BIGGER MAY NOT BE BETTER

1. BIGGER MAY NOT BE BETTER Why You Owe it to Yourself to Take a Good Look at Mid-size Law Firms

2. Commonly Heard about BigLaw Practice • “I’m going to get more money at BigLaw” • “BigLaw’s got a better reputation. My career’s set if I’ve got BigLaw on my CV” • BigLaw’s got the most exciting and interesting cases, and I’m going to be a part of that!” • “BigLaw cares about my career and about me. If I serve enough time at BigLaw, I’ll be partner in x number of years” • “My working environment would be better at Big Law.” • “I’m going to get better training at BigLaw”

3. Realities of BigLaw Practice • Purely profit-driven culture: values what’s directly tied to profits, such as billable hours, rainmaking, and premium billing. • Associates, often seen as profit centres suffer inhuman hours with little job security. • Office politics (“working right for the right partner”) often derail career progression • Minimal contact with Partners • Minor role and responsibility in big cases: Most favoured bag carrier, research assistant, page finder. • Minimal Training for “First Chair” opportunities in litigation as a young associate. • At the bottom of BigLaw Food Chain, 90% of your time is spent on compartmentalised institutional work like debt collection and insolvency. • Pupillage experience not focused

4. The Mid-Size Law Firm Balance large firm resources with smaller firms‘ meritocracy

5. I WANT TO BE A LITIGATOR Question: Does size matter? Answer: Not if you can have the best of both worlds.

6. WHAT CAN I GET FROM A MID-SIZE LITIGATION FIRM THAT I WONT FIND AT BIGLAW? • Better Salary and allowances (yes, its TRUE!): • Salaries and perks at Big Law consistently matched or bettered by quality Mid-size firms. • No Corporate Dept, no favouritism. • bottom line recognition of efforts and performance. • Strict “no exploit” policy for pupilages, recognises pupils’ need for independence and acknowledges that pupils have to make ends meet amidst escalating cost of living.

7. WHAT CAN I GET FROM A MID-SIZE LITIGATION FIRM THAT I WONT FIND AT BIGLAW? (Continued) • Practical Training & One-on-One Mentoring: • There is only so much you can learn from books and seminars. • Breadth and depth of training is key. • Best way to learn: to observe AND be observed by experienced litigators. • Open communication and feedback crucial • Early and continuous training and guidance: internships and attachments from penultimate year at Law School.

8. WHAT CAN I GET FROM A MID-SIZE LITIGATION FIRM THAT I WONT FIND AT BIGLAW? (Contd) • Regular exposure to wider range of quality work AND a more significant role in it. • Litigation across a broad spectrum, not just institutional work • Hands-On experience: new lawyers and pupils have more substantive legal tasks with less micro-management.

9. WHAT CAN I GET FROM A MID-SIZE LITIGATION FIRM THAT I WONT FIND AT BIGLAW? (Contd) • Healthy Work/ Life Balance • Yes, its possible to have a 4.5 day week! • FINALLY, to be treated like a responsible adult who has a life!

10. WHAT CAN I GET FROM A MID-SIZE LITIGATION FIRM THAT I WONT FIND AT BIGLAW? (Contd) • Better Work Environment • Resources: substantive library, spacious modern well- planned office, support staff, infrastructure, communications tools, support staff. • More open and direct channels of communication. • Like-minded colleagues: same values, same priorities. • Less rigid, more relaxed atmosphere. • Location,location, location: minutes from Court Complex, no more crazy commutes and inner city traffic.

11. WHAT CAN I GET FROM A MID-SIZE LITIGATION FIRM THAT I WONT FIND AT BIGLAW? (Contd) • Clearer and more definite Career Progression • Less in-house competition • Abbreviated partnership track • Offer rate: >90%. • Fewer Lay-offs • No Politics. No Guesswork. No Bull.

12. WHAT CAN I GET FROM A MID-SIZE LITIGATION FIRM THAT I WONT FIND AT BIGLAW? (Contd) • Significant Client Contact: • new associates operate with greater autonomy • meaningful client contact in large firms reserved for more senior lawyers.

13. AMERICAN LAWYER: Associates Survey 2009: Results by Size - Am Law 100 and Global 100 Firms • Smaller firms often outscore larger ones in annual survey of midlevel job satisfaction. • It may be because a more intimate atmosphere breeds happiness. • Maybe it's because associates have more responsibility. • Perhaps it's because they have a quicker and better chance of making partner.

14. Economic Downturn: The Rise of the Midsize Law Firm • The 100 biggest firms, ranked by revenue, saw per-lawyer revenue declines of 1.2% in 2008, according to The American Lawyer magazine and website. • But the so-called “Second Hundred” firms didn’t see a decline, and regional firms and those outside the biggest financial centers even saw a slight increase in revenue • Many of the firms that seem to be doing well have a lower ratio of associates to partners than is typical in the biggest firms. • A strong litigation practice, tends to hold up in down economies.

15. Pendulum Swings in Favour of Mid-size Law Firms • “In 2008 small and midsize firms increased their presence on corporate ‘short lists’ from 24.5% up to 38.2%. • This is a staggering change!” said Michael Rynowecer of The BTI Consulting Group in Boston, reporting on new research in BTI Premium Practices Forecast 2009: Survey of Corporate Legal Spending. • “For General Counsel to bring one firm in is really quite easy; there is no shortage of law firms marketing to them or venues to meet law firms. • But the big change is in the GC’s mindset: the corporate counsel we surveyed said, ‘I will open my pocket book to hiring small and mid-sized firms.’”   Larry Bodine

16. “Economic Downturn: Hell for Big Law Firms” • A drop in net income as clients cut costs and look to smaller firms with lower rates, more regular face time and better accountability. • Inability to raise rates. • Layoffs. • Salary freezes. • Cost cutting. • Heavier fee discounting. • Partners refusing to take a hit in their slice of the pie • Expenses rising faster than revenues.