Transcript BIGGER MAY NOT BE BETTER Why You Owe it to Yourself to Take a Good Look at Mid-size Law Firms Commonly Heard about BigLaw Practice       “I’m going.

BIGGER
MAY NOT BE BETTER
Why You Owe it to Yourself to
Take a Good Look at Mid-size Law
Firms
Commonly Heard about BigLaw
Practice
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“I’m going to get more money at BigLaw”
“BigLaw’s got a better reputation. My career’s
set if I’ve got BigLaw on my CV”
BigLaw’s got the most exciting and interesting
cases, and I’m going to be a part of that!”
“BigLaw cares about my career and about me. If
I serve enough time at BigLaw, I’ll be partner in
x number of years”
“My working environment would be better at Big
Law.”
“I’m going to get better training at BigLaw”
Realities of BigLaw Practice
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Purely profit-driven culture: values what’s directly tied to profits,
such as billable hours, rainmaking, and premium billing.
Associates, often seen as profit centres suffer inhuman hours
with little job security.
Office politics (“working right for the right partner”) often derail
career progression
Minimal contact with Partners
Minor role and responsibility in big cases: Most favoured bag
carrier, research assistant, page finder.
Minimal Training for “First Chair” opportunities in litigation as a
young associate.
At the bottom of BigLaw Food Chain, 90% of your time is spent
on compartmentalised institutional work like debt collection and
insolvency.
Pupillage experience not focused
The Mid-Size Law Firm
Balance large firm resources with
smaller firms‘ meritocracy
I WANT TO BE A
LITIGATOR
Question: Does size matter?
Answer: Not if you can have the
best of both worlds.
WHAT CAN I GET FROM A MID-SIZE
LITIGATION FIRM THAT I WONT FIND AT
BIGLAW?
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Better Salary and allowances (yes, its
TRUE!):
Salaries and perks at Big Law consistently
matched or bettered by quality Mid-size firms.
No Corporate Dept, no favouritism.
bottom line recognition of efforts and
performance.
Strict “no exploit” policy for pupilages,
recognises pupils’ need for independence and
acknowledges that pupils have to make ends
meet amidst escalating cost of living.
WHAT CAN I GET FROM A MID-SIZE
LITIGATION FIRM THAT I WONT FIND AT
BIGLAW? (Continued)
Practical Training & One-on-One
Mentoring:
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There is only so much you can learn from books
and seminars.
Breadth and depth of training is key.
Best way to learn: to observe AND be observed by
experienced litigators.
Open communication and feedback crucial
Early and continuous training and guidance:
internships and attachments from penultimate year
at Law School.
WHAT CAN I GET FROM A MID-SIZE
LITIGATION FIRM THAT I WONT FIND AT
BIGLAW? (Contd)
3. Regular exposure to wider range of
quality work AND a more significant
role in it.
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Litigation across a broad spectrum, not
just institutional work
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Hands-On experience: new lawyers and
pupils have more substantive legal tasks
with less micro-management.
WHAT CAN I GET FROM A MID-SIZE
LITIGATION FIRM THAT I WONT FIND AT
BIGLAW? (Contd)
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Healthy Work/ Life Balance
Yes, its possible to have a 4.5 day
week!
FINALLY, to be treated like a
responsible adult who has a life!
WHAT CAN I GET FROM A MID-SIZE
LITIGATION FIRM THAT I WONT FIND AT
BIGLAW? (Contd)
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Better Work Environment
Resources: substantive library, spacious modern wellplanned office, support staff, infrastructure,
communications tools, support staff.
More open and direct channels of communication.
Like-minded colleagues: same values, same priorities.
Less rigid, more relaxed atmosphere.
Location,location, location: minutes from Court
Complex, no more crazy commutes and inner city
traffic.
WHAT CAN I GET FROM A MID-SIZE
LITIGATION FIRM THAT I WONT FIND AT
BIGLAW? (Contd)
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Clearer and more definite Career
Progression
Less in-house competition
Abbreviated partnership track
Offer rate: >90%.
Fewer Lay-offs
No Politics. No Guesswork. No Bull.
WHAT CAN I GET FROM A MID-SIZE
LITIGATION FIRM THAT I WONT FIND AT
BIGLAW? (Contd)
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Significant Client Contact:
new associates operate with greater
autonomy
meaningful client contact in large firms
reserved for more senior lawyers.
AMERICAN LAWYER:
Associates Survey 2009: Results by Size
- Am Law 100 and Global 100 Firms
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Smaller firms often outscore larger ones in
annual survey of midlevel job satisfaction.
It may be because a more intimate
atmosphere breeds happiness.
Maybe it's because associates have more
responsibility.
Perhaps it's because they have a quicker and
better chance of making partner.
Economic Downturn: The Rise of
the Midsize Law Firm
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The 100 biggest firms, ranked by revenue, saw perlawyer revenue declines of 1.2% in 2008, according to
The American Lawyer magazine and website.
But the so-called “Second Hundred” firms didn’t see a
decline, and regional firms and those outside the
biggest financial centers even saw a slight increase in
revenue
Many of the firms that seem to be doing well have a
lower ratio of associates to partners than is typical in
the biggest firms.
A strong litigation practice, tends to hold up in down
economies.
Pendulum Swings in Favour of
Mid-size Law Firms
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“In 2008 small and midsize firms
increased their presence on corporate
‘short lists’ from 24.5% up to 38.2%.
This is a staggering change!” said
Michael Rynowecer of The BTI
Consulting Group in Boston, reporting
on new research in BTI Premium
Practices Forecast 2009: Survey of
Corporate Legal Spending.
“For General Counsel to bring one firm
in is really quite easy; there is no
shortage of law firms marketing to
them or venues to meet law firms.
But the big change is in the GC’s
mindset: the corporate counsel we
surveyed said, ‘I will open my pocket
book to hiring small and mid-sized
firms.’”
Larry Bodine
“Economic Downturn: Hell for Big
Law Firms”
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A drop in net income as clients cut costs and look to
smaller firms with lower rates, more regular face time
and better accountability.
Inability to raise rates.
Layoffs.
Salary freezes.
Cost cutting.
Heavier fee discounting.
Partners refusing to take a hit in their slice of the pie
Expenses rising faster than revenues.