Associate Advances at Clifford Chance and Reed Smith
The last year has seen major changes for junior-level lawyers. Mainly because they have either been booted out or have been kept on whilst colleagues have vanished around them. That’s not all however. Firms have taken the opportunity to revisit their strategy going forward and implement new structural ideas in the wake of the economic crisis. Clifford Chance is to ask its senior associates to choose one of 13 nominated industry sectors for their career path rather than just choosing …
The last year has seen major changes for junior-level lawyers. Mainly because they have either been booted out or have been kept on whilst colleagues have vanished around them. That’s not all however. Firms have taken the opportunity to revisit their strategy going forward and implement new structural ideas in the wake of the economic crisis.
Clifford Chance is to ask its senior associates to choose one of 13 nominated industry sectors for their career path rather than just choosing a particular legal specialism. These are to include consumer goods and retail; communications media and technology; energy; healthcare; industrials; leisure; private equity; real estate; sovereign wealth funds; transport; banking and finance insurance; and investment management.
This kind of specialisation reflects the approach of investment banks whereby individuals gain specific industry sector knowledge as well as the technical skills that go with their position. Over time the firm presumably hopes to quell the oft-vaunted criticism of lawyers that they do not have a sound enough understanding of the commercial aspects of thier client’s businesses. (How many times have you read that?)
Meanwhile, Reed Smith has become the latest global law firm to overhaul its lockstep system in favour of a new focus on associate competence. Following similar moves by Norton Rose last year, associates will be divided into three tiers – junior, mid-level and senior. They will then be assessed in four main areas – legal skills, citizenship, business skills and clients – and nine core competencies, including mastering fundamental legal skills, support of the firm’s culture, demonstration of leadership and business skills, and understanding and effectively managing client needs. Comprehensive stuff.
It will interesting to see if these strategies can avoid becoming simply a box ticking exercise. If there’s one thing most lawyers are competent at by the time they complete university, law school and a training contract it’s jumping through well-defined hoops whatever their actual ability. Especially if it affects their wallets.
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October 29, 2009
Is this an attempt to improve ‘engagement’ because lets face it firms’ priorities have not changed. Profit is key and billable hour slaves are required for profit. Barriers to progression seem to be just another way of introducing more sticks and carrots. Improving associates’ understanding of the industries they work with can only be a good thing but being overly specialised could be problematic particularly if there is another round of mass redundancies a few years down the line.