Evan here. As we have been predicted would happen in past posts, a sizzling biglaw US associate lateral hiring boom has arrived in Hong Kong / China for the first quarter ’11. We expect this hiring boom to continue until spring, with hiring being steady afterwards but dropping to more normal levels.
A “perfect storm” has developed, causing many US and UK firms in Hong Kong / China to have multiple US corporate / cap markets urgent openings at one time now.
A lot of these top firms in Hong Kong / China have been understaffed since late 2009. When the global recession went into full swing in late 2008, the downturn had started to seriously affect biglaw deal flow in China (about a year after negative effects were felt in US and other Western markets), with IPOs coming to a stop. There was misguided concern at the time that because China had some dependence on US exports for its economy to be fully fueled, China would be heading into a bubble-busting down turn, even much worse than what was taking place in the US. However, in mid-’09, deal flow in China was booming again, fueled in large part by China’s own consumer economy expanding rapidly. This was no surprise to many of us who have observed China for several years. After all, 2009 was the year that China over took the US in new cars purchased annually, China overtook India in gold purchased annually, and the Asia Pacific Region overtook North America in daily commercial flights.
But much of the world was skeptical the boom could continue more than a short time (dramatic bubble-busting predictions sold newspapers and perhaps made some Westerners feel better about themselves) and thus senior firm management at many firms were reluctant to invest heavily with new hires in China, especially considering the recession in West. With the worst recession of our lifetime in full swing, most US firms were on a global hiring freeze and trying to avoid more layoffs, rather than trying to hire laterals for China. The feeling was also that if there was a need to staff up on some deals in China, it could be done by sending over associates not busy in US, at least temporarily, which was a band-aid on what was becoming an understaffing problem. Further, it was just bad internal politics back them for a partner at a US firm in Asia or elsewhere to try to pressure their management for lateral hires because of the big push in ’09 to keep down costs and try to salvage profit numbers (to help recruit and retain partners) in the midst of a major recession.
By late ’09, some firms which had been in global hiring freeze started to make exceptions in China and allowed a hire here or there. In the first half of ’10, this trend continued. By the second half of ’10, it was a bit easier for top firms to get the green light from their global management to make more hires in China, but all during ’10, many of their associates in Hong Kong and the mainland were being heavily recruited by banks, firms and other entities, due to being in full scale boom that showed no signs of slowing down (for the most part).
Also, from late ’09 through today there have been some key Hong Kong local cap markets / corporate group acquisitions by top US firms. This has been a relatively new trend and global firm managements put a lot of focus on bringing in these groups. In order to have a local Hong Kong practice, foreign firms in Hong Kong must have an office with 50% or more of their total attorneys Hong Kong qualified. This numbers ratio issue, as well as the expensive investment firms were making on Hong Kong local practices, kept a number of firms from having the full green light to hire US associates in Hong Kong / China.
During the past 18 months there have been a number of events or predicted events that many economists predicted would fantastically derail China’s boom economy (selling more newspapers of course in the process), but China has blown through each hurdle and all the while giving global firm managements more confidence to fully invest in hiring in China. In mid ’10, the crisis in Greece and the EU caused the world markets to fall, including in Asia, and the thought amongst people we met with in Hong Kong / China at the time was that IPOs might finally slow down for a while, that China would push through the ABC deal and then things may be flat for a while. There was concern for a few weeks, but soon after deal flow continued to boom as never before.
In fact ’10 was the biggest year ever for IPOs in Hong Kong / China. No one expects this level of deal flow to continue at quite this pace even if the general boom continues for years. Also, IPO work is becoming more commoditized, with pressure on rates, it is not likely that top firms will get top rates for this work at boom deal flow levels indefinitely (there will still be a ton of this work, but firms will have to also diversify more into other corporate areas), even if the boom continues. However, because things have been so hot and now for more than 18 months and show no signs of slowing down throughout ’11 and into ‘12, global firm management at firms have caved in to their China partners requests for full green light to make US associate and other attorney hires. Another factor in this full green light happening at most firms is because it is natural to make such decisions at or near the end of a calendar or fiscal year and also firms realize many of their peers are doing same.
So we now have a situation where US partners in Hong Kong / China have been understaffed for 18 months, at some times badly understaffed, while they have been pitching global firm management for many months to allow more hires, and all of the sudden there is a full green light.
We know of some top firms, for example, in which US partners in Hong Kong / China had to, as recently as November ’10, jump through hoops for weeks to get clearance to give an offer letter to a US associate they verbally offered. Some of these same firms in December ‘10 and January ’11 are suddenly being given the green light by management to hire as many as 10 US associates in Hong Kong / China.
