Hey law firms! Have you given much thought to your partners approaching retirement, and calculated what their retirement may cost you?
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Reap What You Sow
Tag: lawfirms
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Show Me the Money
“Youth is always impatient, even though, ironically, youth alone has time for patience.”
Lucilla Andrews
In my new pastime as a cynical commentator on aspects of the legal profession which I whole-heartedly embraced and profited from for many years, I speak to quite a few folks at the early stages of their careers. I try to think back to when I shared their enthusiasm and optimism, but frankly it was way too long ago.
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Reading Between The Lines
At my law firm, we had great human resources management. It was so good that information was hard to come by. In fact, it was just about impossible to get any really good gossip out of management until it had made its way down to the partners, after which it became more readily available.
Since we had some really smart people at our firm (as well as a few who were not so smart), it should not be surprising that we had to compensate for the lack of information flow by learning to read between the lines.
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How Strong Are Your Roots?
The image that accompanies this post is of a massive tree in the forest behind my house which came down in a storm, bringing down another tree, which brought down a third. As you can see, the root system was wide, but shallow.
These trees might have looked majestic, but when force was applied, their roots proved to be too weak to hold up their weight.
The worst partners meeting that I ever attended ended with me storming out, telling one of my partners to fuddle-duddle off (not in those exact words), and threatening to leave the firm. I was the managing partner and highest earning partner at the time. You would think that I should have been happy.
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A Sweeter World?
I was speaking to a university student the other day who I will call Lara. Lara told me that she occasionally has a super nice dinner at her friend Kim’s expense.
It seems that sometimes Kim meets a Sugar Daddy who treats her to a nice meal at a fine restaurant. Kim is just a little bit nervous about meeting strange men for dinner, so she has Lara come to the restaurant, sit at a nearby table, and keep an eye on her.
When automobile manufacturers first put vanity mirrors on sun visors, they only put them on the passenger side. Their reasoning was that the passenger was usually a woman who had makeup to apply. The car was being driven by a man and men did not wear makeup.
Why do you figure that the manufacturers eventually started putting vanity mirrors over the driver’s seat? Did they come to believe that men also like to look at themselves in the mirror? Or was it that they suddenly discovered that women also drive cars?
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Math at the End of Days
Let’s say that Michael is a partner at his firm. He stays for many years and builds up a substantial client base.
And while we are making things up, let’s assume that Michael has been a team player and introduced his clients to his Partners and Associates, so as Mike comes close to retirement age, much of his work is being done by other Partners, Associates and Law Clerks.
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Somebody Hates Chat GPT
The more seditious and outrageous stuff that I write usually originates in my own tiny little brain.
Occasionally the creative spark comes from another lawyer. This is one of those times.
This particular lawyer sent me a rant about Chat GPT which I have edited slightly. For context, this lawyer’s firm loves Chat GPT, and this particular lawyer does not, but they have to pretend that they do so as not to anger the Partner Gods. They would rather go uncredited because they don’t want to be fired.
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Is Someone Out to Get You?
“Just because you’re paranoid doesn’t mean they aren’t after you.”
Joseph Heller
In some law firms there are politics among the Partners. Someone wants to be the managing partner or to win the compensation committee contest, and they need to win friends and influence people to get what they want.
I know, I know. You cannot believe it. This may be true in other firms, but certainly not in your firm.
In your firm, all of the Partners respect each other and support each other. They never talk behind each other’s back. They are hard on the issues and soft on the people. They certainly do not form cliques, count votes, or solicit support between meetings to win votes at the Compensation Committee or the Executive Committee.