mechanics of the free-market system Forum

[Anonymous User]

I'm choosing between offers at big firms. They are identical to me except that one has a free-market system. Can someone help me better understand the +s and -s? I expected to find lots on the site on this, but there's actually not much beyond "there are +s and -s to the free market" and "you have to be the type that is OK asking for work." Anything more specific that someone can offer? I'm thinking this has to be the deciding factor. And the associates at the firm haven't really been of much help because A at firm X obviously only has experience in X's system.

[KD35]

Seems like you have to be willing to say no to assignments if you are too busy. Also, you probably need to make an effort if you want to be anything more than a generalist earlier on in your career.

You'll also need to learn how to balance your work, namely learn how long each assignment is going to take time-wise.

Positives: Get to work with who you want to work with. You can balance your work between 'leaner' and less lean cases. Partners have an incentive to be friendly, otherwise people will not want to help on their cases (so better camaraderie).

[Anonymous User]

Related question about free market: If you're a corporate associate in a free market system, are you restricted from pursuing assignments in another group, such as bankruptcy or tax?

I assume the answer is that yes, you can't go outside your group even in a free market firm, but just wanted to confirm.

[charliekelly33]

Also, interested to hear a little more about this. I am sure you can't "free market yourself" out of your grade level work. So, as a first or second year, you are basically just going to senior associates and partners and asking to get on the deal and then you do your level work once you get on it? I guess you could look for leaner deals knowing more work comes along with that.

[Anonymous User]

Related question about free market: If you're a corporate associate in a free market system, are you restricted from pursuing assignments in another group, such as bankruptcy or tax?

I assume the answer is that yes, you can't go outside your group even in a free market firm, but just wanted to confirm.

Depends on how free market the firm is. At GDC you can go between corp/lit/etc for 2 years. Other firms, not so much. Need more specifics

[Anonymous User]

I am at a free market firm and my significant other is at an assigning partner firm: we are both in litigation. I think the key difference is in the firm's philosophy toward very junior associates.

At any firm, after like 3-4 years, you have already established a working reputation, for good or for worse. If you are relying on the assigning partner for work at that point, things are not looking good for you long term: you should have a few partners (or even one) that trusts your work product and judgment and that wants to keep you staffed on their cases. You should more than an anonymous cog in the machine, and have developed relationships in a way that people affirmatively want you, as opposed to some rando, on their team.

At a free market firm, this process starts from day one. Qualitatively, it is easier to get staffed on a case as a very junior person because you have a lower rate (cheaper for the client) and because your reputation is at least neutral (not bad). If you seem enthusiastic about the case, eager to learn, and intelligent you will find a place somewhere. And in my experience, even a "free market" firm will at least staff you on a case initially. Ultimately, it is then your responsibility to manage your workload: you need to be on enough stuff to hit your hours target, but need to not be on so many cases that you cannot feasibly do the work. Of course, you also need to be willing to network within the firm and reach out to partners you want to work for, which can be stressful for the shy or awkward. I would also say there is a tangible sense of competition with your cohort in a way that does not occur in the assigning-partner system. Certain partners that are very desirable to work with will only have a limited number of slots. You might be directly or indirectly competing with other associates to get your opportunity to work with them.

At an assigning partner firm, very junior associates are viewed as interchangeable. Various matters have Tasks X,Y,Z that need to get done, or maybe even a need for a junior associate to join the case long term. The case manager emails the assigning partner and says "I need 3 junior associates to work on some legal research next week." The assigning partner then contacts junior associates that are not too busy and figures out who can take on the assignment. Of course if you develop good relationships on a particular team, you can stay on but junior associates can rely on the assigning partner for work if needed. There is somewhat of a reciprocal side to that as well: juniors are expected to at least tolerate getting solicited for random work on cases on a regular basis, sometimes in unfavorable circumstances. It is not uncommon for my significant other to get emails/calls on Friday asking about what she is doing over the weekend and whether she is available to do "urgent" legal research. There is some guilt in turning down assignments like that, because you know if you turn it down then your buddy down the hall is going to get the call next.

Overall:

Assigning Partner Pros: Low risk for the first few years. You will be able to stay busy. Lower stress since your performance/reputation are less critical to start. Less tangible competition with other junior associates for the best cases and assignments, since it is out of your control to some degree.

Assigning Partner Cons: Unpredictable workflow, lower engagement on case teams, guilt about turning down work knowing your fellow junior associates will get stuck with the work.

Free Market Pros: Greater control over who you work with, what types of cases you work on, and what your overall staffing looks like. Higher ranked attorneys tend to be more engaged with you, as they know they cannot easily call up the "assigning partner" and get more junior associates instantly.

Free Market Cons: More stress as a junior associate, as you are worried about reputation and relationships from day one. You also need to be assertive in finding new work: you cannot passively rely on an assigning partner to develop relationships for you.

[Anonymous User]

OP here. This is helpful. As a follow up, let's assume I'm someone that has established good rapport with management in previous work experience. I think it's because I don't mind getting out of my comfort zone, and I seem to be able to relate to and have conversations with others I don't know well relatively easily.

It sounds like I have a personality that would fare well in a free-market system (assuming my work product is good enough)? This isn't any humble-brag crap -- I'm anon after all.

[Anonymous User]

Sounds like free market would be a good fit. But this difference should not be the only thing you consider; somewhat minor in the grand scheme.

[Anonymous User]

Related question about free market: If you're a corporate associate in a free market system, are you restricted from pursuing assignments in another group, such as bankruptcy or tax?

I assume the answer is that yes, you can't go outside your group even in a free market firm, but just wanted to confirm.

Depends on how free market the firm is. At GDC you can go between corp/lit/etc for 2 years. Other firms, not so much. Need more specifics

Thanks for your response, the firm I'm interested in is Kirkland. I would be designated as a corporate associate so not like JD (and sounds like GDC as well) where I would be "unassigned."

[Anonymous User]

Positives: Get to work with who you want to work with.

This common repeated phrase vastly overstates the amount of free dom you have. You don't really get to decide much. A partner who needs a body is gonna grab a random new associate (w the right background perhaps) for an assignment. If she likes your work, she will come back to you next time she needs a body. If not, she will go elsewhere.

Think of senior associates and partners as your clients. You do good work, they will come back. The way you know you're doing well is that you are busy and in demand. Eventually, you will get sucked deep into one or two matters and hve to turn down other work for a while. It's something that happens organically. At that point, you're probably gonna be working for those handful of partners for the foreseeable future. They know you, like your work, and basically considered you part of their "crew". So even in a free market system, you quickly end up informally assigned to a handful of partners and your life is really no different from that at an assiging partner firm.

So don't fool yourself into thinking that free market means you get to pick and choose who is deserving of.your services... You are an employee and you do as you're.told. Now at the beginning, the free market system does allow.you more.freedom to pursue work yourself. But once you get absorbed into some matters, its mostly out of your hands.