US partners in Hong Kong / China are finding out quickly though that while they had for two years the luxury of always being able to interview and hire the perfect candidate on paper, the native Chinese cap markets mid-level from a top 5 NYC firm for example, because they constantly had a roster of 5+ of such candidates, nowadays suddenly they are having to scramble to recruit these candidates, who are quickly coming off the market and not only receiving offers left and right, but also turning them down (can only join one firm after all).
Thus, there is some constructive panic going on in US biglaw hiring circles in Hong Kong / China and top firms are going to have to drop their selectivity somewhat. The top tier firms will make concessions on practice fit before they make concessions on academics. The 2ndtier firms typically are quicker to make concessions on academics before practice fit. Most firms are still going after fluent Mandarin speakers (or in many cases Korean speakers) but the pressure on the market is causing more “English only is ok” to pop up.
Also, keep in mind that if you happen to be native Chinese and at a top NYC firm and give notice this quarter due to a lateral move to Hong Kong / China, your firm may pull out all the stops to convince you to rescind your offer acceptance (even if you accepted the offer months ago and your new firm gave you flexibility with start date and is counting on you to join them). Such efforts will include a big show with senior partners, including in many cases the firm chairman or global practice head, stopping by your office to convince you to not worry about your new position and just transfer with them. Suddenly transfer requests that were turned down or put off indefinitely become instantly approved, with talk of you being the star of your class, with realistic shot at partner down the road, and that the firm will try to give you your specific practice preference in Hong Kong / China, even if you don’t want to help staff the IPO deals booming through. It may sound comical, but it is happening at some firms. Try to keep things in perspective.
Why will this sizzling hiring boom, which we feel for this quarter will be stronger than ’07, only last some months? Well, once the understaffed US practices in Hong Kong / China quickly reach critical mass, take care of their understaffing problem of the past 18 months as quickly as possible, hiring will naturally level off. As deal flow continues at boom levels, there will of course be plenty of US associate openings in Hong Kong / China, but not multiple openings at the majority of firms, and not 5 to 10 openings at once at some top firms.
photo: sea turtle
One aspect of homeownership that new and soon-to-be homeowners often ignore is the recurring and possibly steep cost of keeping that home in good shape.
According to a report by the University of Illinois Extension, homeowners need to budget 1% to 2% of the purchase price of their home, each year, to cover the costs of home maintenance and repairs. That’s $3,000 to $6,000 a year on a $300,000 home, and if it’s older or has appliances that will soon need to be replaced, you may need to set aside as much as twice that amount.
When it comes to the fine line between routine home maintenance costs and those that send you into a personal financial nightmare, the tipping point is your level of vigilance.
Here are some of the most common home maintenance issues and how you can keep a small problem from evolving into a hefty burden.
Water Drainage/Damage
While water damage is unavoidable if the foundation of your house is cracked, much of it is preventable. All you need to do is respond appropriately in weather conditions that are known to cause damage.
If you live in a cold climate, stay on top of the snowfall. David West, who owns Meadowview Construction, a remodeling and home renovations company in Georgetown, Mass., advises that homeowners clear the bottom few feet of snow from the roof, using a snow rake, as soon as possible after snowfall to prevent ice dams. These dams result in water creeping under the shingles, and eventually, leaking into your house. You’ll know them by that mysterious little drip on the ceiling or down around the window frames. On the surface, it may seem like a little burden that can be solved with the occasional bucket, but don’t be fooled. “It will cause some pretty serious water damage to the insulation and drywall,” says West.
Rain can also cause major issues that are avoidable. Kevin Leahy, the founder of a removable downspout system called “The Spout Off,” warns that non-working gutters aren’t just pointless, they’re harmful.
When rain is in the forecast, make certain that the gutter’s outlet (the hole in the gutter where the water flows out to the downspout) is clear of blockage. Failure to keep gutters working creates big costs like rotted boards, windowsills and water leaking into the foundation and basement.
Heating/Cooling Issues
The National Association of Homebuilders (NAHB) reports that the most you can hope for out of a heating, ventilation and air conditioning (HVAC) system is 25 years. Furnaces and air conditioning units generally sputter at the 15-year mark. But they’ll hardly last even that long without proper maintenance.
West advises that gas/oil boilers and furnaces be cleaned and maintained each year. This service will cost you about $200, but is the “single most important thing you can do to ensure long life and efficiency” of these systems. At the time of service, you can also ask the technician to leave a copy of your system’s efficiency rating. Armed with this knowledge, you can anticipate how much “life” is left in your furnace and plan your future home finances accordingly.
Sometimes, the most minor of tasks can help to save a bundle. Ian Patrick, of Los Angeles-based design firm Ian Patrick Interiors, says that many of his clients fail to do the most basic (and cheapest) maintenance of all: changing the filters in their HVAC units. These can be bought at any hardware store for a few dollars, and pay for themselves almost instantly in utility bill savings. “A dirty filter makes the unit work harder, so changing it is a very affordable way to make it run better and longer and saves you a service call,” advises Patrick.
