.4300 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educa-tional purpose of the reader. Please consult your legal counsel for specifics regarding your specific circum-stances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of a Legal Recruiter: Funny Money

The Emerging Global Demand for FinTech Law

The Emerging Global Demand for FinTech Law

Article appeared in the September 26th, 2018 issue of Above The Law.

 

The financial services industry is being transformed by new technologies. Very few of us, lawyers included understand how virtual cryptocurrencies, blockchain as well as frictionless mobile banking work. Or how to leverage this technology nor grasp its potential to change the way we do business.

For law firms, now is the time to offer up their expertise and bring on the top talent for the next big legal opportunity in financial technology (FinTech). Many of the Am Law 200 firms have all ramped up their financial technology practices.

Make no mistake, this is the new game, few have an appetite to dive in. But for those who do, you’ve got to get how cryptocurrency works. Cryptocurrencies deal with fractions of currency.

Many of the middle market firms are beginning to work with Hedge firms. In this emerging new digital economy, FinTech is certain to be the next big trend. The smart firms are already on board. Don’t get left behind. 

Countless businesses are implementing this new means of raising capital — The Initial Coin Offering or (ICO). These currencies are highly volatile, the valuations can move dramatically overnight.

Cryptocurrencies integrated with technologies such as blockchain, are generating a wave of innovation.   Blockchain technology is being called the “next evolution” of computing by many experts. Many industries are moving towards blockchain technology including: Real Estate, Banking, Small Business, Insurance Providers, and even some world Governments.

What is Blockchain, how does it work?

Blockchain technology is not new, but it time has now arrived.  As a transaction occurs, it’s encoded into a block of digital data and signed or identified. Each block connects to the one before and after it — creating an irreversible, immutable chain.

What makes blockchain so sexy is that every financial transfer is guaranteed to be safe and secure. Blockchain represents an innovation in information registration and distribution. It eliminates the need for costly third parties, such as a bank, to verify the transaction or keep records of it.

With this explosive growth, new legal and regulatory issues in law are cropping up every day.

Initial Coin Offerings must follow all securities laws. Firms must file with the SEC regulations. All must provide investors with legal disclosure and compliance documentation. This is an exciting new field. Being on the cutting edge can prove to be profitable in the early stages and down the road.

“The demand for this new specialized field of law is rising all over the country” — Shari Davidson, CEO of OnBalance Search Consultants, “we can barely keep up with the needs for this new area of FinTech law.”

The lateral moves and cross industry practice groups have occurred amid a flood of headlines about virtual currency its value and future. Resulting in a flood of litigation and regulatory questions have risen.  The demand for law firms with FinTech expertise is expected to accelerate as the digital currency market matures.

For lawyers who want to get into this emerging new field of law. Top candidates must have expertise in emerging companies, venture capital and cybersecurity.

About On Balance Search Consultants

On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Trends in Law: Seeking Truth In The Era of Distortion

As we get ready to begin the final stretch to end the year, it is critical to get a clear picture of what the legal landscape will look like for 2019. In this new era of distortion, the truth has become more elusive, technology continues to give businesses a competitive advantage to stay on the cutting edge.

The insights that follow provide lawyer with the top trends that are shaping the legal profession. Keep your eye on the ball, make sure you’re still bankable.

LATERAL MOVES BY PRACTICE AREA

OnBalance Search Trends 2018 - 2019.001

As was the case in 2017 Litigation and Corporate continue to dominate the legal field with Labor & Employment and Intellectual Property rounding out the slices in the pie.

The issue of pay equity between women and men has been garnering a growing amount of attention making litigation from class actions to individual cases—an increasingly common occurrence.

The top markets in Litigation are New York City (13%), The District of Columbia (10%), Los Angeles (8%), San Francisco (7%) and Chicago (6%).

Corporate Law is still done primarily in New York City (25%), that’s not going to change any time soon.

The top Labor & Employment markets are San Francisco (12%), Los Angeles (12%), New York City (11%), The District of Columbia (7%) and Minneapolis (6%).

At the mid-level, L&E practices will continue to be highly coveted, but it is not certain what these very interesting times will tell in 2019. The senior level lawyers can find it difficult to make partner in the L&E services due to rate competition.

The number of associates (5%) and counsel level attorneys lathering into partner posts (15%) this past year. There is no skew  in terms of the moves regardless of the size of the firm. Big, small and mid-sized firms have experienced movements along these lines.
Lateral Moves By Title

 

 

Law firms continue to expand to meet the need for tech transactions to handle high-end M&A support. Intellectual Property also is in demand for licensing, joint ventures and other IP-related agreements.  No field is more rife with cyber threats to protect businesses intellectual property.

