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The Rise of the Mid Market Law Firm

By Gary Weiss

Gary Weiss covers the appointment of Partners, Associates and Counsels within international and boutique law firms across North America and abroad. Gary Weiss is based in New York City and is part of the specialist international legal recruitment consultancy, Laurence Simons. 

While everyone associated with the legal profession is aware of the devastation which occurred following the financial crisis of 2008, they may not be aware that there were some law firms that saw the new landscape as an opportunity for growth. As a result of the massive cuts and layoffs which were attendant to the larger law firms, boutiques and mid sized firms now had the chance to add great talent. 

During the time that all of the major international law firms were downsizing in early 2009, the stagnant job market was being flooded with the highest calibre of attorney candidates, lawyers who attended the top law schools and were well trained by some of the greatest legal minds in the country and in some instances, the world. 

However, only the shrewdest, best informed and most financially sustainable partners and owners of mid sized and smaller firms were able to take advantage of the trickle down effect which was occurring then. Many of the best and the brightest who had graduated at or near the top of their class were suddenly breaking down the doors to their law firms for jobs. Not only did these partners find top talent suddenly available for the picking, they also found that talent was willing to work for a salary which was far less than the lockstep salary that associates had previously become accustomed to earning in larger firms.  

As the legal job market has been improving incrementally over the past few years, international law firms have slowly begun to hire again, although at a much less frantic pace than before. However, the mind set of the associates who had worked at those firms changed substantially. 

In short, associates who had previously bought into the Horatio Algier work ethic of the legal world; got into the best law schools, worked hard, took on massive debt with student loans, for the opportunity to work for a Top 100 law firm and move up the ladder to partnership; learned to look beyond the very top of the AmLaw 100. With fewer opportunities available, the large law firms where associates had previously billed countless hours prior to the downturn became less attractive. Many associates began to question the logic of billing 3,000 hours+ per year if it was going to result in them being laid off and in effect, scurrying to find a new job or in some cases, a new career.   

As a recruiter, I cannot begin to tell you how many intelligent, well educated and accomplished attorneys came to my door begging for me to find them any type of legal job at any salary. Some of these attorneys were able to find satisfying work, but the majority of them did not and in some instances, some of these brilliant people were forced to find new careers. 

I would represent to you that it was not only attorneys that changed their strategy following 2008, as recruiters were also forced to move outside the paradigm of working only with larger law firms. As a result, I began to enhance and grow relationships with many middle market and boutique law firms in the New York Metropolitan area, some of whom I had never worked with before. In some instances, I had never heard of these firms. However, once I was able to educate myself as to the culture and practices of these firms, as well as meet some of the Partners and decision makers on a personal level, I developed many relationships which I would hope and expect to continue over the next decade....

 

.....to be continued.... 

 

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Woman in Law - Laurence Simons takes a closer look at Magic Circle firms

By Anya Smith and Laura Seiler 

  

Anya Smith covers Private Practice roles in the UK and the offshore market. Her Clients include US and UK firms within London across a range of specialisms, as well as the top offshore firms in the Caribbean and the Channel Islands.

 

Laura Seiler covers Private Practice roles across the UK and specialises in the Energy Sector. Her clients include Magic and Silver Circle firms alongside US and Boutique firms.

 

A recent survey (conducted by Laurence Simons international legal recruitment agency) analysed the gender of partners in Magic Circle firms. Females made up 16% of the Magic Circle partners in London despite more women entering the legal profession. The survey seemingly demonstrates a clear disparity between the career paths of male and female lawyers. There has been a lot of talk surrounding this subject in recent months, however it is and will remain a hotly debated topic. Does this mean that things are getting better or worse, or are we merely stagnating with regards to diversity, where people say a lot but do not necessarily do a lot? 

Since we have stopped persistently dissecting the financial meltdown, talk has reverted back to this age old issue, as once again law firm management and succession planning has come under the spot light. As recruiters, we are starting to see a shift once more of lawyers looking to move away from partnership tracks and consider alternative career paths. Arguably, one of the main motivators in a move such as this is work/life balance, and attainable and transparent partnership.

However, even if female associates do have ambitions of partnership, what is being done internally in the top law firms to ensure that this talent is not lost elsewhere? Our survey suggests that the start of partnership tracks clearly appear to begin in the middle of a woman’s career, poignantly during her “child rearing years”. As noted many women choose to leave the law at this point or seek alternative legal career options i.e. the more predictable working hours of a PSL or in-house counsel. 