If you have and use a fireplace, maintenance is also essential. You may be tempted to cut back on expenses by skipping yearly chimney maintenance. Preventative flue cleaning will generally cost $100 to $200. Ignoring this necessary maintenance could result in the need to reline the flue completely, costing you $3,500. Get the point?
Roof Damage
Conditions like heavy snow, heavy rain and high winds, can severely impact roof quality. The material of the roof is also a determinant. An asphalt shingle roof will last about 20 years. Slate, copper and concrete roofs can last about 50 years.
You could also unknowingly be causing roof damage. Gordon Smith, owner of home inspection, remodeling and contracting company HomeSmith LLC, warns that walking on the roof to install holiday decorations or to clean gutters could crack roof materials, creating leaks. Replacing damaged shingles can cost as much as $4 per square foot.
Smith also cautions against using attics for storage, which can cause the roof to sag, or collapse the ceiling. It could “potentially cost hundreds to thousands of dollars in structural repairs, not to mention repairing or replacing anything that was under the ceiling when it came down,” he says.
Windows
While wooden windows last about ten years longer than their less costly aluminum counterparts, they require monitoring, and can be very costly to replace. (Expect to pay anywhere from $500 to $1,000 or more, depending the age and size of the window frame).
Windows that are not shaded by a porch, tree or a bush really take a beating, especially in desert regions. This can result in water damage, rot, and even heat loss. “Combined with moisture, the wood expands and contracts with such frequency that it can compromise the stability of the entire unit,” says Patrick. Check regularly for peeling paint, cracks and chips in glazing, and have them repaired immediately to avoid a heftier bill down the road.
benchcraft company scam
<b>News</b> Corp. 2Q Earnings Double: Will Company Sell MySpace <b>...</b>
News Corp. more than doubled its earnings for the fiscal second quarter, the company announced Wednesday.
Pitchfork: LCD Soundsystem Announce Farewell NYC Show
Photo by Ruvan Wijesooriya; front page photo by Leigh Ann Hines LCD Soundsystem have announced that they will play their ...
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
benchcraft company scam
Evan here. As we have been predicted would happen in past posts, a sizzling biglaw US associate lateral hiring boom has arrived in Hong Kong / China for the first quarter ’11. We expect this hiring boom to continue until spring, with hiring being steady afterwards but dropping to more normal levels.
A “perfect storm” has developed, causing many US and UK firms in Hong Kong / China to have multiple US corporate / cap markets urgent openings at one time now.
A lot of these top firms in Hong Kong / China have been understaffed since late 2009. When the global recession went into full swing in late 2008, the downturn had started to seriously affect biglaw deal flow in China (about a year after negative effects were felt in US and other Western markets), with IPOs coming to a stop. There was misguided concern at the time that because China had some dependence on US exports for its economy to be fully fueled, China would be heading into a bubble-busting down turn, even much worse than what was taking place in the US. However, in mid-’09, deal flow in China was booming again, fueled in large part by China’s own consumer economy expanding rapidly. This was no surprise to many of us who have observed China for several years. After all, 2009 was the year that China over took the US in new cars purchased annually, China overtook India in gold purchased annually, and the Asia Pacific Region overtook North America in daily commercial flights.
But much of the world was skeptical the boom could continue more than a short time (dramatic bubble-busting predictions sold newspapers and perhaps made some Westerners feel better about themselves) and thus senior firm management at many firms were reluctant to invest heavily with new hires in China, especially considering the recession in West. With the worst recession of our lifetime in full swing, most US firms were on a global hiring freeze and trying to avoid more layoffs, rather than trying to hire laterals for China. The feeling was also that if there was a need to staff up on some deals in China, it could be done by sending over associates not busy in US, at least temporarily, which was a band-aid on what was becoming an understaffing problem. Further, it was just bad internal politics back them for a partner at a US firm in Asia or elsewhere to try to pressure their management for lateral hires because of the big push in ’09 to keep down costs and try to salvage profit numbers (to help recruit and retain partners) in the midst of a major recession.
By late ’09, some firms which had been in global hiring freeze started to make exceptions in China and allowed a hire here or there. In the first half of ’10, this trend continued. By the second half of ’10, it was a bit easier for top firms to get the green light from their global management to make more hires in China, but all during ’10, many of their associates in Hong Kong and the mainland were being heavily recruited by banks, firms and other entities, due to being in full scale boom that showed no signs of slowing down (for the most part).
Also, from late ’09 through today there have been some key Hong Kong local cap markets / corporate group acquisitions by top US firms. This has been a relatively new trend and global firm managements put a lot of focus on bringing in these groups. In order to have a local Hong Kong practice, foreign firms in Hong Kong must have an office with 50% or more of their total attorneys Hong Kong qualified. This numbers ratio issue, as well as the expensive investment firms were making on Hong Kong local practices, kept a number of firms from having the full green light to hire US associates in Hong Kong / China.
