Thursday, October 9

Big Law Firms in Trouble: When the Money Dries Up

A rather interesting view of big law firms son. I've told you before what my view is when needing to deal with lawyers. Try in the first instance not to need one but that's not always possible. Second is to be totally transparent with the lawyer. And third is to speak to the opposite party if possible. Give them a chance to rectify the situation. Not fun to get dragged through legal aspects son. 

But remember as I keep on telling you, always have a technical skill or two son. Coding, writing, photograph, sculpture something that you can fall back upon. 



Big Law Firms in Trouble: When the Money Dries Up | New Republic

Of all the occupational golden ages to come and go in the twentieth century—for doctors, journalists, ad-men, autoworkers—none lasted longer, felt cushier, and was all in all more golden than the reign of the law partner.

There was the generous salary, the esteem of one’s neighbors, work that was more intellectual than purely commercial. Since clients of white-shoe firms typically knocked on their doors and stayed put for decades—one lawyer told me his ex-firm had a committee to decide which clients to accept—the partner rarely had to hustle for business. He could focus his energy on the legal pursuits that excited his analytical mind.

Above all, there was stability. The firms practiced a benevolent paternalism. They paid for partners to join lunch and dinner clubs and loaned them money to buy houses. When a lawyer had a drinking problem, the firm sent him off for treatment at its own expense. Layoffs were unheard of.

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