This document provides a summary of the author's experience working as an associate at a large Silicon Valley law firm during the dot-com boom and bust of the late 1990s and early 2000s. It describes the author's initial excitement about working at a top law firm during the peak of the tech boom. However, things changed rapidly as the dot-com bubble burst in 2000, leading to a steep decline in IPO and M&A work. This resulted in hundreds of associates being laid off across the Bay Area as law firms struggled with declining revenues. The author himself was let go after requesting a transfer to the newly opened New York office of his firm in hopes of being closer to his new wife, reflecting the precarious position
If you believe that your employer is paying you below the state’s minimum required income in California, don’t hesitate to seek the legal advice of a Los Angeles employment attorney Matthew A. Kaufman at the Kaufman Law Firm. A Los Angeles-based law firm has protected employees’ rights of thousands of clients all across California in the past 20 years and helped them win seven- and eight-figure settlements.
Early last month, staff at the world’s largest daily deals website Groupon received an email from CEO Andrew Mason quite candidly declaring that he was “fired.” Groupon stock is trading at less than a quarter of its listing price and the company has only posted a profit for a single quarter since it began trading.
The RE Investment News is the monthly newsletter publication from Mid-America Association of Real Estate Investors. MAREI has been serving real estate investors in the Kanas City Metro and across the country with networking, education and benefits since 2004. Learn more on www.MAREI.org.
MANAGEMENT; Instinct Not a Disaster Plan Saves a Tiny Firm - The New York TimesMelinda Ligos
After the September 11th attacks destroyed their offices near the World Trade Center, the seven employees of M&R Capital Management had to quickly improvise to keep their small investment firm running. With communication lines down, employees set up makeshift offices in their homes, relying on cell phones and personal computers. Through teamwork and perseverance, they were able to reassure clients and continue operations within a week of the disaster despite facing numerous challenges in accessing market data and managing trades from remote locations.
Large companies are increasingly hiring temporary and freelance workers to save costs and gain flexibility, a trend that is expected to continue growing. Many firms are using online platforms to find skilled freelancers for contract work that was previously done in-house. While some large companies remain cautious of potential legal issues, others see freelancers as a way to scale their workforce up and down as needed without committing to permanent employees. This shifting work environment leaves many professionals preferring freelance work with its flexibility over traditional jobs.
The document discusses the concept of "Yellow Peril" and how it connects to international trade debates. It provides quotes from the 2012 US presidential debates between Obama and Romney where they accuse China of unfair trade practices like currency manipulation and intellectual property theft. The document asks what Ross argues the "fear of a Chinese threat" obscures. It discusses Ross' analysis of worker protests in China and the common cultural explanations versus Ross' Marxist perspective. It covers concepts like social reproduction through mass consumption and different types of workers like in factories, gold farming, and Apple stores. Finally, it lists several Marxist political economy concepts seen in these issues.
If you believe that your employer is paying you below the state’s minimum required income in California, don’t hesitate to seek the legal advice of a Los Angeles employment attorney Matthew A. Kaufman at the Kaufman Law Firm. A Los Angeles-based law firm has protected employees’ rights of thousands of clients all across California in the past 20 years and helped them win seven- and eight-figure settlements.
Early last month, staff at the world’s largest daily deals website Groupon received an email from CEO Andrew Mason quite candidly declaring that he was “fired.” Groupon stock is trading at less than a quarter of its listing price and the company has only posted a profit for a single quarter since it began trading.
The RE Investment News is the monthly newsletter publication from Mid-America Association of Real Estate Investors. MAREI has been serving real estate investors in the Kanas City Metro and across the country with networking, education and benefits since 2004. Learn more on www.MAREI.org.
MANAGEMENT; Instinct Not a Disaster Plan Saves a Tiny Firm - The New York TimesMelinda Ligos
After the September 11th attacks destroyed their offices near the World Trade Center, the seven employees of M&R Capital Management had to quickly improvise to keep their small investment firm running. With communication lines down, employees set up makeshift offices in their homes, relying on cell phones and personal computers. Through teamwork and perseverance, they were able to reassure clients and continue operations within a week of the disaster despite facing numerous challenges in accessing market data and managing trades from remote locations.
Large companies are increasingly hiring temporary and freelance workers to save costs and gain flexibility, a trend that is expected to continue growing. Many firms are using online platforms to find skilled freelancers for contract work that was previously done in-house. While some large companies remain cautious of potential legal issues, others see freelancers as a way to scale their workforce up and down as needed without committing to permanent employees. This shifting work environment leaves many professionals preferring freelance work with its flexibility over traditional jobs.
The document discusses the concept of "Yellow Peril" and how it connects to international trade debates. It provides quotes from the 2012 US presidential debates between Obama and Romney where they accuse China of unfair trade practices like currency manipulation and intellectual property theft. The document asks what Ross argues the "fear of a Chinese threat" obscures. It discusses Ross' analysis of worker protests in China and the common cultural explanations versus Ross' Marxist perspective. It covers concepts like social reproduction through mass consumption and different types of workers like in factories, gold farming, and Apple stores. Finally, it lists several Marxist political economy concepts seen in these issues.
Sauer - Selling America Short; the SEC and Market Contrarians in the Age of A...jamesmaredmond
This chapter provides background on the author's career path prior to joining the SEC. After receiving his law degree, he disliked practicing law and instead pursued further education, receiving an advanced law degree from Harvard. He struggled to find meaningful work until securing a position at the Federal Trade Commission investigating consumer credit fraud. However, the FTC was ineffective under the Reagan administration due to cost-benefit analyses that found few consumer protection issues warranted intervention. The author realized the difference between not doing work and not accomplishing work, with the former frowned upon in government but the latter tolerated.
