Bcg Candidate Core Story V

Fast-tracking your legal career

Areas Covered ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Overview of the legal profession

Attorney growth ,[object Object],Graphics dramatically illustrate the points. 1,000,000 1970 1980 1990 1992 355K 552K 355K 552K 720K 355K 552K 720K 973K 355K 552K 720K 973K

Lawyers today and tomorrow ,[object Object],[object Object],Source: American Bar Association

Law firms are growing dramatically ,[object Object],[object Object],[object Object],[object Object],[object Object],Sources: http://www.law.com/jsp/article.jsp?id=1100295182602; http://www.kellogg.northwestern.edu/faculty/uzzi/ftp/media%20hits/Kellogg%20in%20the%20Media,%20Chicago%20Daily%20Law%20Bulletin,%20September%2015,%202003,%20Kellogg%20School%20of%20Management.htm;

Revenue by industry Source: U.S. Census Bureau, http://www.census.gov/econ/census02/ Revenue by thousands Actual revenue And how much revenue is generated by the legal industry?

Compare to the legal industry Revenue by thousands Actual revenue Source: U.S. Census Bureau, http://www.census.gov/econ/census02/

Legal industry revenue is growing ,[object Object],[object Object],Source: http://www.judicialaccountability.org/baraccountability6.htm 56% increase in 10 years! $265.5 million

Financial growth of one firm ,[object Object],[object Object],[object Object],Source: http://www.judicialaccountability.org/baraccountability6.htm 1978: $30 million Today: Over $1 billion

Law firm profits and billings will continue to rise ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: http://www.law.com/jsp/newswire_article.jsp?id=1165582060017

The percentage of lawyers in the AmLaw 100 and 200 is growing - as is the need to fill those positions Sources: Growing Pains, Alison Frankel, The American Lawyer, May 1, 2006 http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1145964622373 1985: 3.8% of 655,191 lawyers 1995: 4.4% of 857,931 lawyers 2000: 5.2% of 1,066,328 lawyers 2004: 6.3% of 1,084,504 lawyers

Areas of growth ,[object Object],[object Object],[object Object],Source: http://www.law.com/jsp/newswire_article.jsp?id=1165582060017

Hot practice areas ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: June, 2006 Juriscape Top Recruiter Survey

Hot practice areas ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Sources: June, 2006 Juriscape Top Recruiter Survey and http://jobprofiles.monster.com/Content/job_content/copy2_of_JC_LegalServices/JSC_Attorneys/JOB_022_attorney/jobzilla_html

Hot practice areas ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: June, 2006 Juriscape Top Recruiter Survey

Average top law firm partner compensation is growing Sources: The AmLaw 100 2005 , The American Lawyer, July 2005; Competitive Intelligence for Law Firms by Larry Bodine* Altman Weil Pensa surveys ,[object Object]

Serious money ,[object Object],[object Object],[object Object],Source: The American Lawyer , June 2006

The Am Law 200: Profits per partner Source: The American Lawyer , June 2006 7.3% $2,120,000 Kirkland & Ellis 9 -6.9% $2,285,000 Cahill Gordon 8 1.7% $2,370,000 Simpson Thacher 7 2.6% $2,410,000 Sullivan & Cromwell 6 14.8% $2,475,000 Paul, Weiss 5 20.6% $2,545,000 Cadwalader 4 17.9% $2,600,000 Cravath 3 7.7% $2,800,000 Boies, Schiller 2 8.3% $3,790,000 Wachtell 1 % Change from previous year Profits Per Partner Firm

Salaries for new attorneys are at an all-time high on the coasts ,[object Object],[object Object],[object Object],Sources: Associate salary war moves to mid-U.S., National Law Journal, Leigh Jones/Staff reporter, June 8, 2006 December, 2006 Juriscape Top Recruiter Survey

Mid-America law firms are not far behind ,[object Object],[object Object],Source: Associate salary war moves to mid-U.S., National Law Journal Leigh Jones/Staff reporter, June 8, 2006

Let’s not forget the bonuses ,[object Object],[object Object],Source: CITY INC. Newsday (New York) December 14, 2004

