So imagine that you are a newbie lawyer working for a firm. When looking for your first job, nobody told you that the most important consideration was to work for a competent person of good character, so you chose your job based on other factors which seemed important at the time, like prestige or money.
This is for the young folks looking for jobs in private practice early in their careers. Here is what matters and what does not matter so much. Ignore this at your own peril (and I am sure that a great many of you will both ignore it and eventually be in peril.)
I speak to many lawyers who strike out on their own soon after being called to the Bar. They have various reasons for doing this. Some cannot obtain positions at established firms. Others get positions that come with no mentoring and abominable working conditions and decide that they would be better off on their own. And then there are those who are entrepreneurial by nature, distrusting of established law firms (often for good reason) and eager to build something for themselves.
Let’s say that you get arrested and are in deep doo-doo. Would you rather ask for advice from an experienced criminal lawyer or a recent graduate? The answer sounds obvious, doesn’t it?
And yet, when I was practicing law, I would often see articling students and junior lawyers ask for help from other junior people rather than reaching out to more senior lawyers. Sometimes the more senior people were not approachable or were downright intimidating, but more often than not, the students or junior lawyers were just shy or insecure about approaching them.
“It just doesn’t matter.”
Bill Murray in Meatballs
I am a Boomer who never owned a Beemer. The best that I ever did was a Honda Accord and I had to make my way through a Chevy Citation, Dodge Aries, and a couple of Pontiacs to get that far.
I had a few partners who owned Beemers. They all said that they bought them because they liked how they drove, but we all knew the truth. What they really liked was how they looked in them. Successful and well-off.
One of the many nice things about being retired is that I feel free to write about topics that I would not have had the guts to speak up about back in the day. So, here we go again!
The year was 1995. It was one of my first forays into law firm management. I helped develop our firm’s first ‘maternity leave’ top-up policy and presented it at a partners meeting. We were getting a bit of buy-in, but that ground to a halt when one of our partners said, “let me get this straight. The people who come to work every day are not earning nearly enough (author’s note- we were never earning ‘nearly enough’) and you want us to earn even less so that we can subsidize people who are not coming to work at all? Seriously? You are all f**king crazy!”
The other day I heard a story about a furniture store in Toronto that was known to cater to the wealthy. The owner purchased an unusual item in Vietnam for twenty dollars. He brought it back to his store and promoted it as a one-of-a-kind item from an exotic destination. He sold it to someone with more money than brains for $10,000. The person who told me the story swears that she has fifth-hand knowledge of the incident and that it is absolutely true. Having shopped in that store once, I do not doubt it.
Welcome to the concept of value billing. Things are worth what people are willing to pay for them.
If any among you have not yet happened upon the writings of H.L. Mencken, you should correct that. Among his many pithy quotes are the following gems:
One of H.L. Mencken’s quotes that seems particularly apt for law firm management is this one: “For every complex problem there is an answer that is clear, simple, and wrong.”
There once was a law firm which marketed itself as being a team of lawyers with deep expertise in different areas of the law who worked together seamlessly to deliver the best possible outcomes for the clients. Let’s call them “Super Team Lawyers.”
Super Team compensated its lawyers for bringing in business by awarding origination credits to the lawyer who introduced the client or referral source to the firm and paying them a percentage of their originating credits.
Back when I practiced law, it had been drummed into my head that every mistake was a potential catastrophe and a source of shame. I was a perfectionist and proud of it. I was also a little bit intense and not particularly healthy. I taught my Associates and Law Clerks to be just like me!