The passage discusses why Shakespeare's play Hamlet remains appealing to modern film and theater audiences despite differences from its original Elizabethan audience. While today's audiences don't believe in ghosts or see revenge as a duty, the play explores complex questions of morality, justice, and deception that remain relevant. Hamlet grapples with discerning truth from lies, the ethics of revenge versus other actions, and his own mental state - themes that still intrigue audiences. The ghost's nature also sparks debate, with critics arguing it serves to validate Hamlet's rationality or indicate his insanity, further engaging viewers. Overall, the play uses supernatural elements to examine profound human dilemmas that continue to captivate audiences.
How To Write A Position Paper For Mun. How To WritWendy Belieu
1. The document provides instructions for creating an account and submitting a request for writing assistance on the HelpWriting.net website. It outlines the 5-step process: register, submit a request form with instructions and deadline, choose a bid from qualified writers, place a deposit to start work, and authorize final payment upon approval of revisions.
2. Writers on the site utilize a bidding system, and customers can request unlimited revisions to ensure satisfaction. The company promises original, high-quality content and refunds for plagiarized work.
Final File_The 10 Most Influential Leaders in Legal Services, 2021-compressed...TycoonSuccess
The document profiles 10 influential leaders in the legal services industry in 2021. It discusses Nilo T. Divina, the Managing Partner of DivinaLaw, one of the largest law firms in the Philippines. It details his career path and accomplishments, as well as the growth of DivinaLaw under his leadership. It also provides a brief profile of Axis Geffen, the President and Founder of Axis Vero Incorporated, a private investigation agency based in Ontario, Canada that offers investigative services worldwide.
Award-winning investigative journalist Kelly Carr presents "Shell Companies and Fraud: An Investigative Primer," a free webinar hosted by the Donald W. Reynolds National Center for Business Journalism.
For more information about free training for business journalists, please visit businessjournalism.org.
The document provides instructions for creating an account and submitting a request for writing assistance on the HelpWriting.net site. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with refund available for plagiarism.
In 3 sentences:
The essay discusses the basic physics concepts involved in car collisions, including Newton's laws of motion which describe how objects interact through forces. Newton's first law explains how objects at rest or in motion tend to stay that way unless acted upon by an external force, while his second law introduces the concept of action and reaction forces. Static and kinetic friction also play an important role as the force that resists motion between two surfaces in contact, such as between tires and the road.
This document provides an overview of the history of forensic accounting. It discusses how forensic accounting has evolved from its origins in the early 20th century to today. Key events that shaped the field include the capture of Al Capone for tax evasion in 1931, the establishment of the FBI's financial crimes unit in the 1960s, and the Enron scandal in the early 2000s which increased regulation and demand for forensic accountants. The document also outlines how forensic accounting education and the job responsibilities of forensic accountants have changed over time as the profession has developed.
Robert Rieders is the general counsel of Postmates, a courier service startup. Postmates uses a mobile app to allow customers to get anything delivered. It has raised $138 million and delivers to many cities. As GC, Rieders handles litigation including a class action regarding worker classification and another regarding background checks. He works with outside firms on various legal issues and aims to carefully expand the in-house legal team to support Postmates' growth.
This document summarizes the evolution of lie detection technology and the implications for law firms. It discusses how the polygraph has changed little since its invention in 1921 despite being considered one of history's greatest inventions. However, new technologies are enabling "big data" collection and analysis that can detect lies with near certainty by analyzing information from devices, social media, and cameras. This will significantly impact the legal system and law firms, which rely on discerning lies. Law firms need to take data security seriously to avoid hacks and protect client information. Overall, the ability to definitively detect lies through big data analysis represents a major technological and societal paradigm shift.
Law firms are just like any other organization, sometimes achieving great success, and other times going defunct. This article goes over the latter firms.
Kenneth Lay was the CEO of Enron which collapsed in 2001 due to an accounting fraud scandal. Enron used complex accounting techniques like mark-to-market accounting and special purpose entities to hide debts and inflate profits, misleading investors. When details emerged, Enron filed for bankruptcy. The Sarbanes-Oxley Act was passed in response, strengthening regulations for public companies. Key executives like Lay, Skilling, and Fastow were convicted for their roles, but others like Lou Pai who left with $280 million were not charged. The scandal revealed flaws in self-regulation of businesses and lack of oversight.
Josh Harkinson presents "10 Economic Stories to Jump on Now" during the free business journalism workshop, "Covering Your Local Economy: It's Everybody's Business."
For more free resources on business journalism, please visit businessjournalism.org.
This document provides instructions for completing an order with Kristen's Cookie Company. It outlines the steps and time needed to fill a rush order for 1 dozen cookies, totaling 26 minutes. It then calculates the maximum number of orders that can be filled in a 4 hour period, which is 16 orders. Finally, it discusses that while multiple trays could increase output, it may compromise quality and customer satisfaction. The key steps and times are listed, then calculations are shown to determine production capacity over a set time period while considering quality.
Constructing Legal Strategy in the New Economy: Alternative Servicing and Bil...jonneiditz
This document introduces the panelists for a roundtable discussion on constructing legal strategy in the new economy. It provides brief biographies of each panelist, including their professional backgrounds, experiences, and affiliations. The roundtable was hosted by Stites & Harbison and Nelson Mullins Riley & Scarborough law firms and moderated by the Dean of Emory Law School. It covered how law firm and in-house business models are evolving in a changing economy.
Printable Penmanship Paper - Printable Blank WorldJim Webb
Sherlock Jr. is a 1924 silent black and white film directed by and starring Buster Keaton. Keaton plays a projectionist who dreams of being a detective. When he is framed by a local sheik for a crime at the home of the girl he likes, he enters the movie he is projecting to try to solve the case. The film uses techniques like jumping into the movie to tell a comedic story about Keaton's character trying to prove his detective abilities.
Sidley Austin Known As Sidley, Austin, Brown & Wood Is One Of The Worlds Largest Law Firms With Several Branch Offices. Sherwin Samuels, Senior Counsel For Sidley Austin Was Involved In Many Cases For The Firm. The Involvement Of The Starwood Capital Group Up Brings The Company.
