Tag: big law

Big Law Survival Guide: Lateral and Exits

July 15th, 2024
Exiting Big Law can feel like stepping off a high-speed train. The decision to lateral to another firm or leave Big Law entirely is significant and requires careful planning and consideration. Whether you’re seeking a change of pace, better work-life balance, or a new challenge, this guide will help you navigate this transition successfully. We’ll explore the timing, options, risks, and practical tips to make your move as smooth as possible.

1. Timing is Everything

Timing your exit from Big Law is crucial. The sweet spot for lateraling or leaving typically falls between your 3rd and 6th year. Here’s why:
- Before 3 years: You may not have developed enough substantive skills to be attractive to other employers. You’re still in the learning phase, and jumping too soon could hinder your professional growth.
- After 6-7 years: You might be too senior for many in-house roles, and firms may be hesitant to bring on senior associates without a book of business. Staying too long can make transitioning more challenging and limit your options.
However, these are general guidelines. Exceptional candidates can make moves at any stage of their careers. The key is to assess your readiness and the market demand for your skills.

2. Understanding the Alternatives

When contemplating a move from Big Law, it’s essential to explore the range of alternatives available. Each path offers different opportunities and challenges.

Other Jobs:
- Finance (e.g., investment banking): Transitioning to finance can be lucrative but demanding. The work may be similarly intense, and the learning curve steep, but it can provide a new and rewarding career trajectory.
- Staying in Big Law: If you enjoy the work but seek different opportunities, consider lateraling to another firm. This can offer a fresh environment, new clients, and potentially better work-life balance.
- Mental Health Considerations: Burnout is common in Big Law. If the work has become monotonous or excessively stressful, it may be time to reassess your career path. Taking regular vacations and breaks can provide clarity and help you make more informed decisions about your future.
Partnership vs. Counsel:
- Traditional Path: Many associates aim for partnership, which offers prestige, higher compensation, and decision-making power. However, it’s a long and competitive journey.
- Counsel Role: An alternative is to become counsel, providing a stable and respected position without the pressures of partnership. This can be a viable option if you enjoy legal work but seek a less intense career path.
- Avoiding Seniority Traps: Staying too long in an associate role without clear advancement can be detrimental. Aim to make moves that align with your long-term career goals, avoiding the risk of becoming too senior without a book of business.
3. Assessing Your Risk Tolerance

Understanding your risk tolerance is crucial when making a career transition. This involves evaluating both your professional and personal circumstances.

Risk and Smaller Changes:
- Gradual Changes: If you’re not ready for a drastic change, consider smaller adjustments such as switching practice groups or moving to a different firm. These moves can offer a fresh start without the risks associated with leaving Big Law entirely.
- Time Off: Taking a sabbatical or time off to reassess your career goals can be beneficial. This period can provide clarity and help you make more informed decisions.
Personal Experience:
- Entrepreneurial Ventures: If you have an entrepreneurial mindset, exploring business opportunities can be rewarding. Networking with like-minded colleagues in Big Law can provide support and insights into potential ventures.
4. Quiet Quitting and Sabbaticals

Balancing your career ambitions with your well-being is essential. Sometimes, stepping back can be the best way to move forward.

Quiet Quitting:
- Reducing Workload: Quiet quitting involves reducing your workload and pushing back on non-billable tasks. This strategy can help manage stress and prevent burnout while maintaining your position.
- Taking Vacations: Regular vacations and breaks are crucial. They offer a chance to recharge and gain perspective on your career.
Sabbaticals:
- Unpaid Leave: Taking a sabbatical can provide the break you need to reassess your career path. While there may be stigma attached, prioritizing your mental health is paramount.
- Mental Health Focus: Realistically assess the support your firm offers for mental health. Utilize available resources and take steps to manage your well-being effectively.
5. Mental Health and Well-being

Prioritizing mental health and well-being is critical in high-pressure environments like Big Law.

Taking Mental Health Leave:
- Navigating Policies: Understanding your firm’s policies on mental health leave is crucial. Approach the topic with care, and be aware of potential consequences.
- Personal Anecdotes: Sharing personal experiences and seeking advice from trusted colleagues can provide valuable support and guidance.
Balancing Work and Life:
- Family and Health: Prioritizing family, health, and personal interests can lead to greater long-term satisfaction. Balancing these aspects with your career can prevent burnout and promote overall well-being.
- Long-term Satisfaction: Consider your long-term career goals and make choices that minimize future regrets. Ensuring a healthy work-life balance can lead to a more fulfilling career.
6. Practical Tips and Final Thoughts

Practical strategies can facilitate a smooth transition from Big Law and help you achieve your career goals.

