Jonathan Walmsley的动态

?????? ?????? ???? ???????????? ???????? ???? ?????????? ?????????????? ?????????????? ???? ???????????? ???? ?????????????? ???????????????? ?????????? ????????? The one answer we are hearing again and again is that it's for career progression reasons. A lot of senior in house lawyers feel that their careers, and often hand in hand with this, their salaries, stall. This often hits at a time when their law mates are partners in law firms and are starting to reap the financial rewards of their hard yards in private practice. The interesting thing is that we are seeing more senior in house lawyers who can put together a compelling business case for partnership if they can bring a key corporate relationship to the firm or can solidify a relationship with a key client. The challenge is often being able to quantify the amount of work that will come with them, nearly always the cornerstone of a partnership business plan. #glassceiling #careerprogression #inhousecounsel #lawfirmpartners

?????? ?????? ???? ???????????? ???????? ???? ?????????? ?????????????? ?????????????? ???? ???????????? ???? ?????????????? ???????????????? ?????????? ????????? The one answer we are hearing again and again is that it's for career progression reasons. A lot of senior in house lawyers feel that their careers, and often hand in hand with this, their salaries, stall. This often hits at a time when their law mates are partners in law firms and are starting to reap the financial rewards of their hard yards in private practice. The interesting thing is that we are seeing more senior in house lawyers who can put together a compelling business case for partnership if they can bring a key corporate relationship to the firm or can solidify a relationship with a key client. The challenge is often being able to quantify the amount of work that will come with them, nearly always the cornerstone of a partnership business plan. #glassceiling #careerprogression #inhousecounsel #lawfirmpartners

WHAT YOU DON'T LEARN IN LAW SCHOOL - Most young lawyers don't know how to do their diligence in determining what is good, what makes the offer good, and even what questions to ask. This article raises a lot of great points on health care, time off, and step increases in salary. A business plan of what you think you want to do and where you want to do it is also good. Very few lawyers have business plans thinking about where they want to be in 5-10 years. The 3 business plan questions are WHERE AM I NOW, WHERE AM I GOING and HOW DO I GET THERE? VP and partner are titles. Other questions to ask or feel out: What is the law firm culture? Look at how people dress and act toward each other. How many associates here made it to partner? How many years does it take to make partner? What are the mean, mode, median, and range of associate and partner salaries? Profits per partner is a MEAN, and means can get skewed. Could you figure out if the lawyers have families (partners and possibly kids)? What do they do for fun? When was their last vacation? How much money do I have to make for the firm for the firm to break even on me? What is my billing rate going to be? What non-salary benefits are there? Does the firm or company pay into a benefits plan? How is the company handling semi-virtual work? I know there are more questions, but this is a good start to doing diligence at a place that you may be at for a few years. Do the diligence so the place is the right place for you. #lawstudent #lawpractice #lawschool #legalprofession #legalpractice

I've heard this twice recently from partners in different firms who have said that ?????? ???????????? ?? ???????????????????? ?????????????? / ???????????? ???????????? ?????? ?????? ?????????? ?????? ???? ?????? ?????????????????????? ?????? ?????????????? ???? ???????? ?????????????????? ??????????????. In each case the senior lawyer was felt to be high quality, hard working, spent a lot of time in the office, but has poor time recording and their billings were not reflective of their efforts.??Each partner commented that the firm is losing money on them. It seems such a shame that this is the blocker to progression for a talented lawyer when this should be an easy fix. Time recording may not be the most exciting part of a lawyer's job, but it is an essential part of life in private practice. For junior lawyers reading this it's a good lesson and good practice to get into the habit of good time recording from an early stage in your career. #lawyers #lawyerlife #financialmanagement #lawfirms ?

Common push factors that make lawyers decide to leave their current law firm are: ? ????????????????: many lawyers want to work at recognisable firms, one where if you mention the name, everyone would know. Having a 'brand' on your CV also opens up future doors for your career. ? ???????? ??????????: naturally, if you can get more money elsewhere, lawyers ears perk up! ? ???????? ??????????????????: lawyers naturally want to work with the best team in their field. Working for a Chambers Ranked Tier 1 team is always a pull factor, especially as you get to be working at the highest level and the most prestigious matters bolstering your deal sheet. ? ????????-???????? ??????????????: on the flip side to working in the top teams, which naturally coincide with longer hours, lawyers also do not necessarily want to do it their whole lives - especially when family and other personal obligations begin to build up. ? ?????????????????????? ?????? ??????????????????????: lawyers want to move up and get promotions and be involved in some of the day to day decisions in the wider team. Pathways to partnership are getting longer and harder. If lawyers feel there is no room for them to progress - they start to explore other options where they may feel more valued and be involved in some of the decision making. If you are feeling any of the above and either want to move up a tier, abroad to a bigger market, or somewhere with more balance and career opportunities - get in touch for a confidential discussion.

