Showing posts with label Associates. Show all posts
Showing posts with label Associates. Show all posts

Saturday, November 17, 2012

A Message for First-Year Associates: Seven Things to Consider

pencil paper writing

It's law firm arrival season. The postbar adventure vacations have been tucked into Instagram folders. The first law school debt payments loom. And visions of all-night doc reviews now dance feverishly across imaginations that only a year ago were wooed for their high-performance potential. As they start down this road, here are seven things I'd like the new group of first-year asso­ciates to keep in mind:

For Most, This Will Be Short-Term Employment. If the past is prologue, about one-third of the starting class will have left by the end of their third year; two-thirds of your class will be gone within six years. This isn't personal; the structure relies on regular departures of associates, sometimes voluntary, sometimes not. For the new lawyers, this means that you're in charge of your careers. The old paternalistic, just-excel-and you-shall-be-automatically-rewarded game is over. Now you have to decide what you need to learn while you're at the firm and manage your time accordingly. This regimen is a neat fit for our ironic age: Put down roots and expect to be uprooted.

You Have Two Masters. At the firm, you're expected to heed your supervisors, be they partners or more senior associates. Ignore them at your peril. But the bigger prize is serving the clients. At first, you won't be in their company; alas, you may leave without having met one. But eventually -- somewhere -- you will have your own. Develop the habit of learning your clients' needs and try to meet them. Do they really require the journal-quality memo and the 105 billable hours it took last week to produce? Or will a single page with five dependencies and one judgment suffice? Ask.

Seek A Mentor and, if you're serious about staying, a sponsor. Many firms are better now at connecting their juniors with partners who will try to bring them along. But given the internal pace, the personnel churn, and the fact that not every partner is capable of teaching best practices -- or teaching at all -- you must be prepared to search for your own. Interpersonal chemistry is important, of course, but find the ablest mentors you can, those who will challenge you even as they're imprinting their habits on your career. If you're determined to stay at the firm, you will need a sponsor, too. These are partners who will try to advance your career. These folks are hard to find, and most associates won't acquire one at their first firm. If you wake up as a sixth-year and you can't name your sponsor, it's past the time to take those calls from the recruiters.

Don't Trash The Brand. I receive announcements every week about 45-year-old lawyers taking new positions in government or business that include mentions of their brief stints as associates at Cravath or Latham or S&C (or one of a hundred other firms). This is the halo effect that comes from putting in a little time at one of these fabled places. The assumption is that if you cleared their screening process, you must be pretty good. This is valuable currency, and one you don't want to devalue for sport. (If you doubt this, check around for lawyers bragging about their time at Howrey or Thelen or Brobeck.) These merit badges will follow you, for good or bad, for the next half-century. That's worth keeping in mind when deciding whether to tell the world that this or that partner is an officious jerk.

Help Others. You've joined a profession and not, for the moment, an industry. Part of your responsibility is to help provide legal services to those people and causes that otherwise couldn't afford them. That's a serious obligation. If you fulfill it, you will feel better about yourself in the morning. You also will learn some things about practice and life that you otherwise would not. A corollary point: There are people working at the firm, in a variety of roles, who do not have your credentials. They contribute to your success; some will know things you don't. Treat them with respect.

You're Good And You're Lucky. It's an accident of timing that you're beginning work this autumn and not suffering through the doubts of a deferred start date. As the man says, you didn't build this situation alone. So be mindful of your good fortune and use it not only to pay down your debt but as an antidote to arrogance, which is unbecoming at every level.

Find Work You Love. If it's at your firm, fine. If not, go elsewhere and do it.

Tuesday, October 2, 2012

Clifford Chance Asks Singapore Associates to Take Sabbaticals

Singapore Singapore
Source: Getty Images

Clifford Chance has asked associates from its capital markets team in Singapore to take voluntary sabbaticals as the firm moves to cope with the dramatic slowdown in Asian securities work.

The Magic Circle law firm is understood to have met with staff this week to offer them a percentage of salary and benefits if they accept the offer of leave between now and early 2013. It is unknown how many staff will be affected by the cost-cutting measure, but sources close to the matter indicate that it will be less than 10.