Networking and Building Relationships:
- Alumni Networks: Leveraging alumni networks and industry connections can open doors to new opportunities. Building and maintaining relationships is key to career growth.
- Industry Connections: Engaging with industry events and professional organizations can provide valuable insights and networking opportunities.
Exploring Your Options:
- Different Career Paths: Evaluate various career paths and stay informed about market trends. Exploring different options can help you make well-informed decisions about your future.
- Staying Informed: Regularly update your knowledge and skills to stay competitive in the job market. Continuous learning is essential for career advancement.
Final Advice:
- Perspective and Environment: Remember that your environment significantly impacts your job satisfaction. Finding a supportive and positive work culture is crucial.
- Creative and Personal Interests: Pursue creative and personal interests outside of law to maintain a healthy balance and find fulfillment beyond your career.
Conclusion

Navigating your exit from Big Law requires careful planning and consideration. By timing your move strategically, exploring alternatives, assessing your risk tolerance, and prioritizing your well-being, you can achieve a smoother transition. Leveraging practical tips and maintaining a balanced perspective will help you find greater satisfaction and balance in your career.
Big Law Survival Guide: Surviving and Thriving

July 15th, 2024

The world of Big Law can be overwhelming, demanding, and, at times, soul-crushing. However, with the right mindset and strategies, it’s possible to not just survive but potentially thrive in this high-stakes environment. Here’s a comprehensive guide based on real experiences and insights from seasoned Big Law attorneys.

1. Know your options

It’s crucial to understand that Big Law doesn’t have to be a lifelong commitment. Consider these potential trajectories:

a) The Traditional Path: Grind it out for 7-10 years, then maybe become a non-equity partner.

b) In-House Transition: Be aware that in-house roles vary greatly. Some involve mundane contract reviews, while others offer deep involvement with business teams and novel legal issues.

c) Exit Law Altogether: Always keep this option on the table if the legal field no longer aligns with your personal and professional goals.

2. Prioritize Self-Care

In the all-consuming world of Big Law, self-care isn’t just important—it’s essential for survival:

a) Physical Health: Make time for exercise, even if it means sneaking out for a quick workout or walk during lunch. Stay hydrated and try to maintain a somewhat healthy diet, even during intense deal periods.

b) Mental Health: Disconnect when possible. Turn off your phone at night and try to unplug during weekends. Prioritize sleep—it’s your secret weapon for maintaining sanity and productivity.

c) Personal Life: Make efforts to maintain relationships outside of work. See non-lawyer friends, check in with family, and nurture your romantic relationships.

3. Empower Yourself

Feeling like a leaf in the wind is common for new associates, but there are ways to regain control:

a) Financial Freedom: Pay off your debt as quickly as possible. Nothing is more empowering than knowing you can walk away at any time.

b) Mindset Matters: Take the job one day at a time. Remember, this too shall pass, and you want to emerge on the other side with your sanity intact.

c) Recognize Burnout: Be aware of the signs of burnout. It’s not just about hours worked—the unpredictability of the job can be equally, if not more, taxing.

4. Master the Art of Being Mediocre (When Necessary)

Contrary to popular belief, you don’t always have to be a superstar:

a) Set Boundaries: Learn to push back on new tasks or choose convenient times to respond to emails. Quality work within reasonable limits can sustain a successful Big Law career.

b) Perspective is Key: Remember, we’re overpaid paper pushers, not brain surgeons. No one dies if you make a mistake, and most errors are fixable.

5. Build Alliances and Communication Skills

Your colleagues can be your lifeline in Big Law:

a) Find Allies: Cultivate relationships with supportive colleagues who can offer advice and backup when needed.

b) Communicate Effectively: Learn to say no gracefully and keep your team informed about your capacity and progress on tasks.

6. Embrace the Ebb and Flow

Big Law life isn’t consistently hectic. Learn to take advantage of slower periods:

a) Plan Strategically: Make personal plans during traditionally slower periods, but always be prepared to work if necessary.

b) Use Downtime Wisely: During slower months, take more risks with your time. Work from different locations or squeeze in personal activities when possible.