During the past 18 months there have been a number of events or predicted events that many economists predicted would fantastically derail China’s boom economy (selling more newspapers of course in the process), but China has blown through each hurdle and all the while giving global firm managements more confidence to fully invest in hiring in China. In mid ’10, the crisis in Greece and the EU caused the world markets to fall, including in Asia, and the thought amongst people we met with in Hong Kong / China at the time was that IPOs might finally slow down for a while, that China would push through the ABC deal and then things may be flat for a while. There was concern for a few weeks, but soon after deal flow continued to boom as never before.
In fact ’10 was the biggest year ever for IPOs in Hong Kong / China. No one expects this level of deal flow to continue at quite this pace even if the general boom continues for years. Also, IPO work is becoming more commoditized, with pressure on rates, it is not likely that top firms will get top rates for this work at boom deal flow levels indefinitely (there will still be a ton of this work, but firms will have to also diversify more into other corporate areas), even if the boom continues. However, because things have been so hot and now for more than 18 months and show no signs of slowing down throughout ’11 and into ‘12, global firm management at firms have caved in to their China partners requests for full green light to make US associate and other attorney hires. Another factor in this full green light happening at most firms is because it is natural to make such decisions at or near the end of a calendar or fiscal year and also firms realize many of their peers are doing same.
So we now have a situation where US partners in Hong Kong / China have been understaffed for 18 months, at some times badly understaffed, while they have been pitching global firm management for many months to allow more hires, and all of the sudden there is a full green light.
We know of some top firms, for example, in which US partners in Hong Kong / China had to, as recently as November ’10, jump through hoops for weeks to get clearance to give an offer letter to a US associate they verbally offered. Some of these same firms in December ‘10 and January ’11 are suddenly being given the green light by management to hire as many as 10 US associates in Hong Kong / China.
US partners in Hong Kong / China are finding out quickly though that while they had for two years the luxury of always being able to interview and hire the perfect candidate on paper, the native Chinese cap markets mid-level from a top 5 NYC firm for example, because they constantly had a roster of 5+ of such candidates, nowadays suddenly they are having to scramble to recruit these candidates, who are quickly coming off the market and not only receiving offers left and right, but also turning them down (can only join one firm after all).
Thus, there is some constructive panic going on in US biglaw hiring circles in Hong Kong / China and top firms are going to have to drop their selectivity somewhat. The top tier firms will make concessions on practice fit before they make concessions on academics. The 2ndtier firms typically are quicker to make concessions on academics before practice fit. Most firms are still going after fluent Mandarin speakers (or in many cases Korean speakers) but the pressure on the market is causing more “English only is ok” to pop up.
Also, keep in mind that if you happen to be native Chinese and at a top NYC firm and give notice this quarter due to a lateral move to Hong Kong / China, your firm may pull out all the stops to convince you to rescind your offer acceptance (even if you accepted the offer months ago and your new firm gave you flexibility with start date and is counting on you to join them). Such efforts will include a big show with senior partners, including in many cases the firm chairman or global practice head, stopping by your office to convince you to not worry about your new position and just transfer with them. Suddenly transfer requests that were turned down or put off indefinitely become instantly approved, with talk of you being the star of your class, with realistic shot at partner down the road, and that the firm will try to give you your specific practice preference in Hong Kong / China, even if you don’t want to help staff the IPO deals booming through. It may sound comical, but it is happening at some firms. Try to keep things in perspective.
Why will this sizzling hiring boom, which we feel for this quarter will be stronger than ’07, only last some months? Well, once the understaffed US practices in Hong Kong / China quickly reach critical mass, take care of their understaffing problem of the past 18 months as quickly as possible, hiring will naturally level off. As deal flow continues at boom levels, there will of course be plenty of US associate openings in Hong Kong / China, but not multiple openings at the majority of firms, and not 5 to 10 openings at once at some top firms.
photo: sea turtle
One aspect of homeownership that new and soon-to-be homeowners often ignore is the recurring and possibly steep cost of keeping that home in good shape.
According to a report by the University of Illinois Extension, homeowners need to budget 1% to 2% of the purchase price of their home, each year, to cover the costs of home maintenance and repairs. That’s $3,000 to $6,000 a year on a $300,000 home, and if it’s older or has appliances that will soon need to be replaced, you may need to set aside as much as twice that amount.
When it comes to the fine line between routine home maintenance costs and those that send you into a personal financial nightmare, the tipping point is your level of vigilance.
Here are some of the most common home maintenance issues and how you can keep a small problem from evolving into a hefty burden.
Water Drainage/Damage
While water damage is unavoidable if the foundation of your house is cracked, much of it is preventable. All you need to do is respond appropriately in weather conditions that are known to cause damage.