Business Essay Writing. Online assignment writing service.Pamela Watkins
The document discusses the process for creating a 'Write My Paper For Me' request on HelpWriting.net, which includes completing an order form, providing instructions and sources, and choosing a writer to complete the assignment based on their qualifications and reviews. It also notes that the platform uses a bidding system for writers and that customers can request revisions to ensure satisfaction with the final paper. Customers are promised original, high-quality content and a full refund if plagiarism is found.
Holland & Knight, a 1,200-attorney national law firm, offers a unique Chesterfield Smith Fellowship Program where selected associates do only pro bono work for their first two years at the firm while receiving a full salary and credit toward partnership. The program has allowed the firm to recruit top law school graduates, including Rhodes scholars. It represents a significant financial commitment of over $2 million per class but benefits the firm through opening new recruiting channels and satisfying the firm's commitment to pro bono service.
This document discusses the dichotomy of "builders" and "destroyers" in organizations, focusing on the legal profession. It notes that studies have found lawyers suffer from psychological problems like depression at higher rates than other professions, suggesting there may be more "destroyers" in law. The document warns that individual "destroyers" can adopt negative attitudes that negatively impact themselves and their organizations. It emphasizes the importance of enjoying one's work for overall life satisfaction and avoiding adopting overly critical views that could turn one into a "destroyer" rather than a "builder".
Sauer - Selling America Short; the SEC and Market Contrarians in the Age of A...jamesmaredmond
This chapter provides background on the author's career path prior to joining the SEC. After receiving his law degree, he disliked practicing law and instead pursued further education, receiving an advanced law degree from Harvard. He struggled to find meaningful work until securing a position at the Federal Trade Commission investigating consumer credit fraud. However, the FTC was ineffective under the Reagan administration due to cost-benefit analyses that found few consumer protection issues warranted intervention. The author realized the difference between not doing work and not accomplishing work, with the former frowned upon in government but the latter tolerated.
The passage discusses why Shakespeare's play Hamlet remains appealing to modern film and theater audiences despite differences from its original Elizabethan audience. While today's audiences don't believe in ghosts or see revenge as a duty, the play explores complex questions of morality, justice, and deception that remain relevant. Hamlet grapples with discerning truth from lies, the ethics of revenge versus other actions, and his own mental state - themes that still intrigue audiences. The ghost's nature also sparks debate, with critics arguing it serves to validate Hamlet's rationality or indicate his insanity, further engaging viewers. Overall, the play uses supernatural elements to examine profound human dilemmas that continue to captivate audiences.
How To Write A Position Paper For Mun. How To WritWendy Belieu
1. The document provides instructions for creating an account and submitting a request for writing assistance on the HelpWriting.net website. It outlines the 5-step process: register, submit a request form with instructions and deadline, choose a bid from qualified writers, place a deposit to start work, and authorize final payment upon approval of revisions.
2. Writers on the site utilize a bidding system, and customers can request unlimited revisions to ensure satisfaction. The company promises original, high-quality content and refunds for plagiarized work.
Final File_The 10 Most Influential Leaders in Legal Services, 2021-compressed...TycoonSuccess
The document profiles 10 influential leaders in the legal services industry in 2021. It discusses Nilo T. Divina, the Managing Partner of DivinaLaw, one of the largest law firms in the Philippines. It details his career path and accomplishments, as well as the growth of DivinaLaw under his leadership. It also provides a brief profile of Axis Geffen, the President and Founder of Axis Vero Incorporated, a private investigation agency based in Ontario, Canada that offers investigative services worldwide.
Award-winning investigative journalist Kelly Carr presents "Shell Companies and Fraud: An Investigative Primer," a free webinar hosted by the Donald W. Reynolds National Center for Business Journalism.
For more information about free training for business journalists, please visit businessjournalism.org.
The document provides instructions for creating an account and submitting a request for writing assistance on the HelpWriting.net site. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with refund available for plagiarism.
In 3 sentences:
The essay discusses the basic physics concepts involved in car collisions, including Newton's laws of motion which describe how objects interact through forces. Newton's first law explains how objects at rest or in motion tend to stay that way unless acted upon by an external force, while his second law introduces the concept of action and reaction forces. Static and kinetic friction also play an important role as the force that resists motion between two surfaces in contact, such as between tires and the road.
This document provides an overview of the history of forensic accounting. It discusses how forensic accounting has evolved from its origins in the early 20th century to today. Key events that shaped the field include the capture of Al Capone for tax evasion in 1931, the establishment of the FBI's financial crimes unit in the 1960s, and the Enron scandal in the early 2000s which increased regulation and demand for forensic accountants. The document also outlines how forensic accounting education and the job responsibilities of forensic accountants have changed over time as the profession has developed.
Robert Rieders is the general counsel of Postmates, a courier service startup. Postmates uses a mobile app to allow customers to get anything delivered. It has raised $138 million and delivers to many cities. As GC, Rieders handles litigation including a class action regarding worker classification and another regarding background checks. He works with outside firms on various legal issues and aims to carefully expand the in-house legal team to support Postmates' growth.
This document summarizes the evolution of lie detection technology and the implications for law firms. It discusses how the polygraph has changed little since its invention in 1921 despite being considered one of history's greatest inventions. However, new technologies are enabling "big data" collection and analysis that can detect lies with near certainty by analyzing information from devices, social media, and cameras. This will significantly impact the legal system and law firms, which rely on discerning lies. Law firms need to take data security seriously to avoid hacks and protect client information. Overall, the ability to definitively detect lies through big data analysis represents a major technological and societal paradigm shift.
Law firms are just like any other organization, sometimes achieving great success, and other times going defunct. This article goes over the latter firms.