Data privacy is a good practice to consider. The market has been expanding for senior tech transactions associates as of late, with several high-end firms with senior lateral needs.

The top markets for IP are The District of Columbia (19%) and New York City (17%).

 

Locations Laterals Moved From
Location Laterals Moved To
Firms Attorneys Lateralled From.
Firms Attorneys Lateralled To

The market was unprepared for the real estate boom back in 2013.  There are few markets in the country that are better suited for launching a real estate career than California. The top markets for Real Estate are New York City (17%), Los Angeles (10%), The District of Columbia (8%), North Carolina (7%) and Minneapolis (6%).

Not surprisingly in the world of Banking New York City (25%) and The District of Columbia (24%) dominate legal transactions. New emerging practice areas to consider are cannabis and cryptocurrency.

 

Ready to make the lateral partner move? You’ll need to clearly detail how you got to where you are and why the you’re the best. 

Not sure you are being compensated equitably for your efforts? Have you valued your book of business? Detail how much revenue each client contributes and what verticals have historically been most profitable.

Working with a local legal recruiter can benefit your job search in several ways. Let’s schedule a time to sit down and assess your worth and value in the marketplace.

 

About On Balance Search Consultants
On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

 

Trends In Law: How To Thrive In The Era Of Disruption

With the end of the year rapidly approaching, it’s important to understand the legal marketplace and how the trends impact your career in the coming year. In this new era of disruption it’s critical that you routinely assess your career goals. Considering a lateral move in 2018?

PARTNER MOVES BY PRACTICE AREA

Partner Moves By Practice Area (Firm Prospects LLC Dec 2016 – Nov 2017)

 

Below highlights the top markets experiencing the most movement by practice areas. These insights could potentially impact advancing your career in the next year. Let’s take a look:

  • California, New York City, Texas, Florida and Chicago are the top markets for litigation here in the United States. In fact these five markets make up half of all the law practiced in the area.
  • In the era of disruption, not surprisingly New York City is the market for corporate law. That’s not going to change any time soon. Big Law thrives in the Big Apple. 
  • As we rapidly approach the end of 2017, now is the time consider focusing on intellectual property rights. No field is more rife with cyber threats to protect businesses intellectual property. Los Angeles,Manhattan and Washington, DC Manhattan are the top three markets for practicing intellectual law here in the United States.
  • Global market forces and accelerating and new proposed tax regulations make New York City the financial capital of the world and Washington is where all the regulations are enacted. Not surprisingly these two markets comprise the lion’s share of where financial litigation is done.
  • The issue of pay equity between women and men has been garnering a growing amount of attention making litigation from class actions to individual cases—an increasingly common occurrence. California, Texas, New York City and Pennsylvania are the top markets for labor and employment law.
  • Trump administration could spur more real estate activity next year. New York City and Los Angeles are the top markets in law for real estate in the United States.
  • Manhattan is and will always be the financial capital of the world. Business gets done in New York.

Ready to make the lateral partner move? You’ll need to clearly detail how you got to where you are and why the you’re the best. Not sure you are being compensated equitably for your efforts? Have you valued your book of business? Detail how much revenue each client contributes and what verticals have historically been most profitable.

Working with a local legal recruiter can benefit your job search in several ways. Let’s schedule a time to sit down and assess your worth and value in the marketplace.

About On Balance Search Consultants
On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of a Legal Recruiter: How to Thrive in the Age of Disruption

If the election has taught us anything, it is to question expectations. Media plays into unforeseeable future of fear and uncertainty. In many ways, nothing has changed. The unknown and fear of change create chaos for many of us. All we can control is our actions.

How to Thrive in the Age of Disruption

The reality is that there’s more and more disruption. Is your law firm sinking? And are you going down with the ship? “You reap what you sow” your past behavior shapes your future possibilities. Actions have consequences, burn a bridge today and it may cost you down the road.

You are not just the job you have now or the job you had. You are a compilation of skills and assets, with new possibilities you need to invent. You have options, if you are open to the possibility and resilient you’ll do fine. Work with a legal recruiter who has a track record of success, who protects, matches and places you in a law firm that is a good fit for you and the firm with a bright future.