If you live in a cold climate, stay on top of the snowfall. David West, who owns Meadowview Construction, a remodeling and home renovations company in Georgetown, Mass., advises that homeowners clear the bottom few feet of snow from the roof, using a snow rake, as soon as possible after snowfall to prevent ice dams. These dams result in water creeping under the shingles, and eventually, leaking into your house. You’ll know them by that mysterious little drip on the ceiling or down around the window frames. On the surface, it may seem like a little burden that can be solved with the occasional bucket, but don’t be fooled. “It will cause some pretty serious water damage to the insulation and drywall,” says West.
Rain can also cause major issues that are avoidable. Kevin Leahy, the founder of a removable downspout system called “The Spout Off,” warns that non-working gutters aren’t just pointless, they’re harmful.
When rain is in the forecast, make certain that the gutter’s outlet (the hole in the gutter where the water flows out to the downspout) is clear of blockage. Failure to keep gutters working creates big costs like rotted boards, windowsills and water leaking into the foundation and basement.
Heating/Cooling Issues
The National Association of Homebuilders (NAHB) reports that the most you can hope for out of a heating, ventilation and air conditioning (HVAC) system is 25 years. Furnaces and air conditioning units generally sputter at the 15-year mark. But they’ll hardly last even that long without proper maintenance.
West advises that gas/oil boilers and furnaces be cleaned and maintained each year. This service will cost you about $200, but is the “single most important thing you can do to ensure long life and efficiency” of these systems. At the time of service, you can also ask the technician to leave a copy of your system’s efficiency rating. Armed with this knowledge, you can anticipate how much “life” is left in your furnace and plan your future home finances accordingly.
Sometimes, the most minor of tasks can help to save a bundle. Ian Patrick, of Los Angeles-based design firm Ian Patrick Interiors, says that many of his clients fail to do the most basic (and cheapest) maintenance of all: changing the filters in their HVAC units. These can be bought at any hardware store for a few dollars, and pay for themselves almost instantly in utility bill savings. “A dirty filter makes the unit work harder, so changing it is a very affordable way to make it run better and longer and saves you a service call,” advises Patrick.
If you have and use a fireplace, maintenance is also essential. You may be tempted to cut back on expenses by skipping yearly chimney maintenance. Preventative flue cleaning will generally cost $100 to $200. Ignoring this necessary maintenance could result in the need to reline the flue completely, costing you $3,500. Get the point?
Roof Damage
Conditions like heavy snow, heavy rain and high winds, can severely impact roof quality. The material of the roof is also a determinant. An asphalt shingle roof will last about 20 years. Slate, copper and concrete roofs can last about 50 years.
You could also unknowingly be causing roof damage. Gordon Smith, owner of home inspection, remodeling and contracting company HomeSmith LLC, warns that walking on the roof to install holiday decorations or to clean gutters could crack roof materials, creating leaks. Replacing damaged shingles can cost as much as $4 per square foot.
Smith also cautions against using attics for storage, which can cause the roof to sag, or collapse the ceiling. It could “potentially cost hundreds to thousands of dollars in structural repairs, not to mention repairing or replacing anything that was under the ceiling when it came down,” he says.
Windows
While wooden windows last about ten years longer than their less costly aluminum counterparts, they require monitoring, and can be very costly to replace. (Expect to pay anywhere from $500 to $1,000 or more, depending the age and size of the window frame).
Windows that are not shaded by a porch, tree or a bush really take a beating, especially in desert regions. This can result in water damage, rot, and even heat loss. “Combined with moisture, the wood expands and contracts with such frequency that it can compromise the stability of the entire unit,” says Patrick. Check regularly for peeling paint, cracks and chips in glazing, and have them repaired immediately to avoid a heftier bill down the road.
benchcraft company portland or
<b>News</b> Corp. 2Q Earnings Double: Will Company Sell MySpace <b>...</b>
News Corp. more than doubled its earnings for the fiscal second quarter, the company announced Wednesday.
Pitchfork: LCD Soundsystem Announce Farewell NYC Show
Photo by Ruvan Wijesooriya; front page photo by Leigh Ann Hines LCD Soundsystem have announced that they will play their ...
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
benchcraft company portland or
[reefeed]
benchcraft company portland or
benchcraft company portland or
<b>News</b> Corp. 2Q Earnings Double: Will Company Sell MySpace <b>...</b>
News Corp. more than doubled its earnings for the fiscal second quarter, the company announced Wednesday.
Pitchfork: LCD Soundsystem Announce Farewell NYC Show
Photo by Ruvan Wijesooriya; front page photo by Leigh Ann Hines LCD Soundsystem have announced that they will play their ...