Kenneth Lay was the CEO of Enron which collapsed in 2001 due to an accounting fraud scandal. Enron used complex accounting techniques like mark-to-market accounting and special purpose entities to hide debts and inflate profits, misleading investors. When details emerged, Enron filed for bankruptcy. The Sarbanes-Oxley Act was passed in response, strengthening regulations for public companies. Key executives like Lay, Skilling, and Fastow were convicted for their roles, but others like Lou Pai who left with $280 million were not charged. The scandal revealed flaws in self-regulation of businesses and lack of oversight.
Josh Harkinson presents "10 Economic Stories to Jump on Now" during the free business journalism workshop, "Covering Your Local Economy: It's Everybody's Business."
For more free resources on business journalism, please visit businessjournalism.org.
This document provides instructions for completing an order with Kristen's Cookie Company. It outlines the steps and time needed to fill a rush order for 1 dozen cookies, totaling 26 minutes. It then calculates the maximum number of orders that can be filled in a 4 hour period, which is 16 orders. Finally, it discusses that while multiple trays could increase output, it may compromise quality and customer satisfaction. The key steps and times are listed, then calculations are shown to determine production capacity over a set time period while considering quality.
Constructing Legal Strategy in the New Economy: Alternative Servicing and Bil...jonneiditz
This document introduces the panelists for a roundtable discussion on constructing legal strategy in the new economy. It provides brief biographies of each panelist, including their professional backgrounds, experiences, and affiliations. The roundtable was hosted by Stites & Harbison and Nelson Mullins Riley & Scarborough law firms and moderated by the Dean of Emory Law School. It covered how law firm and in-house business models are evolving in a changing economy.
Printable Penmanship Paper - Printable Blank WorldJim Webb
Sherlock Jr. is a 1924 silent black and white film directed by and starring Buster Keaton. Keaton plays a projectionist who dreams of being a detective. When he is framed by a local sheik for a crime at the home of the girl he likes, he enters the movie he is projecting to try to solve the case. The film uses techniques like jumping into the movie to tell a comedic story about Keaton's character trying to prove his detective abilities.
Sidley Austin Known As Sidley, Austin, Brown & Wood Is One Of The Worlds Largest Law Firms With Several Branch Offices. Sherwin Samuels, Senior Counsel For Sidley Austin Was Involved In Many Cases For The Firm. The Involvement Of The Starwood Capital Group Up Brings The Company.
Business Essay Writing. Online assignment writing service.Pamela Watkins
The document discusses the process for creating a 'Write My Paper For Me' request on HelpWriting.net, which includes completing an order form, providing instructions and sources, and choosing a writer to complete the assignment based on their qualifications and reviews. It also notes that the platform uses a bidding system for writers and that customers can request revisions to ensure satisfaction with the final paper. Customers are promised original, high-quality content and a full refund if plagiarism is found.
Holland & Knight, a 1,200-attorney national law firm, offers a unique Chesterfield Smith Fellowship Program where selected associates do only pro bono work for their first two years at the firm while receiving a full salary and credit toward partnership. The program has allowed the firm to recruit top law school graduates, including Rhodes scholars. It represents a significant financial commitment of over $2 million per class but benefits the firm through opening new recruiting channels and satisfying the firm's commitment to pro bono service.
This document discusses the dichotomy of "builders" and "destroyers" in organizations, focusing on the legal profession. It notes that studies have found lawyers suffer from psychological problems like depression at higher rates than other professions, suggesting there may be more "destroyers" in law. The document warns that individual "destroyers" can adopt negative attitudes that negatively impact themselves and their organizations. It emphasizes the importance of enjoying one's work for overall life satisfaction and avoiding adopting overly critical views that could turn one into a "destroyer" rather than a "builder".
1) More law school graduates are considering solo private practice rather than traditional legal jobs, and law schools are providing support programs to help with this transition.
2) The Law School Consortium Project was created in 1997 and provides mentoring, networking, referrals, and training in office management for solo practitioners. Currently 10 law schools have these programs.
3) Support from these programs includes free legal software and training, monthly seminars, and an online forum for graduates to ask questions and get feedback from other solo practitioners.
Major law firms feel pressure to diversify their staffs for both moral and business reasons. While the economic downturn has reduced overall hiring, clients increasingly demand that their law firms provide statistics on diversity and assign minority attorneys. However, representation of minority attorneys in law firms remains low, at only 3.71% making partner. To improve diversity, firms focus on retention in addition to hiring, such as through mentorship programs and organizing attorneys into smaller practice groups. Leadership training also aims to determine the best strategies for increasing retention of minority attorneys long-term.
A law firm has partnered with two Native American reservations to create a unique summer program for Native American law students. The program splits the students' time between working on legal issues for the reservations and working in the law firm's offices. It began in 2000 with one student from Arizona State University spending half their time at the Gila River Community and half at the firm. The program has since expanded to include a similar arrangement with the Forest County Potawatomi tribe and the firm's Milwaukee office. The firm recruits nationwide and fully funds the salaries for the Native American students in the summer program.
Working in a law firm can be extremely dissatisfying for many attorneys. While law firms offer prestigious positions and high pay, they also involve long hours, job insecurity, and lack of work-life balance. For many attorneys, a career in a law firm ends up being the worst choice and leads only to persistent unhappiness. If an attorney is consistently unhappy in a law firm, they need to seriously consider other career options sooner rather than later, rather than living a life they do not enjoy just to please others' expectations. Leaving a career in a law firm, even for something completely unrelated to law, can be a brave and worthwhile choice for an attorney's long-term happiness and well-being.
This document discusses the concept of "Kaizen", which means continual self-improvement. It explains that true security comes from constantly improving yourself both professionally and personally, rather than focusing on external factors you can't control like your job or health. The document tells the story of Dr. Gomez, who was imprisoned in terrible conditions but emerged in better health than others through daily exercise and personal development. It argues that applying principles of Kaizen - continually questioning your processes and improving efficiency - is key to advancement in any legal career. Some specific tips discussed for implementing Kaizen in a legal career include discarding conventional ideas, focusing on small improvements every day, and questioning all work methods and level of understanding.