Clifford Chance would not confirm the percentage of salary that associates would receive, but stressed that the firm was not making any redundancies or calling on lawyers in other teams or offices to take sabbaticals. No partners will be affected by the move.

"Capital markets is an important part of our practice in Southeast Asia and India," said Crawford Brickley, Clifford Chance practice area leader for capital markets in Asia Pacific.

"However, in common with any business, we always keep our resourcing under review to ensure that our capability is in line with client needs. We remain very busy in other practice areas and do not expect any further changes."

The City giant's stance reflects the current slowdown in Singapore and Hong Kong in equity capital markets (ECM), a key practice area that international firms have targeted in the region. The notoriously volatile market for initial public offerings has seen a number of floats delayed this year amid concerns about the global economy and signs that some economies in Asia are slowing their still-robust growth levels.

In May, luxury jeweler Graff Diamonds abandoned its $1 billion (£621 million) Hong Kong listing just two days before the deadline, shortly after copper producer China Nonferrous Mining Corp. and car dealer China Yongda Automobiles Services postponed their own IPOs.

Figures from Dealogic show that Hong Kong raised just $3 billion (£1.9 billion) in new listings between January and September this year compared with $23.8 billion (£14.7 billion) for the same period in 2011.

The sharp drop in ECM work is acknowledged by firms to have hit pricing, leaving some advisers to focus on expanding other practice areas. Notably, Clifford Chance this week announced that it was transferring its highly regarded restructuring chief Mark Hyde to Hong Kong to lead the firm's Asian finance practice.

Clifford Chance, which announced a redundancy consultation in March affecting 13 associates in its City finance and capital markets practices, said that it expected the Asian securities market to return to stronger levels of activity at the start of 2013.

Sunday, September 23, 2012

Clifford Chance Asks Singapore Associates to Take Sabbaticals

Singapore Singapore
Source: Getty Images

Clifford Chance has asked associates from its capital markets team in Singapore to take voluntary sabbaticals as the firm moves to cope with the dramatic slowdown in Asian securities work.

The Magic Circle law firm is understood to have met with staff this week to offer them a percentage of salary and benefits if they accept the offer of leave between now and early 2013. It is unknown how many staff will be affected by the cost-cutting measure, but sources close to the matter indicate that it will be less than 10.

Clifford Chance would not confirm the percentage of salary that associates would receive, but stressed that the firm was not making any redundancies or calling on lawyers in other teams or offices to take sabbaticals. No partners will be affected by the move.

"Capital markets is an important part of our practice in Southeast Asia and India," said Crawford Brickley, Clifford Chance practice area leader for capital markets in Asia Pacific.

"However, in common with any business, we always keep our resourcing under review to ensure that our capability is in line with client needs. We remain very busy in other practice areas and do not expect any further changes."

The City giant's stance reflects the current slowdown in Singapore and Hong Kong in equity capital markets (ECM), a key practice area that international firms have targeted in the region. The notoriously volatile market for initial public offerings has seen a number of floats delayed this year amid concerns about the global economy and signs that some economies in Asia are slowing their still-robust growth levels.

In May, luxury jeweler Graff Diamonds abandoned its $1 billion (£621 million) Hong Kong listing just two days before the deadline, shortly after copper producer China Nonferrous Mining Corp. and car dealer China Yongda Automobiles Services postponed their own IPOs.

Figures from Dealogic show that Hong Kong raised just $3 billion (£1.9 billion) in new listings between January and September this year compared with $23.8 billion (£14.7 billion) for the same period in 2011.

The sharp drop in ECM work is acknowledged by firms to have hit pricing, leaving some advisers to focus on expanding other practice areas. Notably, Clifford Chance this week announced that it was transferring its highly regarded restructuring chief Mark Hyde to Hong Kong to lead the firm's Asian finance practice.

Clifford Chance, which announced a redundancy consultation in March affecting 13 associates in its City finance and capital markets practices, said that it expected the Asian securities market to return to stronger levels of activity at the start of 2013.