Lawyer median income in 2-3 years after law school Source: After the JD: First Results of a National Study of Legal Careers, NALP Foundation, 2004, http://www.nalpfoundation.org/webmodules/articles/articlefiles/87-After_JD_2004_web.pdf 11/5 80,000 11% 70,000 9% 84,000 5% 80,000 6% 120,000 Business 1% - 3% 137,000 5% 135,000 11% 140,000 25% 150,000 251+ 2% - 6% 95,000 10% 107,000 22% 135,000 25% 145,000 101-250 12% 79,500 15% 85,000 20% 94.000 27% 130,000 20% 130,000 21-100 41% 54,500 36% 55,000 29% 60,000 16% 75,500 6% 135,000 2-20 8% $57,500 6% $55,000 4% 50,000 2% - 0% - Solo % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY # LAWYERS IN OFFICE TIER 4 Schools TIER 3 Schools TOP 21-100 Schools TOP 11-20 Schools TOP 10 Schools

Grades are critical, but not as important at top schools Income by grades and schools for sampling of 5,000 Lawyers 2 – 3 years after graduation Source: After the JD: First Results of a National Study of Legal Careers, NALP Foundation, 2004, http://www.nalpfoundation.org/webmodules/articles/articlefiles/87-After_JD_2004_web.pdf 50,000 51,500 51,500 49,000 - GPA 2.50 or Lower 50,000 55,000 51,025 56,000 - GPA 2.75 – 2.99 60,000 55,820 63,000 00,000 125,000 GPA 3.00 0 3.24 57,000 65,000 80,000 105,000 135,000 GPA 3.25 – 3.49 79,000 90,000 90,000 127,460 140,000 GPA 3.50 - 3.74 79,000 93,000 100,000 135,000 $130,000 GPA 3.75 – 4.00 TIER 4 TIER 3 TOP 21-100 TOP 11-20 TOP 10

Hourly billing rates on the rise ,[object Object],[object Object],[object Object],Sources: NLJ, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1165582055184 http://www.law.com/special/professionals/nlj/2002/firm_by_firm_sampling_of_billing_rates_nationwide.shtml ,[object Object],[object Object],[object Object],[object Object],[object Object]

Five highest paid general counsel ranked by cash compensation—salary plus bonus Source: http://www.law.com/jsp/cc/pubarticleCC.jsp?id=1121331913549 $3,442,000 $0 $3,442,000 $1,300,000 The News Corp. Ltd. Arthur Siskind $3,083,173 $0 $3,083,173 $2,000,000 Viacom Inc. Michael Fricklas $3,780,769 $0 $3,780,769 $2,800,000 Time Warner Paul Cappuccio $6,898,033 $3,098,033 $3,800,000 $3,350,000 Lehman Bros. Holdings Thomas Russo $11,307,110 $6,648,777 $4,658,333 $3,125,000 General Electric Benjamin Heineman Jr. Total Stock + Value Realized Value Realized Cash Compensa-tion Bonus Company GC

Average attorney household income ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: American Bar Association

Top lawyers make even more ,[object Object],[object Object],[object Object],[object Object],Sources: Survey, The American Lawyer, Survey American Bar Association Income Income

Are you making the money you should? ,[object Object],Source: American Bar Association

Do you have the time to enjoy your life? ,[object Object],[object Object],[object Object],[object Object],Source: Brave New World of Partnership, ABA Journal January, 2004

Keeping and attracting talent: The “up or out” hierarchy is shifting ,[object Object],[object Object],[object Object],[object Object],Source: Toutant, Charles. "Most tier partners still 'on path' to equity status, survey finds.(Pennsylvania)." New Jersey Law Journal (May 22, 2006)

Getting and staying on track ,[object Object],[object Object],[object Object],[object Object]

Firms are recruiting lateral hires ,[object Object],[object Object],Source: The market for lateral hires continues to heat up, The National Law Journal, May 1, 2006 http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1149239115878

Lateral hiring is on the rise ,[object Object],[object Object],[object Object],Source: The market for lateral hires continues to heat up, The National Law Journal, May 1, 2006 http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1149239115878

Partners are on the move ,[object Object],[object Object],Source: http://lawfirminc.law.com/display.php/file=/texts/1106/mgmt1106

Why partners leave ,[object Object],[object Object],[object Object],[object Object],Source: Attorney Job Search Secrets Revealed, by Harrison Barnes Top legal recruiter survey, Dec. 2006, Juriscape

More reasons ,[object Object],[object Object],[object Object],[object Object],[object Object],Sources: Attorney Job Search Secrets Revealed, by Harrison Barnes Top legal recruiter survey, Dec. 2006, Juriscape