7. Develop Professional Skills

Your time in Big Law can be a powerful learning experience:

a) Attention to Detail: As a junior, your job is to manage details. Keep checklists updated, organize documents meticulously, and pay attention to every email and call.

b) Positive Attitude: A good attitude and willingness to work hard can compensate for many shortcomings, especially early in your career.

c) Resilience: Develop thick skin and learn to take criticism constructively. Use feedback as a tool for improvement rather than a source of discouragement.

Conclusion

Surviving Big Law is about finding a balance between meeting the demanding expectations of the job and maintaining your personal well-being. It requires strategic planning, self-awareness, and the ability to adapt to a high-pressure environment. Remember, it’s a marathon, not a sprint. By implementing these strategies, you can navigate the challenges of Big Law while preserving your sanity and potentially even finding enjoyment in your work. Whether you’re aiming for partnership or planning your exit strategy, these tools will serve you well in your legal career and beyond.
What is Big Law? White-shoe Firms and the Cravath System

June 22nd, 2024

Historically, “white-shoe” firms (a term derived from the ugly white buck shoes favored by American Ivy League students) are the elite accounting, banking, consulting, and legal firms serving the largest corporate clients in the financial industry. Their bias for Ivey League schools is by design; the idea is that hiring the top students of these schools commands top quality services in the respective fields, and they can in turn mark up the prices for these services like a Prada bag. These firms emerged with the financial booms and busts in the late 19th century, and they are primarily composed of the social “elite” (mostly WASPs) with family connections and influential networks. “Big” law grew out of a need for expertise from multiple areas of law, multi-state jurisdictions, and the complicated legal matters of the largest corporations where millions and billions of dollars are on the line.

During these times, Paul Cravath (of Cravath, Swaine & Moore) developed a management model that underpins the misery of modern big law firms. These are practices that became industry standard across big law firms.

Compensation, probably the most popular topic, is one of the ways to attract top talent entering into a bidding war among firms. There is a practice of uniform, lockstep compensation (the “Cravath scale”), meaning all the firms have the same salary and salary raises every year. This means associates generally do not worry about trying to take a cut of the fees generated from the client for their work, rather they have billable hour targets and also get relatively (compared to their banker counterparts) modest bonuses as well. This also means that a twenty-something fresh out of law school can get over two hundred grand a year for emailing PDF pages for signatures.

Recruitment, like other white-shoe industry, there is a focus on only hiring from the top law schools through a formalized recruitment process (“on-campus interviews” or “OCIs”). This is a proxy for finding good talent; if they went to Harvard, then they will probably be good lawyers and we can sell them to clients as a lawyer who went to Harvard. They have no idea who will make good lawyers, so let the law schools do the work and let’s see who survives the arbitrary interview process.

Training, for associates, follows an apprenticeship model of learning skills incrementally under the skills of a senior. Typically, the levels of advancement among associates, although not typically reflected in their title, is a junior (1-3 years), midlevel (3-5/6), and senior (5/6-8+). New lawyers are thrown into the deep end and learn by doing and observing. And being yelled at.

Promotions, generally speaking, are automatic if you have enough billable hours and survive layoffs, but only until around the 8th year. Although many firms have moved away from this, traditionally by the 7/8th year you are considered for partner and are promoted “up” to partner or are kicked “out”. It’s a survival of the fittest model. Or survival of whoever can say “will do” for nearly a decade without losing their mind.

The success of the Cravath System led to adoption by other white-shoe firms, but it has evolved significantly. For example, many firms are fine to keep senior associates past year 8 and keep them billing hours profitably. But this Cravath System obvious leads to a lot of toxic norms in big law that are still widely pervasive.

There a big law firms in other jurisdictions that go by various names (e.g., the Magic Circle in London, the Seven Sisters in Toronto, etc.), and there are sometimes even debates about which firms count as big law in New York (e.g., top 100 Vault or Chambers ranked firms). However, compensation is usually the most important factor among lawyers, so it is a pretty good proxy for whether a firm should be considered big law.

Tag: big law

Big Law Survival Guide: Lateral and Exits

Big Law Survival Guide: Surviving and Thriving

What is Big Law? White-shoe Firms and the Cravath System