One of the largest mistakes that many legal professionals make is to not carefully consider the business implications in how they are conducting their career. Here are some key points to think about that will affect where your career is headed:
1. Your legal career is like running a small business, with yourself as the product. Early decisions like your law school and performance will impact your initial "brand".
2. You must always ensure you have a marketable product/skillset. Certain practice areas may become obsolete or less in demand so pay attention to market trends.
3. Developing a strong, desirable "brand" is crucial for marketing yourself and your services. Manage your brand carefully over your career through your work experience
This document provides advice on how to write an effective legal resume. It recommends focusing the resume on accomplishments rather than responsibilities, using concise bullet points and action verbs. Personal details beyond basic contact information should generally be omitted. The resume should have a professional design with standard fonts, sufficient but not excessive white space, and no errors. The objective is to create a strong, brief impression that emphasizes the applicant's top qualifications and value to employers.
The document discusses key information about taking the bar exam, including:
1) The bar exam is a challenging standardized test that law school graduates must pass in order to practice law. It covers nearly 30 subject areas and is designed to assess a minimum level of legal competency.
2) Requirements for taking the bar exam vary by state, but generally involve graduating from an ABA-accredited law school. States administer different combinations of standardized tests developed by the NCBE as well as state-specific portions.
3) When choosing which state(s) to take the bar exam in, applicants consider where they want to practice immediately, long-term career goals, and different states' reciprocity policies for
The document provides advice for attorneys who have recently accepted a new job at a different law firm (lateral hires). It emphasizes that finding the right job is just the beginning, and lateral hires must work to ensure their new position is successful long-term. Specifically, it recommends that lateral hires: 1) learn from mistakes at their previous job, 2) manage their expectations about the new role, 3) learn about the culture and norms of the new firm, and 4) make strong first impressions through socializing, volunteering, and building relationships with senior attorneys. The document stresses that lateral hires must avoid job-hopping frequently and instead demonstrate their commitment to the new firm.
International opportunities are increasingly available for attorneys at large law firms. Many firms now have overseas offices and encourage associates to accept temporary or permanent placements abroad to work on international deals and transactions. This provides valuable experience for associates and allows them to take advantage of the learning opportunities, responsibility, and travel that come with such positions. Firms benefit from having a more globally experienced talent pool and from being able to better serve multinational clients.
IT Career Hacks Navigate the Tech Jungle with a RoadmapBase Camp
Feeling overwhelmed by IT options? This presentation unlocks your personalized roadmap! Learn key skills, explore career paths & build your IT dream job strategy. Visit now & navigate the tech world with confidence! Visit https://www.basecamp.com.sg for more details.
How to Prepare for Fortinet FCP_FAC_AD-6.5 Certification?NWEXAM
Begin Your Preparation Here: https://bit.ly/3VfYStG — Access comprehensive details on the FCP_FAC_AD-6.5 exam guide and excel in the Fortinet Certified Professional - Network Security certification. Gather all essential information including tutorials, practice tests, books, study materials, exam questions, and the syllabus. Solidify your knowledge of Fortinet FCP_FAC_AD-6.5 certification. Discover everything about the FCP_FAC_AD-6.5 exam, including the number of questions, passing percentage, and the time allotted to complete the test.
Leadership Ambassador club Adventist modulekakomaeric00
Aims to equip people who aspire to become leaders with good qualities,and with Christian values and morals as per Biblical teachings.The you who aspire to be leaders should first read and understand what the ambassador module for leadership says about leadership and marry that to what the bible says.Christians sh
Job Finding Apps Everything You Need to Know in 2024SnapJob
SnapJob is revolutionizing the way people connect with work opportunities and find talented professionals for their projects. Find your dream job with ease using the best job finding apps. Discover top-rated apps that connect you with employers, provide personalized job recommendations, and streamline the application process. Explore features, ratings, and reviews to find the app that suits your needs and helps you land your next opportunity.
Resumes, Cover Letters, and Applying OnlineBruce Bennett
This webinar showcases resume styles and the elements that go into building your resume. Every job application requires unique skills, and this session will show you how to improve your resume to match the jobs to which you are applying. Additionally, we will discuss cover letters and learn about ideas to include. Every job application requires unique skills so learn ways to give you the best chance of success when applying for a new position. Learn how to take advantage of all the features when uploading a job application to a company’s applicant tracking system.
Learnings from Successful Jobs SearchersBruce Bennett
Are you interested to know what actions help in a job search? This webinar is the summary of several individuals who discussed their job search journey for others to follow. You will learn there are common actions that helped them succeed in their quest for gainful employment.
Joyce M Sullivan, Founder & CEO of SocMediaFin, Inc. shares her "Five Questions - The Story of You", "Reflections - What Matters to You?" and "The Three Circle Exercise" to guide those evaluating what their next move may be in their careers.
Jill Pizzola's Tenure as Senior Talent Acquisition Partner at THOMSON REUTERS...dsnow9802
Jill Pizzola's tenure as Senior Talent Acquisition Partner at THOMSON REUTERS in Marlton, New Jersey, from 2018 to 2023, was marked by innovation and excellence.
1. CAREER COUNSEL 1.800.973.1177
PAGE 1 continued on back
Res Ipsa Loquitur: Work Trends at New Economy Firms
[by Peter L. Thottam]
You may have heard the story of my job
search already in some detail. It has been
featured in the Wall Street Journal, was a
topic of great discussion on the Greedy As-
sociates Boards and even led to a story in L
magazine (an American Lawyer affiliate) and
a write-up in the Los Angeles Daily Journal
(where I had placed an ad in March 2002
seeking employment after dealing with a
frozen job market in January and February of
2002). You may have even visited my website
at www.peterthottam.com where I widely
publicized my job search. I am one of the few
New Economy victims who has chosen to give
what has happened to the careers of many
former associates a voice. I graduated from
Yale College with honors and a high GPA. I
later attended the University of California-
Berkeley for law school and then worked
for all the “right” Silicon Valley law firms.