Some partners leave to start/join boutique firms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: http://www.law.com/jsp/article.jsp?id=1117184721239

Attorneys no longer view a firm as a home for life ,[object Object],[object Object],[object Object],[object Object],Source: WILL MERGER MANIA CONTINUE ? Legal Times January 6, 2006

Associates are leaving, creating a hot lateral market ,[object Object],[object Object],[object Object],Sources: The market for lateral hires continues to heat up, James G. Leipold/Special to The National Law Journal, May 1, 2006 http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1149239115878 After the JD: First Results of a National Study of Legal Careers, a joint publication of the NALP Foundation for Law Career Research and Education and the American Bar Association

Why associates leave ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Increased educational debt results in increased attrition ,[object Object],[object Object],[object Object],[object Object],Source: Salary raises dwarfed by law school tuition hikes, N ew Jersey Law Journal (Feb 6, 2006)

Lateral associates are sought after and well paid ,[object Object],[object Object],[object Object],Source: WILL MERGER MANIA CONTINUE ?, Legal Times January 6, 2006

Associates: Tips to making partner

Partnership can be elusive ,[object Object],[object Object],[object Object],[object Object],Sources: Brave, New World of Partnership, ABA Journal January, 2004 The Money Makers, ABA Journal, Aug. 1, 1987

Qualified women are even less likely to make partner ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Sources: The Right Equation: Despite increasing numbers of female lawyers, gender equality may not be guaranteed in the future. ABA Journal August, 2000 Moving into the Driver's Seat: Roadblocks to equality falling, subtle barriers persist, ABA Journal June, 2001

Minorities are also under-represented ,[object Object],[object Object],[object Object],Source: Getting There, Staying There, ABA Journal February, 1999

The partner pool is shrinking ,[object Object],[object Object],Sources: http://www.law.com/jsp/article.jsp?id=1125392710244 http://www.bizjournals.com/milwaukee/stories/2005/04/04/focus5.html 5 years ago: 4.5% growth 3 years ago: 3% growth Today: 2.5% growth How can you ensure you will be one of the chosen?

Tips for success ,[object Object],[object Object],[object Object],[object Object],Source: Top legal recruiter survey, Dec. 2006, Juriscape

It pays to plan ,[object Object],[object Object],[object Object],[object Object],Source: Top legal recruiter survey, Dec. 2006, Juriscape

And don’t forget… ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: Top legal recruiter survey, Dec. 2006, Juriscape

Mistakes associates make ,[object Object],[object Object],[object Object],[object Object],Source: Top legal recruiter survey, Dec. 2006, Juriscape

More mistakes ,[object Object],[object Object],[object Object],Source: Top legal recruiter survey, Dec. 2006, Juriscape

Partners: Taking it to the next level

Why firms hire lateral partners ,[object Object],[object Object],[object Object],[object Object],Source: http://lawfirminc.law.com/display.php/file=/texts/1106/mgmt1106

What firms look at when hiring lateral partners ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: http://lawfirminc.law.com/display.php/file=/texts/1106/mgmt1106

Tips for Success: creative rainmaking ,[object Object],[object Object],http://www.law.com/jsp/newswire_article.jsp?id=1165582060017

Tips for success: don’t rest on your laurels ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: Top legal recruiter survey, Dec. 2006, Juriscape

More tips ,[object Object],[object Object],[object Object],[object Object]

And finally ,[object Object],[object Object],[object Object],[object Object]

The critical juncture Don’t make a costly mistake

Look for recruiters who have your long-term interests at heart ,[object Object],[object Object],[object Object],[object Object],[object Object]

Don’t pay the price for bad advice ,[object Object],[object Object],[object Object],[object Object],Source: Top legal recruiter survey, Dec. 2006, Juriscape

Avoid the mine fields ,[object Object],[object Object],[object Object]

Don’t treat your career casually ,[object Object],[object Object],[object Object],[object Object]

If you choose to use a recruiter ,[object Object],[object Object],[object Object]

An effective recruiter is plugged in ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Your recruiter should position you for success ,[object Object],[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Don’t miss opportunities ,[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Your recruiter should constantly work towards your goals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Be wary of “marrying” your recruiter ,[object Object],[object Object],[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Don’t be limited by your recruiter’s job description ,[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Check credentials ,[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Take a look, kick the tires ,[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

