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Law Students and Young Lawyers

Partnership – Not The Holy Grail, Part  Four: The Beginning of the Journey

Becoming a partner in a law firm is easy enough. You pay your money, you take your chances. But what exactly have you bought into?

We all know that what happens in Vegas, stays in Vegas. Partnership meetings are much the same. Partners can disagree in a meeting but when you leave the meeting room, everyone supports the decision. As far as the associates and staff are concerned, every decision is unanimous. That is the theory. Of course, theory does not always align with reality.

In the real world, people talk. They don’t only talk, but they advocate. They not only advocate, but they criticize. And politic.

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Law Students and Young Lawyers

Partnership –  Not  The  Holy Grail, Part Three: The Disadvantages

In Part One of  this series, I said that becoming a partner in a law firm is no longer the goal of every young lawyer. In Part Two, I wrote about the advantages of equity partnership.

Now, let’s talk about the disadvantages of equity partnership.

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Law Students and Young Lawyers

Partnership –  Not  The  Holy Grail, Part Two: The Advantages

In Part One, I explained that when I was a young buck,  becoming a partner was the ultimate goal of every young lawyer. I suggested that this type of thinking is, for good reason, falling out  of favour.

There are both good and bad things about being a partner in a law firm, and today’s young lawyers would be well advised to understand them all before accepting a partnership invitation.

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Law Students and Young Lawyers

Partnership –  Not  The  Holy Grail, Part One: Introduction

At my first law firm, there were three partners. When one of them moved on, and the other one passed away, the remaining owner  announced to all of the associates that he had no intention of making anyone a partner any time soon.

So I left.

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Law Students and Young Lawyers

It is Okay to Put Up With Some Injustice

[Note from Murray: Many of my readers are younger professionals. They may not be crazy about the content of this article. In my defense, I can be a curmudgeon sometimes, but that does not necessarily invalidate my old-fashioned opinions!]

After much thought, I have concluded that young people should be more willing to put up with tyranny. Before the howls to cancel me for this outrageous statement start, let me clarify. I am not talking about physical, sexual, emotional, or even financial abuse. I am talking about that other stuff that we used to call ‘life,’ such as uncomfortable or inconvenient situations.

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Law Students and Young Lawyers

How I Almost Failed Out of Law School Taking Accounting 101

I did pretty well in law school.  I studied all of the time, had no life, and got great marks. By my final year, I may have gotten just a little bit full of myself.

When selecting my courses for my final year of law school, I needed one more credit. So, devoid of any experience in the real world, I somehow decided that any course which was offered outside of the Faculty of Law would be easier than taking another difficult law course. 

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Law Students and Young Lawyers

Capitalism Run Amok in the Legal Profession

There were good things about the old days when law was primarily a profession, and lawyers joined law firms with a view to learning, working hard, and becoming partners. One of them was that law firms cared about their associates progressing, developing clients, and becoming self-sufficient.

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Law Students and Young Lawyers

From Big Law to Law School and Back: Follow the Money

One cold December evening when I was twenty-two years old,  I lined up outside for almost an hour to get into an exclusive club in Montreal.  The gatekeeper allowed the beautiful people in and passed over the others. I would still be waiting if I had not pretended to be part of a group that had been waived in.  

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Law Students and Young Lawyers

Pivoting From Big Law

Sometimes I meet a young lawyer whose career goal is to work in Big Law.  That path might not be my first choice, but as long as they know what they are getting into, they should go for it. This article is not about those folks.

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Law Students and Young Lawyers

Murray’s Masterclass in Managing Client Expectations

Murray (M) at my first rodeo:

Client (C):  We need to close this transaction in two weeks.

M: That is impossible.

C: The Vendor said that his lawyer told him that deadline is perfectly reasonable. Why are you creating roadblocks? If you cannot get it done, I will find someone else who is willing to do whatever it takes to get the job done.