Indeed, my record would appear stellar in
most respects to many attorneys. However,
as this article will demonstrate, the New
Economy is not something that has spoken
well for the legal profession, and it has not
been kind to me.
I want to relate to you an insider associate’s
view of what has happened in the last five
years and is continuing to happen in work-
ing environments at many large law firms. I
also will offer a mix of practice insights and
general advice.
I’m the first to acknowledge that I’ve only
practiced for a couple of years. Accordingly,
some of my observations should be taken
with a grain of salt. Most of the insights and
advice in this article, however, are precisely
the type that I, along with dozens of attor-
neys that I know, wish someone had offered
us before we graduated from our respec-
tive law schools in the late 1990s. I plan to
submit a follow-on more theoretical piece to
BCG next year. In that piece I will write more
extensively about the revolution that I believe
that globalization, next generation Internet,
collaborative and wireless technologies ,
pending government rollouts of broadband,
XML/IP-videoconferencing protocols, and
increasing movement towards multi-disci-
plinary service offerings are just beginning to
unleash on the legal profession.
My First Legal Job
It was a bright sunny Monday morning in
August 1999, the outside air was crisp and
there was a palpable excitement in the room.
I found myself ensconced in a large room at
Wilson Sonsini Goodrich and Rosati’s (“WS-
GR’s”) new hire orientation at the gleaming
650 Page Mill Road headquarters in Palo
Alto. “650” was colloquially referred to as the
“Death Star” (i.e., the one from Star Wars)
by attorneys at nearby Cooley Godward LLP,
Fenwick & West LLP and Brobeck Phleger &
Harrison LLP. The term was even used in a
tongue-in-cheek and self-deprecating sort of
way at WSGR.
I was about to start what I hoped would be a
promising legal career at WSGR, a dynamic
and fast-paced place to work in the fall of
1999 and in early 2000. The culture was
positive and bubbling with possibilities. I had
graduated from law school with more busi-
ness experience than many of my colleagues
(see my resume, viewable at www.peterthot-
tam.com). My first job after Yale College was
working as an analyst in New York with Gold-
man, Sachs & Co. and, later, as a banking
and healthcare consultant with the Advisory
Board Company in Washington, D.C. I also
worked on a Chapter 11 real estate bankrupt-
cy and reorganization in Los Angeles. I knew
the meaning of “risk” and that businesses
were not always winners.
I was at WSGR for a total of approximately
21 months from August 1999 until May 2001.
I worked in the Larry Sonsini/Marty Kor-
man Corporate Securities Practice Group,
arguably one of the most demanding practice
groups at the Firm, which was staffed with
several excellent attorneys. My group was
generally known within the Firm as the M&A
“swat team.” I worked with three WSGR
partners who were all ex-Fried Frankers
(i.e., they were all former associates who had
come to Wilson Sonsini together in a joint
exodus from Fried Frank’s NY office). These
guys were charged with building a New York
style machismo at WSGR with a “take no
prisoners” culture. It was tough but -at least
at times-dynamic, fun and challenging group
in which to work.
My experience at WSGR included participa-
tion in several high profile M&A transactions,
two public offerings, and a range of venture
capital financings, contract reviews, foreign
acquisition agreements, and other legal
projects. I had the opportunity to work with
Bank of America, Sun Microsystems, Inc.,
Hewlett-Packard, Tibco Software Inc., GoTo.
com, NetFlix.com, Cypress Semiconduc-
tor, 3Com, Palm Computing, Homestore.
com, Healtheon/WebMD, ScanSoft, Rambus,
Brocade Communications, Excite@Home, and
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PAGE 2
continued
a range of private company clients.
Spiking and Drinking the Kool-Aid
I spent my first 8 months at WSGR working
intensely; more often than not I worked at
least 6 days a week and 12-14 hours a day
during the weekdays. I enjoyed being a cor-
porate securities attorney at WSGR and gen-
erally looked forward to Larry Sonsini’s peri-
odic voice mails to the 800-plus attorneys at
the Firm articulating his vision of the Firm’s
place in the emerging “New Economy.” I was
passionate about the Firm’s potential and
had a work ethic that was galvanized by the
Firm’s vision of the future.
With the unprecedented ascent of the Nas-
daq, I continued to be concerned that things
were moving too rapidly. While I think very
highly of the attorneys I practiced with at
WSGR, unfortunately many of them, includ-
ing to some degree even I, were “drinking
the Kool-Aid.” Just by going to WSGR, we
acknowledged to one degree or another that
we thought that the party could continue
indefinitely. The venture capitalists on Sand
Hill Road in Menlo Park were even worse,
arguably spiking everyone’s Kool-Aid with
generous doses of Ketel-One.
Popping the Dot-Com Bubble
Everything changed with a series of sharp
declines in the Nasdaq during a two week
period in April 2000. In an instant, it seemed,
the markets crashed and the caviar, extrava-
gant meals and massage sessions at Don-
nelly and at Bowne (i.e., “the Printers”) came
to an end. I continued working for some
time on an IPO that was eventually shelved.
Coming to Donnelly was like entering a
ghost-town. Instead of calling WSGR’s office
the “Death Star,” many of us until then had
insisted on referring to it as the “Enterprise.”
Increasingly, we realized that the “Death
Star” moniker was becoming more appropri-
ate as the ambience at the firm became truly
moribund. A decision was made to shut off
secretarial support services at late hours
and evening cafeteria services were halted.
By the beginning of Fall 2000, 650 Page Mill,
which had previously always been alive and
busy at night, was generally deserted.
According to the Venture Economics and the
National Venture Capital Association (http://
www.nvca.org/nvca05_13_02.html), there
were 81 IPOs taken to market in the first
quarter of 2000, 9 IPOs taken to market in
the first quarter of 2001, and 4 IPOs taken to
market in the first quarter of 2002. I think the
data is meaningful and the graph that follows
is a powerful illustration of what happened
between 1995 and 2002.
