Law firms are usually divided into small and large, based on the size and nature of their practice areas. Small firms often assign lawyers on a case-by-case basis and may include generalists and specialists, allowing them to gain experience in many different types of cases and claims. Large firms, on the other hand, usually have elegant office settings, large accommodations, in-house mail centers, and an extensive support staff. Large firms tend to be run using a traditional corporate management structure, with lower-level employees reporting to mid-level executives and partners.
Dechert: Dechert is an international law firm with a collegial culture that encourages its attorneys to engage beyond billable hours. Those who are dedicated to diversity and innovation are rewarded with bonuses and recognition. Dechert has a reputation for being a leader in antitrust and international arbitration. Its practice areas include real estate, and securities, as well as financial services, life sciences, and strategic transactions. If you want to work for a top firm that cares about the quality of its work and has a diverse culture, Dechert is a great option.
Compensation systems vary among firms, and their style of compensation may be a factor. Some firms have lock-step systems, where attorneys of a certain class year receive the same base salary and end-of-year bonuses. Others have switched to merit-based compensation and variable lock-step systems. One firm that has gone from a pure lock-step system to a mixed lock-step/merit-based compensation model is Davis Polk & Wardwell.
While law firms are often ranked based on their size, the compensation for senior associates and midlevel associates differs by practice area and region. The senior associates are most at risk of being poached by another firm. The bottom-line is that a high-level associate with more money at stake will have a more favorable salary. Besides enhancing the pay, Cravath also increased the number of associates with specialized practice areas.
While the number of law firms has increased worldwide, the largest firms are largely concentrated in the United States and the United Kingdom. These two countries have different licensing requirements, and in the United States, attorneys must have headquarters in only one state. As a result, most American law firms are small and focused on profit per partner, rather than size. However, New York remains home to some of the world’s most successful law firms, while London is home to four of the six largest law firms.
Diversity is important in law, as law students spend more time with their work colleagues. They should enjoy their work and respect their peers. Moreover, they should feel that they will learn a lot from a good lawyer. Finally, they should assess the culture of a firm. Does the firm have a strong sense of collegiality? Does the firm have a dress code or political affiliations? Are there committees for associate issues?
While law firm rankings are helpful for guidance in choosing a firm, they are often biased and based on the opinions of attorneys and a limited number of factors. They typically list only the largest law firms. Some law firms may be better than others, so consider the firm’s reputation and the work environment. Do not be intimidated by a ranking. While the AmLaw 100 can be a helpful guide, it is not necessarily a guarantee of a good experience. If you’re looking for a job, consider the law firm’s reputation in your area and its work culture.
One of the major challenges in collaboration is trust. Once the parties have committed to work together, the level of trust between them diminishes. Traditional teams have a leader and a hierarchy, but law firms tend to work with peers, each with their own expertise and sources of prestige and power. It is essential to develop trust between lawyers before collaborating, as the culture will determine the quality of the final result. The best way to foster trust and collaboration is to make sure you’re not a risk-averse lawyer.
Many large law firms offer parental leave policies. Some even provide a stipend to cover the costs of adoption. In addition to providing leave benefits, ask about advancement opportunities for attorneys who take leave. It may be difficult to get promoted in a firm that doesn’t allow their employees to have a flexible schedule. But remember, your family comes first. Make the most of the time you have. If you’re unsure about your future career path, consider applying to a firm that provides family-friendly policies.