Be A Part of the Oscars Movie <b>News</b> & Movie Reviews | Geo Blog
Do you like reading movie news and movie reviews? All of us without exception love the movies. They allow us to escape into a fantasy world and get away from our everyday realities if only for a while. Sitting in front of the screen at ...
benchcraft company portland or
Evan here. As we have been predicted would happen in past posts, a sizzling biglaw US associate lateral hiring boom has arrived in Hong Kong / China for the first quarter ’11. We expect this hiring boom to continue until spring, with hiring being steady afterwards but dropping to more normal levels.
A “perfect storm” has developed, causing many US and UK firms in Hong Kong / China to have multiple US corporate / cap markets urgent openings at one time now.
A lot of these top firms in Hong Kong / China have been understaffed since late 2009. When the global recession went into full swing in late 2008, the downturn had started to seriously affect biglaw deal flow in China (about a year after negative effects were felt in US and other Western markets), with IPOs coming to a stop. There was misguided concern at the time that because China had some dependence on US exports for its economy to be fully fueled, China would be heading into a bubble-busting down turn, even much worse than what was taking place in the US. However, in mid-’09, deal flow in China was booming again, fueled in large part by China’s own consumer economy expanding rapidly. This was no surprise to many of us who have observed China for several years. After all, 2009 was the year that China over took the US in new cars purchased annually, China overtook India in gold purchased annually, and the Asia Pacific Region overtook North America in daily commercial flights.
But much of the world was skeptical the boom could continue more than a short time (dramatic bubble-busting predictions sold newspapers and perhaps made some Westerners feel better about themselves) and thus senior firm management at many firms were reluctant to invest heavily with new hires in China, especially considering the recession in West. With the worst recession of our lifetime in full swing, most US firms were on a global hiring freeze and trying to avoid more layoffs, rather than trying to hire laterals for China. The feeling was also that if there was a need to staff up on some deals in China, it could be done by sending over associates not busy in US, at least temporarily, which was a band-aid on what was becoming an understaffing problem. Further, it was just bad internal politics back them for a partner at a US firm in Asia or elsewhere to try to pressure their management for lateral hires because of the big push in ’09 to keep down costs and try to salvage profit numbers (to help recruit and retain partners) in the midst of a major recession.
By late ’09, some firms which had been in global hiring freeze started to make exceptions in China and allowed a hire here or there. In the first half of ’10, this trend continued. By the second half of ’10, it was a bit easier for top firms to get the green light from their global management to make more hires in China, but all during ’10, many of their associates in Hong Kong and the mainland were being heavily recruited by banks, firms and other entities, due to being in full scale boom that showed no signs of slowing down (for the most part).
Also, from late ’09 through today there have been some key Hong Kong local cap markets / corporate group acquisitions by top US firms. This has been a relatively new trend and global firm managements put a lot of focus on bringing in these groups. In order to have a local Hong Kong practice, foreign firms in Hong Kong must have an office with 50% or more of their total attorneys Hong Kong qualified. This numbers ratio issue, as well as the expensive investment firms were making on Hong Kong local practices, kept a number of firms from having the full green light to hire US associates in Hong Kong / China.
During the past 18 months there have been a number of events or predicted events that many economists predicted would fantastically derail China’s boom economy (selling more newspapers of course in the process), but China has blown through each hurdle and all the while giving global firm managements more confidence to fully invest in hiring in China. In mid ’10, the crisis in Greece and the EU caused the world markets to fall, including in Asia, and the thought amongst people we met with in Hong Kong / China at the time was that IPOs might finally slow down for a while, that China would push through the ABC deal and then things may be flat for a while. There was concern for a few weeks, but soon after deal flow continued to boom as never before.
In fact ’10 was the biggest year ever for IPOs in Hong Kong / China. No one expects this level of deal flow to continue at quite this pace even if the general boom continues for years. Also, IPO work is becoming more commoditized, with pressure on rates, it is not likely that top firms will get top rates for this work at boom deal flow levels indefinitely (there will still be a ton of this work, but firms will have to also diversify more into other corporate areas), even if the boom continues. However, because things have been so hot and now for more than 18 months and show no signs of slowing down throughout ’11 and into ‘12, global firm management at firms have caved in to their China partners requests for full green light to make US associate and other attorney hires. Another factor in this full green light happening at most firms is because it is natural to make such decisions at or near the end of a calendar or fiscal year and also firms realize many of their peers are doing same.
So we now have a situation where US partners in Hong Kong / China have been understaffed for 18 months, at some times badly understaffed, while they have been pitching global firm management for many months to allow more hires, and all of the sudden there is a full green light.
We know of some top firms, for example, in which US partners in Hong Kong / China had to, as recently as November ’10, jump through hoops for weeks to get clearance to give an offer letter to a US associate they verbally offered. Some of these same firms in December ‘10 and January ’11 are suddenly being given the green light by management to hire as many as 10 US associates in Hong Kong / China.