Lawyers: what's your value to the firm? If you do not know, how can you expect your firm to know? In the frenetic billing vortex that is a private practice law firm, important considerations such as profitability and firm citizenship fall to the wayside. This is bad for the firm, and it is worse for the lawyers. If you are not directly responsible for a minimum of 3X your salary in terms of COLLECTED revenue, not billed, you are costing the firm money. This means that if you are paid $100,000 in salary and you only billed for and collected $250,000, you are not profitable. On the other hand, if you have consistently billed and collected more than the required hours and are able to quantify the non-billable time you've invested in firm citizenship, you may have grounds to have a compensation review with firm leadership. But if you have no idea how you are individually contributing to the profitability and sustainability of the firm, you can't manage your personal arc of success. Firms: adopting more transparency when it comes to empowering your team to take ownership in the success of the firm is the best way to foster a culture powered by a growth mindset. #lawyers #law #lawfirms #lawfirm #management #careers

Welcome back to our spotlight of the month. In a dramatic response to competitive pressures from US law firms, some of London's prestigious magic circle firms, Freshfields Bruckhaus Deringer, Linklaters, Clifford Chance, and A&O Shearman, have significantly raised salaries for newly qualified (NQ) lawyers. The increase, of approximately 20%, reflects the firms' strategies to retain top talent amidst a booming dealmaking environment and competition against US law firms. Take a look at our post below to find out more, and if you're looking for a new opportunity or to grow your legal team, reach out to our team today: https://lnkd.in/ex3E-pjW #legalnews #lawfirms #lawyersalary #magiccircle #legalindustry #lawcareer #legalrecruitment #uslawfirms #lawyerlife #uklawfirm

Dear Principal, "greed killed the golden goose" The amount of remuneration you pay your candidate attorney, reflects how much you value your own image, reputation and company. As much you may secretly take pride in temporarily exploiting the junior's ambition and desperation to admission, the little one is growing, the puppy can see your malicious intentions. 2 years is equivalent to 24 months, 24 months is equivalent to 730 days. He/she is going to leave you for a better paying job and you are going to go back to square one and take time to train another candidate attorney who may be worse than your previous subordinate in terms of work ethic. The duties you previously delegated are going to pile up your desk, you are going to lose clients, and you are going to lose more money than you ever imagined. There is nothing as impressive as having an admitted attorney(s) under you as a Director but how is that going to happen when you fail to consider the long term implications of your work relationships with your subordinates? Stop taking advantage of ambitious, and loyal employees they are IRREPLACEABLE. Yours Sincerely. N. #CandidateAttorneys #YoungProfessionals #CareerGrowth

Are outdated beliefs holding your firm back from attracting and retaining the best talent? Did you know that in our industry Senior Associates and Special Counsel with a transportable client following, are often the most underpaid lawyers relative to contribution? The status quo in Australia, especially in some of the larger and most prestigious law firms, has been a tightly held equity model that can inhibit promotion based on talent and dangles the carrot of partnership to encourage longevity! The main problem with the "do your time" approach is that law firms are competing for talent in an open market where other firms have adopted a performance-focused model. This approach tends to attract high performing lawyers at an earlier stage in their careers, who want to aggressively propel their careers forward. If you’re seeking experienced yet impartial counsel about how to give your firm the edge, get in touch today. ?? 0422 442 277 ?? [email protected] #Addita #Melbourne #AdditaLawAdvisory #SeniorAssociate #SpecialCounsel #supportinglawyers #lawyersupport #lawyeradvice

From The American Lawyer – “These days, anywhere from 10% to 30% of partners within one firm may be moving down in compensation, according to law firm management consultants, and some firms are producing faster moves down, helping them pay their top performers. This is a departure from the more collegial days of partnerships, when it was unheard of to cut a partner's compensation, unless a firm sought their ouster, industry observers said.” Pierson Ferdinand is a firm comprised largely of Big Law expats - sophisticated practices for sophisticated clients. But we don't roll like Big Law when it comes to compensation at our firm. We certainly don’t play favorites. Instead, all partners enjoy the exact same compensation formula – one that is among the most favorable in the United States for lawyers who work and bill time. Consider it a true meritocracy. In almost all instances, lateral partners joining our firm significantly increase their compensation (some even doubling their income). We also don’t impose a series of “chargebacks” or mandatory contributions to the firm for "this, that and the other thing." Rather, at PierFerd, you keep what what you earn. To make things even better, partners set their own rates and their own billable hours. It may sound too good to be true but it is true and it is the future of big law. Interested in learning more? Message me here on LinkedIn or e-mail me at [email protected]. #lawfirm #lawyer #Biglaw #partnercomp #lateralpartner #partnerrecruiting