Trends Shaping the Legal Industry

  • Law firms and corporations alike are opting to “rent” rather than hire legal talent.
  • Firms are beginning to hire back “boomerang” employees. Know what they are getting — proven talent they can rely on.
  • Today, social media channels provide transparency and the opportunity to drill down deep into a prospects profile. Your Facebook profile will be vetted to determine whether to begin negotiation process.
  • Money still is the top consideration to lure the top talent but many candidates opt for flexibility that affords time with family and other intangibles.
  • Law firms are beginning to brand their shops to attract the best.

Work with the Best

There is a common misconception that recruiters are transactional and money hungry. The best recruiters out have a solid reputation of integrity and trust. The most respected and desired recruiters tell you the cold hard truth. Some law firms have a bad rap on the street, a good recruiter gives it to you straight and spells it out for you. They are not going to place you with a firm with poor morale and low retention rate. A good recruiter will never offend you by compromising your integrity.

 

About On Balance Search Consultants

On Balance offers great insight and industry intelligence. Shari Davidson, President of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. We pride ourselves in understanding our clients and candidate’s needs, On Balance has an outstanding track record placing strong candidates with high retention rates.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

To contact Shari Davidson: info@OnBalanceSearch.com  or 516-731-3400.

 

Photo Cred. 

Making the Lateral Partner Move: Looking Back, Getting Ahead

Ready to make the lateral partner move? You’ll need to clearly detail how you got to where you are and why the your the best.

LOOK BACK
Here is what you need to make the lateral move:

  1. Partners, read your agreement now.
  2. Align yourself with a reputable recruiter.
    The best recruiter’s find the perfect fit, aligning your specialized skill-set with the firm’s strategic goals.
  3. Have a clear idea what the next career move will be and why. For example:A firm with robust marketing support.
    Offices located through-out the U.S.
    A culture that allows you to be home for your family.
    Full service law firm that offers specialized services to serve your client’s needs.
  4. Make sure you have a current CV, Business plan and Representative Matters available.

Look Back at your financials for the past three (3) years as well as where you will end up at the end of this year. Know your:

originations
billings
hourly rates
hours billed
realization rates, etc.

Snap-shot of of your practice area.
Breakdown of your practice areas for the past year, realizing that your focus may vary year to year.
i.e. If you are T&E Partner —

50% Planning
30% Administration
20% T&E Litigation

Review two or three success stories, look back.

GETTING AHEAD
Once the above is done . . .  work closely with your recruiter to help manage the process to:

  • Set-up meetings
  • Prepping and debriefing on each meeting
  • Streamlining any materials –

(LPQ) Lateral Partner Questionnaire
Compensation discussion and offer
Prepping for resignation

  • Be a sounding board for all concerns
  • Keep communication lines open, on both ends of the table

GET GRITTY
A job search is a full time endeavor. Hold steadfast to your goals, double down when it gets rough and don’t give up. ‘The grittiest’ people have developed their passions from personal interests.

ALSO KEEP IN MIND

Law Firms Hire Most of Their Staff From Mid-February to April
Most law firms fiscal years are the same as the calendar year, their budgets are planned for January and thus the budgets are planned in November.  The end of the year brings bonus checks to the rainmakers and pink slips for the rest.  Hiring begins with The New Year, many start looking for new positions.

During the summer large law firms take on a significant number of associates that start in the late spring to early summer. Lawyers are in the office less traveling during June, July and August. 

Late August to Mid-October is the second busiest hiring time of the year.
During these months, law firms and their recruiting staff have more time to turn to lateral hiring because they are not dealing with summer associate programs.

Start your job search in November and December instead of waiting until January.

FINAL NOTE
Placements are made all year long, every year law firms have differing criteria for candidates and every market has needs for varying skill-sets.

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. We pride ourselves in understanding our clients and candidate’s needs, On Balance has an outstanding track record placing strong candidates with high retention rates.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

Photo Cred. 

The Glass Ceiling Is Just a Reflection

The Glass Ceiling Is Just a Reflection, By Shari Davidson

Reprinted with permission from: Inside, Fall 2016, Vol. 34, No. 2, published by the New York State Bar Association, One Elk Street, Albany, New York 12207.

Reprinted with permission from: Inside, Fall 2016, Vol. 34, No. 2, published by the New York State Bar Association, One Elk Street, Albany, New York 12207.


I. Introduction

Law is a male-dominated profession. There are more doors open to women today, but women have not achieved economic parity with men. There has been tremendous progress, but the earning power of women is still considerably lower than that of men. Women are increasingly represented in many top leadership roles here and around the world, as women advance professionally, they have begun to redefine themselves.