US partners in Hong Kong / China are finding out quickly though that while they had for two years the luxury of always being able to interview and hire the perfect candidate on paper, the native Chinese cap markets mid-level from a top 5 NYC firm for example, because they constantly had a roster of 5+ of such candidates, nowadays suddenly they are having to scramble to recruit these candidates, who are quickly coming off the market and not only receiving offers left and right, but also turning them down (can only join one firm after all).
Thus, there is some constructive panic going on in US biglaw hiring circles in Hong Kong / China and top firms are going to have to drop their selectivity somewhat. The top tier firms will make concessions on practice fit before they make concessions on academics. The 2ndtier firms typically are quicker to make concessions on academics before practice fit. Most firms are still going after fluent Mandarin speakers (or in many cases Korean speakers) but the pressure on the market is causing more “English only is ok” to pop up.
Also, keep in mind that if you happen to be native Chinese and at a top NYC firm and give notice this quarter due to a lateral move to Hong Kong / China, your firm may pull out all the stops to convince you to rescind your offer acceptance (even if you accepted the offer months ago and your new firm gave you flexibility with start date and is counting on you to join them). Such efforts will include a big show with senior partners, including in many cases the firm chairman or global practice head, stopping by your office to convince you to not worry about your new position and just transfer with them. Suddenly transfer requests that were turned down or put off indefinitely become instantly approved, with talk of you being the star of your class, with realistic shot at partner down the road, and that the firm will try to give you your specific practice preference in Hong Kong / China, even if you don’t want to help staff the IPO deals booming through. It may sound comical, but it is happening at some firms. Try to keep things in perspective.
Why will this sizzling hiring boom, which we feel for this quarter will be stronger than ’07, only last some months? Well, once the understaffed US practices in Hong Kong / China quickly reach critical mass, take care of their understaffing problem of the past 18 months as quickly as possible, hiring will naturally level off. As deal flow continues at boom levels, there will of course be plenty of US associate openings in Hong Kong / China, but not multiple openings at the majority of firms, and not 5 to 10 openings at once at some top firms.
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One aspect of homeownership that new and soon-to-be homeowners often ignore is the recurring and possibly steep cost of keeping that home in good shape.
According to a report by the University of Illinois Extension, homeowners need to budget 1% to 2% of the purchase price of their home, each year, to cover the costs of home maintenance and repairs. That’s $3,000 to $6,000 a year on a $300,000 home, and if it’s older or has appliances that will soon need to be replaced, you may need to set aside as much as twice that amount.
When it comes to the fine line between routine home maintenance costs and those that send you into a personal financial nightmare, the tipping point is your level of vigilance.
Here are some of the most common home maintenance issues and how you can keep a small problem from evolving into a hefty burden.
Water Drainage/Damage
While water damage is unavoidable if the foundation of your house is cracked, much of it is preventable. All you need to do is respond appropriately in weather conditions that are known to cause damage.
If you live in a cold climate, stay on top of the snowfall. David West, who owns Meadowview Construction, a remodeling and home renovations company in Georgetown, Mass., advises that homeowners clear the bottom few feet of snow from the roof, using a snow rake, as soon as possible after snowfall to prevent ice dams. These dams result in water creeping under the shingles, and eventually, leaking into your house. You’ll know them by that mysterious little drip on the ceiling or down around the window frames. On the surface, it may seem like a little burden that can be solved with the occasional bucket, but don’t be fooled. “It will cause some pretty serious water damage to the insulation and drywall,” says West.
Rain can also cause major issues that are avoidable. Kevin Leahy, the founder of a removable downspout system called “The Spout Off,” warns that non-working gutters aren’t just pointless, they’re harmful.
When rain is in the forecast, make certain that the gutter’s outlet (the hole in the gutter where the water flows out to the downspout) is clear of blockage. Failure to keep gutters working creates big costs like rotted boards, windowsills and water leaking into the foundation and basement.
Heating/Cooling Issues
The National Association of Homebuilders (NAHB) reports that the most you can hope for out of a heating, ventilation and air conditioning (HVAC) system is 25 years. Furnaces and air conditioning units generally sputter at the 15-year mark. But they’ll hardly last even that long without proper maintenance.
West advises that gas/oil boilers and furnaces be cleaned and maintained each year. This service will cost you about $200, but is the “single most important thing you can do to ensure long life and efficiency” of these systems. At the time of service, you can also ask the technician to leave a copy of your system’s efficiency rating. Armed with this knowledge, you can anticipate how much “life” is left in your furnace and plan your future home finances accordingly.
Sometimes, the most minor of tasks can help to save a bundle. Ian Patrick, of Los Angeles-based design firm Ian Patrick Interiors, says that many of his clients fail to do the most basic (and cheapest) maintenance of all: changing the filters in their HVAC units. These can be bought at any hardware store for a few dollars, and pay for themselves almost instantly in utility bill savings. “A dirty filter makes the unit work harder, so changing it is a very affordable way to make it run better and longer and saves you a service call,” advises Patrick.