According to Dealogic LLC, the number of
tech IPOs swung from about 250 in 1999 to
just 20 last year!
Most of the firms in the Bay Area had rain-
maker-geared compensation systems and a
culture driven by the opportunity for riches
through growth of private equity stakes in
clients. This equity focused culture finally
came back to haunt many law firms through-
out the Bay Area. According to the Bay Area
legal press, in 1999 WSGR participated in just
under 170 IPOs. In 2000 that number went
down to about 40. By 2001 the number was
less than 10 with high margin M&A activity
similarly drying up.
By the end of the ensuing summer, law firms
throughout the Bay Area began to ramp up
what were, at least ostensibly, performance
based dismissals of junior and mid-level
associates. Throughout the remainder of
2000 and during the course of 2001, the ac-
counts receivable at tech-based law firms
(which had financed much of their expansion
through reaping rich IPO proceeds, making
short-term debt issuances, taking advantage
of escalating Dot-com series financings, and
encouraging general partner paid-in-capital
contributions) went through the roof.
As the work left many firms, hundreds of
bright and hard working attorneys through-
out Palo Alto, Menlo Park and San Fran-
cisco abruptly learned just how completely
“fungible” associates were to the partners
running their firms and how closely
the culture in the legal profession had
come to mirror corporate America in
its day to day profit concerns.
Finally Being Bitten
In March 2001, WSGR unexpectedly an-
nounced the opening of New York and
Salt Lake City offices. The following
week, I requested a meeting with my
group’s head partner. At the meeting
I asked for a transfer to the New York
office. Why? I had just married during the
preceding New Year’s Eve and my wife was
working in New York. A transfer to the newly
announced New York office seemed, at the
time, like the ideal solution to the geographic
dilemma we were facing due to the hiring
slowdown in the Bay Area banking sector.
Furthermore, work was just unbearably slow
in Palo Alto. Senior associates and junior
partners were keeping work to themselves
in their efforts to keep up their billable
hours. Day-to-day life and office politics had
become truly surreal.
Admittedly, I took a risk in asking for a
transfer. With work slow, and people drop-
ping out of the firm for unexplained reasons,
there was a sense of doom in the air. I really
didn’t know whether the New York office had
enough work to need an associate from the
Palo Alto office when I made the request.
Furthermore, I was making it clear by asking
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PAGE 3 continued on back
for a transfer to New York and stating my
reason for the request that I would probably
be moving to New York eventually anyway.
Several days later the partner called me
into a meeting in his office, stared at me
and, without batting an eyelid, said, “Pe-
ter, I’m afraid that we have decided that
it’s in our mutual interests for you to leave
WSGR.” That was it. I was totally floored. I
had received a glowing performance review,
positive feedback from him on several deals,
and a full bonus plus a merit addition from
him several months earlier; now, I hear this.
There was no warning - absolutely none.
When I pressed for an explanation, he said
that there was nothing further to say and that
a decision had been made. I was given three
months to secure other employment.
Having learned a great deal, I left WSGR in
mid-May of 2001 and immediately started
work for another top Bay Area law firm,
O’Melveny & Myers (“OMM”), in their San
Francisco office. I had received four other
offers (two in the Bay Area and two in New
York) in May 2001. I chose OMM’s San Fran-
cisco office because my feeling was that they,
among the firms where I had offers, were in
the best position to withstand the downturn
in the market. Within several weeks of arriv-
ing at OMM, though, I realized that virtually
every Bay area firm’s corporate practice was
affected. None of the firms I had received of-
fers from months earlier were in a position to
re-extend the offers that they had made sev-
eral months earlier -- presumably because
of similar slowdowns at their own firms.
I started looking for other opportunities but
market conditions, already terrible by that
summer, began to deteriorate further in July
and by the end of August, firms had begun
laying off attorneys en masse and publicly.
Cooley was first, Gunderson, Shearman, and
Brobeck soon followed. September 11, 2001
was the final clincher. Corporate work came
to a virtual standstill over the next three
weeks at most firms in the Bay Area and I
found myself daily knocking on partners’
doors looking for work. There just was not
enough work to go around. Some more
senior attorneys at OMM and other firms
around town were able to retool and transfer
to other divisions.
I certainly cannot blame OMM for the decline
in work that affected not just them but the
entire business sector. Work may have been
slow at O’Melveny, but I can say that I did
receive some terrific mentoring there dur-
ing the times when I was busy (particularly
from one outstanding senior associate in the
Los Angeles office). Law is a business and
the law firms I was working at are busi-
nesses too. If the work is not coming in for
an extended period of time, there is certainly
no reason for a firm to keep you employed.
Nevertheless, this is certainly not something
I expected when I entered the working world.
“New Economy” Associates
In late 1999, an attorney in my practice group
at WSGR walked into my office and told me
about the Firm’s decision to match Gunder-
son Dettmer Stough Villeneuve Franklin &
Hachigian’s recently announced substantial
pay raise for its junior associates. We were
giddy with delight and relatively clueless
about the longer term implications of the
economic model that the pay raise was trap-
ping law firms throughout the United States
into.
Tech-focused BigLaw firms today pay pre-
mium base salaries to first year associates
of $125,000 to $140,000. This doesn’t include
sign-in bonuses and year-end bonuses
which, respectively can be as high as $10,000
and $25,000. They fully expect their attorneys
to work at least 80 to 100 hours per week
which translates to 2,300 to 3,200 billable
hours per year (I billed 2,700 my first year,
2,200 my second year, and was on track to
bill 1,800 my third year).
It’s my opinion that law school graduates
generally don’t appreciate that even large
law firms are not insulated from economic
declines. Junior corporate associates are
expected to be able to make conforming
changes to financings and other types of
deals, to pay a great deal of attention to de-
tail during deal closings, and to be masters
at form document tailoring and management.