II. Advice from Successful Women Attorneys

What qualities do women possess who break through the glass ceiling? I asked several successful women attorneys: “How they got to where they are today and what advice they have for women attorneys who are just starting out?”

 

Leslie Berkoff, Partner, Moritt Hock & Hamroff LLP:

My path as somewhat unconventional: after clerking for a federal judge for the job market was not doing well, I decided to take another clerkship in the Bankruptcy Courts. I fell in love with bankruptcy and when I “hit” the job market I decided to avoid the big firm game and pick a smaller, more collegial place where I saw great growth opportunity and the ability to balance work/life.

Women today don’t have to follow the lock-step path of your colleagues; don’t be afraid to explore other opportunities.

Kathleen Turland, Chief Compliance Officer, powered by GE:

Work closely with people who you admire and respect. Develop good relationships with your colleagues, understand the roles they play, the demands and pressures of the firm, and what made them successful. Be smart, volunteer assignments others may not want. It worked well for me, might work for you too.

Be open to advice from many, look at what they are doing and think whether that works for you, be willing to move, accept change as it comes and go with it.

Elizabeth J. Shampnoi, Esq. Director, Dispute Advisory & Forensic Services, Stout Risius Ross, Inc.:

I got to where I am today by building a strong network of colleagues, mentors and sponsors while gaining experience and developing skills to excel in my dispute resolution practice.

I would advise new attorneys to network, build relationships, follow up and do what you say you are going to do. To be successful in the long term, attorneys must build a brand and it’s never too early to start.

Phyllis Weiss Haserot, President, Practice Development Counsel and author of, The Rainmaking Machine: Marketing Planning, Strategy and Management for Law Firms:

Some of the things women think are their issues also are issues for many men. So they need to address them together. The biggest obstacles vary from firm to firm or company depending on the cultures and personalities. So many things have to change for all genders in firm cultures and policies that motivate behaviors. Often lip service exists for good and fair things that is counter to what actually exists in the culture and unwritten rules.

Women need to be more aware of the intersection of gender and generational attitudes. Different generational attitudes inform and influence attitudes and behaviors affecting all aspects of diversity. If the same messages are going out to everyone, be aware that they are being received and interpreted in different ways. I believe this is one reason more progress has not been made. I advocate cross-generational conversation and conversations with men.

Marie Lefton, Esq. Principal, Lefton Consulting:

In terms of strategies for getting around the glass ceiling, there is nothing wrong with taking an in-house position for shorter hours and accepting lower pay. Not everyone wants to be an equity partner.

Women Partners with books of business, build them organically, whereas most men inherit their books from other men. This observation comes from my consulting practice as well as from my research in this field. In light of this, what advice would I offer to younger women seeking to build a book of business? Don’t allow others (men) to make decisions for you, e.g., if you have a trial in another state, . . . don’t allow the lead partner to decide that you should stay at home for your family. If you are second-chair on the case and want to be there at trial, speak up in a firm-but-nice-way.

Tina B. Solis, Partner, Nixon Peabody LLP:

Many attorneys, both men and women, have struggled and continue to struggle with work / life balance. Fortunately, many law firms have recognized this issue and have put mechanisms in place that allow its attorneys to help achieve that balance such as a reduced hour schedule, flexible hours or working remotely. This has allowed law firms to retain the best talent in the long run.

In order to break through the glass ceiling, you need to be proactive. It’s your career, so you need to advance it. In addition to developing a solid book of business, you need to volunteer for administrative projects to demonstrate your leadership skills and a commitment to the firm.

J. Joan Hon, Partner, FisherBroyles LLP, LAW FIRM 2.0®:

I have not yet faced the usual “women’s issues” of motherhood, marriage, and running a traditional household, but I did go through with caring for my parent and handling a plethora of issues after she died very early on in my career. I took a break after my third year for these reasons (and not some of the more traditional), so I would say I do have experience with re-entering the workforce and juggling work life balance even without being a mother.

Women who are fed up will turn to an alternative firm, (like mine and succeed incredibly), set up their own practices or look for non-traditional legal roles. So much can happen with persistence and positivity.

Elizabeth D. Schrero, Partner, Seyfarth Shaw LLP:

Women have come a long way but still have a long way to go to achieve parity. I see movement towards the goal of parity tied to increased business development of women which in turn is tied to women’s initiatives and sponsorship and critically, rising numbers of women in positions of authority in business, who will send work to women attorneys.