The right stuff to make top placements ,[object Object],[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

Look for recruiters who know the openings and the candidates ,[object Object],[object Object],[object Object],[object Object],Source: What to Ask the Headhunter , Legal Times, Oct. 30, 2006

And now a word from your sponsor

BCG Search is the biggest and the best ,[object Object],[object Object]

BCG Search serves the top attorneys and the most elite firms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

BCG Search knows your market ,[object Object]

BCG recent placements Diamond McCarthy Taylor Finley Bryant & Lee Diepenbrock Law Firm Dorsey & Whitney Dykema Gossett PLLC Faegre & Benson LLP Fenwick & West LLP Finnegan, Henderson, Farabow, Garrett & Dunner, LLP Fisher & Phillips LLP Flaster Greenberg Foley & Lardner Foley Hoag, LLP Fox & Spillane LLP Fox, Hefter, Swibel, Levin, & Carroll Freshfields, Bruckhaus, Deringer Fulbright & Jaworski LLP Fredrikson & Byron PA Christensen, O’Connor, Johnson & Kindness Clark Hill PLC Clifford Chance Cole, Schotz, Meisel, Forman & Leonard Conroy, Simberg, Ganon, Krevans & Apel Cooley Godward LLP Cox, Castle & Nicholson Colley Godward LLP Crowell & Moring Dechert Debevoise & Plimpton LLP Darby & Darby Davis & Kuelthau, S.C. Davis, Graham & Stubbs Davis, Wright & Tremaine Davies Ward Phillips & Vineberg LLP Dewey Ballantine, LLP Bryan Cave Bryan Webster Buchalter, Nemer, Fields & Younger Budd Larner Burke, Williams & Sorensen Butler Snow Bodman LLP Broad & Cassel Brownstein, Hyatt & Farber Ballard Spahr Cadwalader, Wickersham & Taft Cahill Gordon & Reindel LLP Carroll, Burdick & McDonough Carlton DiSante & Freudenberger LLP Carr & Ferrell Carter Ledyard Milburn Castle Petersen & Krause Chadbourne & Parke LLP Afridi & Angell Akin Gump Strauss Hauer & Feld Allen Matkins Leck Gamble & Mallory Andrews Kurth LLP Arent Fox PLLC Arnall Golden Gregory, LLP Arnold & Porter Arnstein & Lehr LLP Baker & Hostetler LLP Baker Botts LLP Berenbaum, Weinshienk & Eason Bergenson Bingham McCutchen Bleakley Platt & Schmidt Blakey, Sokoloff, Taylor & Zafman Blank Rome LLP Brown Raysman Millstein Felder & Steiner

Solid relationships Mayer, Brown, Rowe & Maw LLP McCutchen, Doyle, Brown & Enerson LLP McDermott, Will & Emery McDonnell Boehnen McDonough Holland McGlinchey Stafford McGuire Woods McKee Nelson LLP McKenna & Cuneo LLP McKool Smith McQueen & Ashman, LLP Messner Reeves Michael Best & Friedrich Milbank, Tweed, Hadley & McCloy LLP Milberg Weiss Bershad Hynes & Lerach Miller & Chevalier Mitchell, Silberberg & Knupp LLP Kennedy Covington LLP Kilpatrick Stockton LLP King & Spalding Kirkland & Ellis KMZ Rosenman Konowiecki & Rank LLP Kutak Rock, LLP Kirkpatrick & Lockhart Kronick Moskovitz Tiedemann & Girard Lanahan & Reilley LLP Latham & Watkins Levene, Neale, Bender, Rankin & Brill Lewis & Roca LLP Lindquist & Vennum PLLP Liner Yankelevitz Loeb & Loeb LLP Lovells Manatt, Phelps, Phillips LLP Marino & Garson Heller, Ehrman Hennigan, Bennett & Dorman Hill Betts & Nash Hogan & Hartson LLP Holme Roberts Owen Howard Rice Howrey Simon Arnold & White LLP Hunton & Williams Isaacson Rosenbaum PC Jackson Walker LLP Jackson, Lewis, Schnitzler & Krupman Jeffer, Mangels, Butler & Marmaro Jenner & Block Jones Day Jones Vargas Kanoski & Associates PC Kasowitz Kaufman & Logan Kane & Fischer Gadsby Hannah LLP Gallagher Callahan & Gartrell Gardere Wynne Sewell Gibson, Dunn & Crutcher Goodwin Procter Goold Patterson Ales Roadhouse & Day Gordon & Rees, LLP Goulston & Storrs Graham & Dunn PC Greenberg Glusker LLP Greenberg Traurig LLP Gunster, Yoakley & Stewart Gibbons Del Deo Dolan Griffinger & Vecchione Hahn & Hahn Hale Lane Peek Dennison and Howard Hall, Estill, Hardwick, Gable, Golden & Nelson Hancock, Rothert & Bunshoft Hanson Bridgett

