Originally published on December 13, 2010 in our free BigLaw newsletter.
Ah, 2010, we hardly knew ye! As the year winds down in a flurry of drunken holiday parties and year-end bill collecting, we ask: Was it was a very good year for large firms, as Frank Sinatra might have sang? Or should we describe it in more modest terms? What is the takeaway from a year in which venerable institutions such as lockstep compensation and the billable hour found themselves under attack?Well, BigLaw readers, while we would like to present an Academy Awards-style photo montage (set to stirring music, of course) commemorating the major events that transpired in 2010, we're scribes, not auteurs. So you'll have to settle for this text-based look back at the year that was.
Work-Life Imbalance
Work-life balance loomed large in 2010 — not because anyone actually achieved it, but for the ongoing conversation about it. Are we any closer to figuring out how to make biglaw life work?
Sadly, despite the significant volume of collective wisdom published in the blawgosphere this year by luminaries such as Bruce MacEwen and Vivia Chen, we still have a long way to come, baby.
If you're looking for the low-down-and-dirty on the competing demands of work, life, and love in the world of biglaw, check out this BigLaw column on why "J" and "D" may be scarlet letters for all the single ladies of law.
Not to mention this biopic (alas, also text-based) of the associate-turned-therapist who tends to the wounded psyches of law students-turned-associates, and this checklist to verify that you're truly ready to give up on the unicorn-like mythical notion of "balance" and leave biglaw behind.
Partner Paroxysms
While 2010 didn't feature the degree of bloodletting that characterized 2009, the legal profession remains a changing landscape. While some young, optimistic associates hope to dodge the "Of Counsel" bullet and make it to the putative promised land of partnership, it aint what it used to be.
In 2010 partners — perhaps more so than associates — felt both the thrill of victory and the agony of defeat.As we discussed earlier this year, gone are the days when "partnership" and "security" were synonyms. The trend toward bulkier partnership ranks in recent years led, this year, to a widespread, recession-inspired culling of the herd, intended to combat the phenomenon of "overpartnering."
But 2010 was also the year in which some brave souls left the comfort of biglaw partnership behind to pursue entrepreneurship — like former Latham & Watkins mega-partner Joshua Stein whom we profiled in this newsletter. Stein is one of several large-firm superstars to go it alone, suggesting that the agility and autonomy of a marquee solo practice, not to mention the freedom to have Ice Cream Fridays five days a week, may make BigSolo the new biglaw.
Of course, if solo practice isn't your thing, you can always hang around and torture associates. But don't go crying to Legal Tease when you discover that associates hate you.
AFA, LPO, and LOL
Have we reached a consensus on alternative billing, legal process outsourcing, or social media? I didn't think so. Let's just continue to talk amongst ourselves. BigLaw has, of course, discussed these perpetually hot topics since, oh, 2009.
Earlier this year, we explored why biglaw breeds bill padders and how to curtail it before someone at your firm ends up taking a perp walk.
We also brought you this interview with Jonathan Goldstein, a former large firm lawyer who helped build one of the world's largest LPO providers and then sell it to Thomson-Reuters.
Wondering why so many of our jobs — even our legal jobs — are being outsourced in the first place? Maybe it's because large firms, like American school children, are way behind the technology curve. The results of a study released this spring show that large firms are slow to adopt even basic technologies that can increase efficiency..
As for social media … we don't know what to tell you. Whether it's a good marketing tool or not remains up for debate each week in BlawgWorld, but one thing is certain: If you're going to swim in the Internet's Zuckerberg-infested waters, take these steps to protect your online reputation.
Bonuses, Reviews, and Layoffs Oh My
The thrill of an annual bonus brings with it the concomitant anxiety of your pending annual review. While it might be too late, we have a word of advice on how to prevent a bad review — avoid being a jerk or worse.
Of course, when you receive your review, you may need help translating the coded phrases and idioms unique to the dialect known as biglaw speak. Look no further than BigLaw columnist Legal Tease's explanation of what partners really mean when they commend your "positive attitude."
Alas, if you find yourself on the wrong side of a layoff, check out these tips, for how to handle that first, inevitably awkward, encounter with the jerk who canned you.
Finally, BigLaw readers: We wish you a very happy, healthy, and successful New Year — when we'll see you back here.
How to Receive BigLaw
Many large firms have good reputations for their work and bad reputations as places to work. Why? Answering this question requires digging up some dirt, but we do with the best of intentions. Published first via email newsletter and later here on our blog, BigLaw analyzes the business practices, marketing strategies, and technologies used by the country's biggest law firms in an effort to unearth best and worst practices. The BigLaw newsletter is free so don't miss the next issue. Please subscribe now.