Some younger women and men are choosing not to reach to the glass ceiling, they want flexible work arrangements and some just opt out of the law firm partnership track.

Marci Goldstein Kokalas, Partner, Lazare Potter & Giacovas LLP:

I got to my current position by focus and hard work – and maintaining relationships. If you are just starting out, take time to think about what you want to do – both in work and your personal life. Be upfront about your goals with your superiors.

Seek out work – it will not just come to you. And don’t lose sight of what you have outside of work – I think balancing work and personal life is very difficult and ever-changing, but very important for your ultimate happiness.

III. Conclusion

Is it possible to thin you can have it all? Absolutely. No one says it is going to be easy, but yes these women are at the top of their game. It comes down to what is important for you, for many it is about balance between their personal lives and their careers. This is really a personal decision, and thankfully there are enormous opportunities for women in law. With talent and hard work, you can achieve whatever you want.

Shari Davidson is president of On Balance Search Consultants. Shari advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. Shari has facilitated programs for Fortune 100 companies, non-profit organizations, adult ed, colleges and universities, and publicly held programs, including Where Does All the Time Go When You’re Having Fun?, Take the Fear Out of Goal Setting, The Hidden Job Market and Interviewing & Job Interview Preparation. Her email is shari@onbalancesearch.com.

Photo Cred. 

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

Big Law: Wage Caps, the New Wage Gap

The New Wage Gap

Changing compensation, what you should consider?

Becoming an attorney takes years, thousands of dollars, and a lot of stress. Every one of your colleagues has gone through that struggle, passed the bar and are applying at the same firms that you are. But not everyone is equal. They didn’t attend the same universities or get the same grades in their classes, so should you be paid the same amount for your effort?

How should associates be compensated? Most of Big Law is paying associates in lockstep compensation. Some of the largest firms, including Cravath, Swain & Moore, have increased starting salaries at $180k in the first year and increasing to $350K in the eighth year. These salaries are solely based upon graduation year and do not take into account merit. This does not mean, however bonuses are not available based on hard work and success.

Cooley and Associates has begun to break away from the lockstep compensation model, compensating top talent lawyers competitively and exceeding the pay scales set from the lockstep model. Cooley and Associates, “success in our profession is wholly dependent upon attracting and retaining the best and brightest attorneys.”

It’s damn competitive out there and it’s not going to get any easier, and yet most millennials share a common belief that they must achieve balance in their personal and professional careers. And law firms are becoming more open to the fact that when attorneys take paid time off, “they really want to unplug,” said Lacy Durham, the chair of the American Bar Association’s Young Lawyers Division. In order to retain the best, firms are offering some perks like time off and a flexible work model in lieu of big bonuses.

In order to earn appropriate compensation, you will need to know if earning your salary based on a scale or merit based compensation will be better for you. Working with a reliable and knowledgeable legal recruiter will allow you to land a position at the firm that you both belong with and will compensate you appropriately to your knowledge and skill level.

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. We pride ourselves in understanding our clients and candidate’s needs, On Balance has an outstanding track record placing strong candidates with high retention rates.

Contact us today. Call 516.731.4300 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

Sources:

Lat, D. (2016, June 6). Breaking: NY To $180K!!! Cravath Raises Associate Base Salaries!!! Retrieved July 9, 2016, from http://abovethelaw.com/2016/06/breaking-ny-to-180k-cravath-raises-associate-base-salaries/?rf=1.

Lat, D. (2016, January 28). Associate Bonus Watch: ‘Very Satisfying’ Bonuses — Plus A Pay Scale Overhaul. Retrieved July 10, 2016, from http://abovethelaw.com/2016/01/associate-bonus-watch-very-satisfying-bonuses-plus-a-pay-scale-overhaul/?rf=1

Lockstep Compensation. (n.d.). Retrieved July 10, 2016, from https://en.wikipedia.org/wiki/Lockstep_compensation.

Rubino, K. (June 18, 2016). Biglaw Firm Bumps Salary To Attract And Retain The ‘Best And Brightest Attorneys’. Above the Law.

Zaretsky, S. (2016, June 13). The Final Countdown: Which Firms Have Raised Salaries? Retrieved July 9, 2016, from http://abovethelaw.com/2016/06/salary-wars-scorecard-which-firms-have-announced-raises/?utm_campaign=ATL Bonus Alert

Wolf, A. (September 17, 2015). 4 Ways Millennials Are Changing BigLaw. Law360.

Photo Cred.