The top firms Seyfarth Shaw Shaw Pittman LLP Sheppard Mullin Shutts & Bowen LLP Silver & Freedman Simpson Thacher & Bartlett LLP Skadden, Arps, Slate, Meagher & Flom LLP Smith, Gambrell, Russell LLP Snell & Wilmer Sonnenschein, Nath & Rosenthal Sonnenschein Nath & Rosenthal LLP Squire, Sanders & Dempsey LLP Stein & Lubin LLP Stephan Oringher Steptoe & Johnson LLP Stoel Rives Preston Gates & Ellis LLP Proskauer Rose LLP Patton Boggs Piliero Goldstein Kogan Mitchell Quarles & Brady LLP Quinn, Emanuel, Urquhart, Oliver & Hedges Reed Smith Reicker Pfau Pyle & McRoy LLP Reinhart, Boerner & Van Deuren Rosenfeld & Hansen, LLP Ricer Silbey Reuther & Sullivan Ross Dixon & Bell Ryker Danzig Sachoff & Weaver Schiff Hardin LLP Schopf & Weiss Parker Poe Paul Hastings Paul Weiss Rifkind Wharton & Garrison Payne & Fears LLP Peitzman, Weg & Kempinsky LLP Pennie & Edmonds LLP Pepper Hamilton Perkins Coie LLP Peitzman Weg & Kempinski Piliero, Goldstein, Kogan & Mitchell LLP Pillsbury Winthrop LLP Pircher, Nichols & Meeks Pitney, Hardin, Kipp & Szuch, LLPPircher, Nichols & Meeks Porter, Wright, Morris & Arthur LLP Powell Goldstein Poyner & Spruill Morgan, Lewis & Bockius LLP Morrison & Foerster Munsch, Hardt, Kopf & Harr Murphy Austin Adams Schoenfeld, LLP Myers Bigel Sibley & Sajovec, P.A. Neal, Gerber & Eisenberg LLP Needle & Rosenberg Neider & Boucher S.C. Newmeyer & Dillion Nixon Peabody Nossaman, Gunther, Knox & Elliott Novack & Macey O’Melveny & Myers LLP Orrick, Herrington & Sutcliffe Palmer & Dodge LLP Palmieri, Tyler, Wiener, Wilhelm & Waldron

In your city Womble, Carlyle, Sandridge & Rice PLLC Wood, Smith, Henning & Berman Woodcock Washburn Kurtz Mackiewicz & Norr Wolf Block Schorr & Solis-Cohen Zelle, Hoffman, Voelbel, Mason & Gette Von Briesen, Purtell & Roper SC Vorys, Sater, Seymore & Pease LLP Vinson & Elkins Watt, Tieder, Hoffar & Fitzgerald, LLP Weil, Gotshal & Manges LLP Weston Benshoof Rochefort Rubalcava and MacCuish LLP Wheeler Trigg Kennedy LLP White & Case LLP Wildman, Harrold, Allen & Dixon LLPWiley Rein & Fielding Williams, Kastner & Gibbs Wilmer Cutler Pickering Hale & Dorr Wilson Sonsini Winstead Sechrest Winston & Strawn LLP Stradling, Yocca, Carlson & Routh Strasburger & Price Strook & Strook & Lavan LLP Sidley Austin Brown & Wood Sills Cummis Epstein & Gross Sills Cummis Steel Hector & Davis Tarlow, Breed, Hart & Rodgers, P.C Thacher Profitt & Wood, LLP The Furth Firm The Mulcahy Law Firm Tousley Brain Stephens Townsend & Townsend & Crew Trainor Robertson Thelen Reid Ungaretti & Harris Vedder Price Kaufman & Kammholz

Call BCG Search ,[object Object]

Bcg Candidate Core Story V

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Bcg Candidate Core Story V