To The Top
The ideal, right? You go to a top of the top
tier law school, make law review, maybe as editor and you graduate
in the top of your class. You are pursued by all the top firms,
summer at one of them, possibly two, and join that super
prestigious firm you've dreamed about. Life is good.
You put in the long, often brutal hours, you're rewarded with
recognition, more work, better work. Your work product is
exemplary, even brilliant. The top partners ask for you, you get
great reviews, and begin to feel you're "one of the chosen." It's
very hard work, but after all, this is what you chose to do.
Life may not seem so "great" at this point, but you're on your
way. You start to get more responsibility, get to supervise junior
associates, work one on one with clients.
If you do all of the above, get along well with everyone, your
work is brilliant and you have a talent for networking and
attracting business, you're a slam dunk to make partner, right?
Well, you've got a good shot, but not so fast. You also have to
have skills in business, management, communication, mentoring and
SELLING. You have to have done all that better than most in your
class, and it has to be a good year for the firm, with enough
profits to forsee cutting the pie in a few more pieces. The lower
the number of partners, the more each one takes home, so those
decisions are carefully considered.
If you consider the number of first years hired by major law firms,
versus the number of new partners made each year, it's a really long shot.
Then consider the partners in your firm, and whether that's a lifestyle
you want. And maybe it is. There's power, prestige, (oh, and money).
You get to practice at the "top of your game,"and you probably have a
long and successful career ahead of you. If it's not for you, think
about alternatives, and do it before you get to the point where your
options are limited. Generally, the most mobile time for lateral associates
is from the second through the fourth or fifth year. After that, if you
move to another firm, you're up against others in your class, most of whom
have a track record, which you've yet to establish.
Big Fish
Let's say you were going for the gold at the
top firm, but found out early on, or later, that "biglaw" life
wasn't for you. For quite a few years, it's been the only life
you've had! Many young associates become disillusioned,
frustrated, some even contemplate leaving the law altogether.
Don't - without serious consideration of your alternatives.
You've made a tremendous investment in your law career: three
years of your life and a lot of money. (likely still to be paid
off) Before you jump ship, take a look at moving your practice to
a different firm. While the practice of law is demanding by
nature, all law firms are not the same.
Maybe all you need to do is get to a smaller firm where your
big firm training and skills will put you in a position of more
responsibility. You'll get to work on deals you can begin to run
on your own with less supervision, and with some junior associates
to help.
Even large firms with headquarters in a smaller city or a
different region have markedly different cultures. Many offer
their associates much better odds at becoming a partner, and often
sooner in their career. These firms frequently offer a work
schedule and environment that is far more acceptable to
professionals to whom family and personal committments are
important. Check it out before you chuck it out. Talk to people
you know at other firms, or ask us for a referral from some of our
placements.
Boutique Firms
For purposes of this discussion, we're
talking about smaller firms who tend to focus on specific areas of
the law. Often they have other practice areas, but the basic
thrust of the firm is on a specialty: litigation, white collar,
labor and employment, intellectual property, entertainment, etc.
If you want to truly specialize, this may be the way to go.
Specialty areas can be very profitable, you can become a true
expert by focusing on only one practice, and the lifestyle is
often better. Be aware, too, that some specialties are heavily
cyclical and go through boom and bust cycles like we've just seen
with the high-tech business.
Going Home (or to a new home)
Many associates who start their careers in a major metropolitan
area think a lot about getting back to their home town, their new
spouse's home town, or simply a different part of the country.
This move requires several different considerations. Unlike New
York, Chicago, Los Angeles, and a few other major cities,
payscales can be widely disparate. A branch of a New York firm for
example, in Miami or Dallas, usually pays associates very close to
the New York rate, while even the better of the "local" firms may
pay 30 or 40% less! Of course the cost of living may make that a
bit more acceptable, but it's still something to consider.
Another consideration is how to go about finding those jobs. We
maintain a database of jobs for most all major firms, including
their branches, worldwide, so we can easily help you locate good
opportunities. If you want to go with a local firm, we also work
with the major players, but for the majority of firms in mid to
smaller cities, you're better off networking through family,
friends, the local bar association, etc.
In House
So many attorneys, seeking a better "lifestyle" almost
automatically decide that "in-house" is the way to go. That is one
option, but you should be very careful in evaluating each
opportunity. The business of law is a demanding one: litigations
have court schedules, and deals are about money - flexibility is
just not high on the list. Corporate attorneys in large investment
banks often work grueling hours just like big firm associates, and
litigators (who face a much smaller market on the in-house side)
are just as immersed in the process as their outside counsel. Not
that there aren't exceptions, but many associates go this route
only to discover not much has changed.