 

Confessions of a Legal Recruiter: Don’t lie to me.

If you NOT going to be transparent when making the lateral move, don’t bother.

This is the third installment in an ongoing series, Confessions of a Legal Recruiter, Shari Davidson – On Balance Search Consultants. 

Don’t Lie to Me.
Give yourself the best chance of landing a position you want. When several important issues come up that you did not disclose from the on-set, it’s a red flag. What other issues did you not come clean with? Your credibility is important, right? Don’t waste your time, or everyone else’s, be honest. Get it right. Good recruiters have all parties’ best interests covered. Let’s get off to a good start.

I can’t work with you.
You have sent your resume to practically every law firm in the area, big mistake. You’ve watered down your value in the marketplace. The perception is that there is something wrong with this candidate. Why did you send your resume for a position that you are not even qualified to be considered?

Why are you looking?
Never make the lateral move for more money. The best recruiters separate the wheat from the chaff, strategically aligning the interests of the candidate with the right firm.

Work with me.
Good recruiters have solid, strong relationships built over many years of protecting both the interests of the firms as well as the candidates placed. Shari Davidson, President — On Balance Search Consultants, “When working with a potential candidate I strategically align myself with the candidate to find a new home that matches the candidate’s goals. This could include a larger platform of practice areas, or geographic locations or even a better work environment. I continually keep in touch with my candidates to:

1. Help them grow their business;
2. Share trends in the legal profession;
3. Share professional networking opportunities and CLE programs.”

Integrity, credibility, honesty.
The best recruiters are on the pulse of what’s going on, head hunters are on the phone with 50 to 200 firms a week and are mixing it up with the movers and shakers who open doors. Find a well-regarded legal recruiter who has a solid reputation for protecting their candidates and firms.

 

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. We pride ourselves in understanding our clients and candidate’s needs, On Balance has an outstanding track record placing strong candidates with high retention rates.

Contact us today. Call 516.731.4300 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

Photo Cred.

Should I stay or should I go? The Pros and Cons of working for Big Law

Should I stay or should I go? The Pros and Cons of working for Big Law

SOLOPRENEUR
Who doesn’t like to be their own boss? When you work for yourself you make all the rules,you gotta love that. As a small law firm there aren’t layers and layers of management to approve changes. Small firms usually have a good work-life balance which means their office has a more relaxed atmosphere.

Being the boss is a twenty-four / seven  365 days a year job. Health insurance, self-employment tax, and income tax will eat you alive. You become a slave to your business, you wear all the hats.  Sure you can outsource some of the work, but if anything goes wrong, you own it.  Being a small firm means you have a limited budget, as such most of the administrative work and research is done by you.

Then there is malpractice, there is no safety net.

BIG LAW
Leverage the expansive network a big law firm offers. Keep your client’s dealings within the firm, often aspects of a case may require specialized legal expertise. Big firms retain specialists for that very reason.

Big firm’s today don’t focus on training or mentoring, it’s all about billable hours. All things being equal, there is ample opportunity to align yourself with colleagues who will help make you a better lawyer.

SOLO or PARTNER
Either track demands hours and hours of your time, it’s stressful. Big firms do offer paid vacation. Face it, if you’re not bringing in new business you can’t afford to take the time off anyway. Lawyers at the larger firms earn a respectable salary, and with that wage are high expectations. Measure up or you’re out the door.

Just because you’re billing hours means you’re safe, when you work for yourself or for a large firm, it can get nasty out there. Often your boss will take credit for your work. Solopreneurs face large firms trying to lure away your biggest account that keeps your boutique firm afloat.

Working for a big law means you report to several partners, it’s often difficult to discern the every changing, policies and procedures. Every boss wants things done a certain way, it can get damn confusing. Those who discern the bull from the business thrive, the world is your oyster.

Don’t get comfortable, it’s a highly competitive, demanding field.

About On Balance Search Consultants

On Balance offers great insight and industry intelligence.  Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. We pride ourselves in understanding our clients and candidate’s needs, On Balance has an outstanding track record placing strong candidates with high retention rates.

Contact us today.  Call 516.731.4300 or visit our website athttps://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media, legal recruiting and any legal restrictions regarding the law.

Source:

Tobak, S. (August 19, 2014). 10 Pitfalls of Being Your Own Boss. Self-Employment, Entrepreneur.

MacMillan, K. (February 25, 2014). A Lawyer’s Guide to Working for Small vs. Large Law Firms – 36 Tips. R. Johnson Legal Recruitment.

Photo Cred.