On the positive side, the survey does outline firms taking a more proactive approach to the facilitation of career progression for women with the implementation of “Gender Action Plans”. One of the main initiatives is the adoption of flexitime working hours, female lawyers still work long hours like their colleagues just within times better suited to family life. In theory flexitime is the perfect solution especially in the age of the blackberry; allowing women to transact and business develop even when at home. However in practice it is clear that the more transactional areas of law do not lend themselves so well to these policies. 

In many ways the Magic Circle firms have been bold with their formalised gender policies. Smaller firms have been hesitant to have a blanket policy because they believe that in some areas the flexitime model does not work because they have fewer lawyers to work those infamous “all nighters”. 

So does this mean that law as an industry is finally turning this corner? As said, transactional departments will always find it difficult to fully integrate flexible working, however by identifying the issue and the willingness to adapt; it is definitely a step in the right direction. 

Interestingly, the Laurence Simons survey also showed that the majority of women perceive their gender to be a prohibiting factor in career development. Perhaps this opinion needs to be challenged directly from source; law firms are working to improve their policies, however women themselves need to push these policies and change the status quo that you can only make partner if you sacrifice family life. In law and other professional industries great role models are emerging showing that although there are undoubtedly sacrifices, it is possible to have it all.

If you're looking for a new legal opportunity or looking to become a partner, click here

UK boasts highest proportion of female partners in Europe

• 16% of partners in Magic Circle law firms in the UK are female, the highest proportions in Europe

• Two thirds of female lawyers state their gender is a barrier to their success

• Flexible working practices for partners and quotas may be required to redress gender imbalance at the top level 

• The UK and Holland have the highest proportion of Magic Circle partners in Europe – but still only 16%. 

According to a recent study by international legal recruiter Laurence Simons, the UK and Holland have the highest proportion of Magic Circle partners in Europe and in the UK, 16% of partners in Magic Circle law firms are female.

“Given that women make up less than one sixth of Magic Circle partners in the UK, it might come as some surprise that this is the joint-highest proportion in Europe. It’s certainly good news that the UK is leading the way in ensuring gender diversity at the highest level”, says Lucinda Moule, managing director of Laurence Simons.

The study also shows that Spain had the lowest proportion of female partners, with just 6.3%, while 9.6% of partners in Germany are women and 13% in France. 

Lucinda says, “These results demonstrate the need for top-tier firms to make better provision for the promotion of women. The fact that European nations are so far behind emerging economies such as China – where 28% of partners are women despite the population comprising 119 men for every 100 women – demonstrates antiquated promotion practices are entrenched in the developed economies of Europe.”

 

Are you a Partner? Got a question for Lucinda? Feel free to leave your questions and comments below. 

 

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The Russian Counteroffer

By Ekaterina Akulich, Senior Consultant, Laurence Simons

Ekaterina Akulich is a Senior Recruitment Consultant for Laurence Simons. Located in Moscow, Ekaterina specialises in In-House recruitment within the FMCG and Retail sectors.

Would you like to obtain a mortgage for a significant sum of money, with a percentage between 1% and 2%, whilst the average rate in Russia is 12%? Furthermore would you like to receive the money from your boss rather than a bank? It's easier to achieve than you think. All you need to do is…resign (and look for a new opportunity with Laurence Simons).

Laurence Simons lands in India

By Vijesh Patel, Managing Partner India

Vijesh has over 6 years experience within the professional recruitment/headhunting industry. He joined the FiveTen Group in 2006 and has been a key leader within the Group, having managed divisions in the UK and now launching and heading up the Laurence Simons India operation. Vijesh has gained unparalleled expertise and experience working within all industry verticals and offers clients an unbiased consultation to any project.

Laurence Simons International legal recruitment is proud to launch its first operation on the ground in India. The key objective for this new office is to help put in place best-in-class processes for the senior legal fraternity and take the pain/risk out of sourcing and placing the right hires. Whilst we have been working with a number of household-named multinationals in India for over 10 years, being the first specialist international legal recruiter on the ground in India will inevitably bring additional benefit and value to the service we offer our clients and candidates.

In-house VS Private Practice

By Chris Hoole 

Chris is a trainee solicitor at Walker Morris in Leeds.Before joining Walker Morris Chris studied English Law and European Law at University where he focused on cyberlaw and cybercrime as part of his dissertation. Since University, Chris has worked both in Dubai and Hong Kong.

Qualification is looming for thousands of trainee solicitors across the country......

And many will be questioning the prospect of staying in the firm they have trained in, looking to move elsewhere or, perhaps thinking about the potential of moving in-house. While some firms now offer secondments to corporate clients, providing a flavour of the in-house role, countless trainees will not have this luxury yet may still question this career path. Before I began my training contract I spent just under a year working in-house and, in this blog, I will provide a brief insight into the principle differences between in-house and private practice.