Reading the Tea Leaves

It's that time of year again when law firms will be making decisions about who has a future. Given the way the message is often delivered (i.e. indirectly and in a manner intended not to offend the associate), not everyone understands when all signs point to the door. Sometimes, work assignments begin to dry up. Other times, the partner tells the associate that maybe the firm isn't the right fit anymore. The "Snark" in Atlanta has more on the subject here for those of you who are not good at reading between the lines. This past Spring, my colleague Carey Bertolet also had a good article on the subject.

One way to avoid getting broad sided at a firm is be active in seeking out feedback. Don't wait for your annual review to find out that your writing needs work. It is also worth learning how to be better at taking criticism. I wrote about that subject just after 9/11.

But fundamentally, the "Snark" has it right. When a firm is very busy and cannot afford to lose associates, the message you receive may be unduly optimistic. After all, there is work to be done. But when work slows down, that is when you'll find out your true long term value to the firm.

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Don't Accept a Counter Offer (but if you do...)

There is a good article in CareerJournal.com today on accepting a counter offer. But anyone contemplating this strategy (i.e. using an offer from another firm in order to get what you want from a current employer) should beware. My BCG colleagues have written about the perils here and here.

My own philosophy is that counter offers can be used effectively for a very select and elite group. If you happen to be a superstar in every respect at your firm, but you are not getting the work or compensation that you feel you deserve, then maybe (just maybe) securing another offer is the way to go.

It is a very risky strategy, especially in a law firm environment where you'll need broad support if you want to be elevated to the status of partner. So if you follow this strategy, heed the advice of Sarah Needleman in CareerJournal.Com.

Rating the Rankings

The American Lawyer has published it’s Annual Summer Associates Survey . Although I’m a firm believer that these rankings are of dubious value, I must admit that I always read them. (I also read tabloids in the checkout line at the supermarket.)

It is hard not to at pay attention when rankings are published, even if you dislike/distrust them. Even naysayers want to know how they rate. It is human nature. We are all relativists. But what can we really do with rankings. Do they provide any practical value?

If you look at the numbers in this year’s lineup, the first thing to notice is that the firm ratings are almost all greater than 4 (on a scale of 1 to 5.) The lowest rated firm, Nossaman Guthner in Los Angeles, had an average rating of 3.957 and the highest average rating (Nutter, McClennen & Fish of Boston) was 4.989. Maybe Nutter is really on to something (it scored almost a perfect 5.) But I defy someone to explain to me the difference between a firm that has an average score of 4.5 out of 5 and a firm that scores 4.9 out of 5. This range describes well over half of the firms on the list.

I suppose you can use the lists over time to see which way the satisfaction rankings are moving. If a firm jumps from almost last to almost first, I suppose that says something. If over time, a firm stays at or near the top (or the bottom) of the list, that may say something too. But overall, what this survey tells us is what we already knew (i.e. that being a summer associate at a large firm is not a bad gig, regardless of where you work.)

Beware of the Pigeon Hole

No one wants to say "no" to a partner who needs help. But working on a project can turn you into the "go to" person in a relatively short period of time. And that reputation can be hard to shake.

Lawyers who work under a "free market" system (where associates get to seek out work and keep themselves busy), are probably least at risk for getting pigeon holed in an area that is not of interest. In a firm that has a central assignment system (with a partner or administrator who is responsible for making sure everyone is being used efficiently), the risk is a little bit higher, though still not that great. But if you work at a firm where partners tend to grab the associates whom they like, beware! For more on the subject, see the article in today's Law.com .

Why Associates Bail Out

The fact that 80 percent of associates leave their big firm job within 5 years has been well documented by NALP. There are many theories about why most associates leave and even some controversy about whether large firms actually rely on associate attrition to ensure that partner profits are not diluted. To those of us who consult to the legal profession, it seem ludicrous to invest so much time and energy in recruiting (on the front end) and to put little thought into retention (the back end of recruiting.) But as law firm profits continue to soar, it is hard to see how this is all hurting law firms in the short run.

Nonetheless, I still believe that in the long run, sound management practices can only strengthen a law firm. There is a good article in the Legal Times in D.C. in which a career consultant comes up with some of her own theories explaining associate attrition. She suggests that attrition may be due to a number of factors including: law school attracts many bright people who have not really taken the time to think critically about what they want in a career; law students do not have enough information to make informed decisions about how firms differ from each other; and a it is difficult to switch departments even if you conclude that you are better suited to another practice area.

She suggests that firms adopt a number of policies to address these issues including: providing opportunities for associates to change roles, training associates in business development and effective management techniques and cultivating a strong alumni network of associates and partners who do leave.

What's Your Elevator Pitch?

Can you tell someone what you do in the time it takes to ride 10 floors in an elevator? If you can, then you've got what is sometimes referred to as "an elevator pitch". No one wins legal business by simply delivering an elevator pitch to a stranger. But the elevator pitch is a useful tool in your marketing arsenal. It is something that you probably should draw upon when you meet someone new.

What is more important, however (and something that is lost on many lawyers) is that good listening skills are much more critical if you want to sell professional services. Being a good listener opens up a relationship. Listening helps you understand why and how an individual might need your services. Most importantly, being a good listener shows that you are truly interested in the other person; and that is what will build the relationship and ultimately make the person want to do business with you.

This is not a new concept. Dale Carnegie noted the importance of listening almost a hundred years ago in the first edition of How to Win Friends and Influence People. But there are always new ways to say this and Alan Weiss, Ph.D., a contributing editor to Rain Today, has done it nicely here.

Make Sure to Read Past the Headlines

Thirty years ago, long before the internet had arrived, I remember seeing a tip sheet on how to read a newspaper if you are short on time. One of the tips was that you can learn a lot just by skimming the headlines. To this day, I rely on this technique to decide which articles I will actually read. In many ways, the emergence of electronic media and the number of publications I now have at my fingertips has made this essential.

But headlines can be very misleading and one of today's headlines in Law.Com is a good case in point. If you are an observer of the legal marketplace like me, a headline like "Clifford Chance Lays Off Six Structured Finance Associates" is sure to get your attention. But don't be fooled by the headline. The sky is not falling. Large law firms are still busy. Corporate laterals are still in demand. Want to find out more? Read the whole article!

State of the Legal Market

The BCG Fall 2007 Newsletter is out. It contains market reports about the state of lateral legal hiring around the country (and international markets as well.) My BCG colleagues around the United States have put together information based mainly on first hand conversations with lateral recruiting coordinators at major firms in their respective markets. I put together the report for Boston. Caveat: the reports are based mainly on educated guesses (no one can truly predict future hiring, though many economists try). Also, the reports focus on hiring at major firms (i.e. primarily large firms and boutique practices.)

The newsletter also contains a number of articles on interviewing and lateral moves. You can subscribe to the newsletter at BCG's homepage.