If you have and use a fireplace, maintenance is also essential. You may be tempted to cut back on expenses by skipping yearly chimney maintenance. Preventative flue cleaning will generally cost $100 to $200. Ignoring this necessary maintenance could result in the need to reline the flue completely, costing you $3,500. Get the point?
Roof Damage
Conditions like heavy snow, heavy rain and high winds, can severely impact roof quality. The material of the roof is also a determinant. An asphalt shingle roof will last about 20 years. Slate, copper and concrete roofs can last about 50 years.
You could also unknowingly be causing roof damage. Gordon Smith, owner of home inspection, remodeling and contracting company HomeSmith LLC, warns that walking on the roof to install holiday decorations or to clean gutters could crack roof materials, creating leaks. Replacing damaged shingles can cost as much as $4 per square foot.
Smith also cautions against using attics for storage, which can cause the roof to sag, or collapse the ceiling. It could “potentially cost hundreds to thousands of dollars in structural repairs, not to mention repairing or replacing anything that was under the ceiling when it came down,” he says.
Windows
While wooden windows last about ten years longer than their less costly aluminum counterparts, they require monitoring, and can be very costly to replace. (Expect to pay anywhere from $500 to $1,000 or more, depending the age and size of the window frame).
Windows that are not shaded by a porch, tree or a bush really take a beating, especially in desert regions. This can result in water damage, rot, and even heat loss. “Combined with moisture, the wood expands and contracts with such frequency that it can compromise the stability of the entire unit,” says Patrick. Check regularly for peeling paint, cracks and chips in glazing, and have them repaired immediately to avoid a heftier bill down the road.
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It’s been said that the first step to improvement is measurement. This is certainly true of personal finances. Measuring net worth is the first step to increasing net worth.
My husband and I started tracking our net worth nearly five years ago. This simple spreadsheet exercise has aided us immensely in achieving our personal finance goals these past few years. By thinking about personal finance the same way a company builds its balance sheet, it is easy to see the big picture and achieve long-term finance goals.
Just like a company balance sheet, “net worth” is calculated as “assets” minus “liabilities”. Our spreadsheet is constructed with a list of assets and debts in the first column and monthly dates across the top. Every month or two, I enter the value of each account in the corresponding column. Since my husband and I are rather geeky accountant types we also list subtotals for each of the following sections:
Assets
We start our spreadsheet by listing our assets. We start with “liquid” assets. These are assets that can be easily converted to cash. Our liquid assets include: checking and savings accounts, money market accounts, mutual funds, and individual stocks. Liquid assets could also include bond funds, bonds, Treasury bills, and savings bonds, to name just a few.
Next on the spreadsheet we list our “retirement” assets. These include our 401K and IRA accounts. We’ve been slow to roll over old employer 401K accounts, so we’ve accumulated quite a collection of accounts in this section. Eventually, we’ll do the right thing and consolidate these, but in the meantime our monthly net worth exercise has forced us to keep track of the locations and amounts in these accounts.
Following retirement assets we list “college” assets. Our two-year-old son currently has two college savings accounts listed in this section. We track a pre-paid college tuition account and a custodial account for our son in this section.
After college assets we have a section for “fixed” assets. This section includes our house, cars, and furniture. Other common fixed assets might include boats, motorcycles, coins, vacation homes, etc. The values of the cars I usually update a couple of times a year by looking up the value on Kelly Blue Book’s value calculator. This value depreciates over time based on the age, mileage, and condition of the vehicle. The value of the house I update once or twice a year with our best estimate of what the house would sell for. There are many real estate websites that can help with this valuation.
Liabilities
Now comes the “liabilities” portion of the balance sheet. Similar to a corporate balance sheet, we start with “short-term” liabilities. Our short-term liabilities include our two credit cards, our car loans, and my husband’s graduate-school loan.
Fortunately, our credit card debt is now at a level that can be paid off each month and the car loans are now non-existent, but that was not always the case. It took strong fiscal discipline and our net worth exercise to reach this stage.
Finally, we list our home loan. This is a really easy number to track since the pay-off amount comes every month with the mortgage statement. That’s it for the liabilities. Other examples of liabilities might include business loans, store lines-of-credit, and loans from other family members.
Subtracting the liabilities from the assets gives net worth. The beauty of this simple exercise is the big-picture perspective it gives to personal finance. With a little fiscal discipline, savings will increase and debt will decrease each month, giving a higher overall net worth value.
For our family, this spreadsheet has been a terrific tool in tracking investment performance and measuring our progress in paying down debt. Also, by regularly checking in on investment and credit card accounts, we’re protecting ourselves from identity theft and surprise changes in investment performance.
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