The political and client management skills all
become more important once the associate’s
drafting and general work product manage-
ment skills are comfortably established.
However, if there is no work to be done, then
there simply is no work to be done. Even a
mega-law firm with over 800 attorneys has to
make cuts in such an environment.
A law firm associate is completely respon-
sible for his or her own career and has to
hedge his or her prospects. The reality of
law firm associate life is that an associate’s
primary asset at a law firm is his or her time,
i.e. the billable hours that he or she gener-
ates. It is only much later in an associate’s
career that a book of business becomes a
significant asset. It is my opinion that, for
many large firms at least, the system’s
incentive structure is lop-sided and rewards
inefficiency in contrast to efficiency. I further
believe some larger law firms feed off risk
aversion and dangling “Sword of Damocles”
threats of performance-based layoffs in
order to get the maximum number of billable
hours out of their associates.
“New Economy” Partners
The system is, ultimately, a managed flow
of legal labor with misaligned incentives in
place. It portends to offer fantastic compen-
sation rewards to tracked attorneys with
what smart attorneys realize is an increas-
ingly unlikely and remote chance at a start-
ing partner salary in the neighborhood of
$350,000 to $500,000 around the age of 35 to
45 in return for billing 2,500 to 3,200 hours a
year. Ultimately, law firms sell their time and
junior attorneys offer little in the way of cli-
ent relationships built on trust and past work
relationships, potential billing bases, or real
substantive expertise in specific areas of law
to make them anything but fungible, espe-
4. CAREER COUNSEL 1.800.973.1177
PAGE 4
cially during significant economic downturns.
However, most associates rarely ever have
a chance in making partner at BigLaw firms.
According to a survey by The Recorder (a Bay
Area legal journal), the odds are in fact less
than 15%. The odds are probably significantly
less than 10% these days. Partners at many
of the top tech firms got in on the action early
on. They boarded the private equity trains to
partnership and to vast riches long before
the trains had even left the station.
Lessons Learned
From 1996 to 1999 there was a shortage of
young legal talent, i.e. attorneys in their late
20s to late 30s, especially in major met-
ropolitan areas like the Bay Area or New
York City. This shortage was coupled with
an unprecedented startup and equity boom
that detracted from the supply of available
attorneys and that resulted in ballooning sal-
ary structures across the legal spectrum. At
the same time, something fundamental was
changing in the nature of law firm manage-
ment dynamics.
Partners at some law firms are outstanding
mentors. Others are generally looking out for
their own self interest only. Sadly, especially
because of the economic downturn of the
last two years, increasingly gone are the
traditional loyalty and apprenticeship codes
and norms of law firm practice management.
Associates have become, in some respects,
as interchangeable as their clients working
within an increasingly common and ruthless
anonymity in their day-to-day lives.
A tectonic shift unfolded in the nature of as-
sociate-partner relationships during the late
1990s. The real implications of that shift only
became clear to me after the 2000 market
downturn. What happened to many of the at-
torneys I attended law school with and knew
in the Bay Area and New York was not what
we had anticipated. What is the plain truth?
Many associates have become fungible “com-
modities.” Estimates are that between 4,000
and 6,000 associates have been laid off over
the last two years. Res Ipsa Loquitur is Latin
for “the thing speaks for itself.” I think that
at many firms -- albeit not all -- associates
are now entirely expendable. At these firms,
absolutely no one is indispensable. The truth
is that YOU may not be indispensable.
A recent Reuters business report put Bay
Area office vacancy rates at a stunning 24
percent. The commercial vacancy rate in San
Francisco’s SoMa district (south of Market
Street) is now at an incredible 50 percent!
The California unemployment rate as of April
2002 stood officially at 6.4 percent, in stark
contrast to the near 2 percent unemployment
rate that prevailed two years ago. According
to the American Bar Foundation there are
now over a million-and-a-half lawyers in the
United States. Put simply, the profession has
a supply and demand problem compounded
by the economic downturn and the remark-
able 1999-2000 changes in associate salary
structures.
Here is some final -- albeit qualified -- ad-
vice I’ll offer to New Economy Associates:
(1) Pick a firm that has a well-diversified
practice, not one that is largely dependent
on one particular area of the economy, such
as technology; (2) Select a firm that has a
reputation for decency and honesty (rela-
tively speaking); many of us now know why
Wilson is called the Death Star; an attorney
who wants to be treated humanely in bad
times probably shouldn’t join a firm with
such a nickname; (3) Consider going to a
firm where you can rotate through several
practice areas during your first year or two;
yes, this will put you at a slight disadvantage
versus colleagues who focus exclusively on,
say, corporate work their first two years, but
in a serious down-turn, you as an associate
will be better able to transition to another
area of the law; it also really never hurts for
a corporate associate to understand court
room dynamics, litigation and IP either; (4)
Finally, remember that the practice of law is
becoming more and more of a business; the
partners at BigLaw firms are not, in most
cases, your friends, and they will not hesitate
to lay you off if their compensation is at
stake; work hard, do the best work possible,
learn as much as possible, always keep your
ears and eyes open for political and econom-
ic realities at the firm; and, perhaps most
importantly, network whenever possible. It’s
always easier to find work when times are
good. However, downturns can be fast, furi-
ous and unforgiving, making it difficult to get
out in time; there is, regrettably, very little
loyalty in this business; therefore, if the right
opportunity comes along, one should not
hesitate to take it.
Due to the current global economic and
geopolitical malaise I -- along with now thou-
sands of other junior associates throughout
the country -- have reached a crossroads
in our legal careers where we may have to
pursue opportunities available outside the
traditional boundaries of the legal profes-
sion. Perhaps doing so will be a good thing in
the long run.
- Peter Thottam (www.peterthottam.com)
Note: Peter Thottam can be reached at
peterthottam@yahoo.com or through his
website at www.peterthottam.com.