Biglaw / Millenials

[Anonymous]

Biglaw is broken but so is Ibanking and Consulting (i.e. the three sectors that over-educated whites and asians without technical skills love to pile into in their twenties).

The 80's is when things changed.

Going back to an apprenticeship model with lawfirms shrinkinging (i.e. no more supersized 2000+ attorney firms) would help.

Same with banks and consulting firms. IB's should be spunoff from their larger entities and go back to the 'merchant banking' model.

Consulting consolidation into 'supershops' also follows this model - better to go back to smaller firms that specialize in a specific sector and pay less but invest more in their hires without spitting them out after 2 years.

[Anonymous]

Anonymous wrote:I sit on the prof. development committee of my firm. Over the last few years, there's been a ton of griping there (as well as on boards such as this one) about new associates - how they aren't willing to make the sacrifices we made, think they're all special snowflakes, etc.

As someone who has been through that, I can't help but think they've got it right. What exactly is the value proposition for new associates these days? Spend your 20s accumulating the best possible credentials you can (and paying through the nose for them), work your ass off for 3-6 years at a firm, and then scratch and claw for a new job (at often a 100k paycut) when the wrong partner makes your life unbearable or the firm tells you have to leave?

The problem, in my mind, is not that law firm life is hard - that's a given. It's more that most people don't get anything out of it that justifies the sacrifice demanded. You get paid a lot while you're here, but that paycheck only lasts for a trivial amount of time for most lawyers.

I find it hard to believe you sit on the prof dev committee at a big law firm and are whining like the above.
My bet is you are a millennial with a law degree, posing as god knows what in your post.
Might help you to look around, there ARE people in their 20s and 30s working very hard at startups, consulting, banking, private equity, law, phd programs, in-house corp dev/M&A, etc. And they will run circles around whomever is spending their time doing nothing and complaining. Seriously, go sit in on the start up guys at 1776 or Disruption and sing your "I'm lost" song and see what happens. Do it.

[Anonymous]

Anonymous wrote:I'm an attorney in my early 30s and sorry, but I'm having a tough time feeling sorry for these poor big law associates you speak of. They have been given the opportunity to make a big chuck of money for a certain period of time and should shut up and be happy about it. Yes they may not have much of a chance to make partner, but having big law on your resume is still an awesome credential. Trust me, a big law associate will always beat out the hoards of unemployed lawyers trying to get by on document review temp work. Many of these lawyers never got jobs out of school at all, let alone a position that starts out at $150k a year!

I've been practicing law for six years and I still don't make that much!

Btw, when and if you do go on the job search circuit, you will have a portfolio of deals or cases that you worked on to speak about. Believe it or not, when you go spruce up your CV and transaction list, you will realize just how much you learned. And that is why I will hire you as a deputy GC or GC: you have experience, networks and references. And you likely worked hard.

[Anonymous]

Anonymous wrote:High salary - work/life balance - rewarding work that feeds your soul.

Pick any two.

Money rewards many people's souls

[Anonymous]

Anonymous wrote:

Anonymous wrote:I sit on the prof. development committee of my firm. Over the last few years, there's been a ton of griping there (as well as on boards such as this one) about new associates - how they aren't willing to make the sacrifices we made, think they're all special snowflakes, etc.

As someone who has been through that, I can't help but think they've got it right. What exactly is the value proposition for new associates these days? Spend your 20s accumulating the best possible credentials you can (and paying through the nose for them), work your ass off for 3-6 years at a firm, and then scratch and claw for a new job (at often a 100k paycut) when the wrong partner makes your life unbearable or the firm tells you have to leave?

The problem, in my mind, is not that law firm life is hard - that's a given. It's more that most people don't get anything out of it that justifies the sacrifice demanded. You get paid a lot while you're here, but that paycheck only lasts for a trivial amount of time for most lawyers.

I find it hard to believe you sit on the prof dev committee at a big law firm and are whining like the above.
My bet is you are a millennial with a law degree, posing as god knows what in your post.
Might help you to look around, there ARE people in their 20s and 30s working very hard at startups, consulting, banking, private equity, law, phd programs, in-house corp dev/M&A, etc. And they will run circles around whomever is spending their time doing nothing and complaining. Seriously, go sit in on the start up guys at 1776 or Disruption and sing your "I'm lost" song and see what happens. Do it.

Not too hard to believe. There are a lot of lawyers (young and old) that are dissatisfied with the recent changes in the legal profession and in Biglaw specifically. There are issues that affect older lawyers (de-equitizations, etc.) and issues that affect younger lawyers (very little training and mentoring these days).

[Anonymous]

And? What's new? Too many idealists out there and not enough community activist positions skimming salaries off the donations?

[Anonymous]

Anonymous wrote:One of the things that I find interesting is the for many who take the law school, big law, next role track, that next role rarely involves actualizing what that person really wants to do in life. It seems that many get into a client service cognitive trap where they are thinking about adding value to what someone else is trying to do.

I feel that in ny and ca, there is more self actualization at the end of the road. Commenters here sometimes say it is because in this profession, people tend to be risk averse. I disagree. I think it's more about developing a client service skillset and becoming what you've trained to do. Well, i suppose the big law exit options are better in ny and ca.

I wish there was more discussion about becoming a novelist, or screenwriter or something that really connects with who they are. People seem to find it really difficult to depart from actualizing someone else's dreams.

I did that. Lots of lawyers do that.