In the early 1980’s, just about the time that I was looking for my first permanent job in the legal profession, someone had called a recession and everyone had shown up. The pickings were slim for first year lawyers. Luckily for me, there was Don, a lawyer with over 25 years’ experience in the profession, who was being let go by the firm that hired me.
You think that baseball is a slow game? It has nothing on networking.
Here is a story for you.
Many years ago I met a tax accountant named Michael. Capable guy. We built up a trusting relationship and referred business back and forth from that day forward to my retirement.
Long ago I used to work with a great lawyer named Ed. Ed was calm, at least compared to me. When I was freaking out about my files and my workload and certain that I was going to get myself sued for something or other, Ed just did his work, calmly and professionally, no matter how much pressure he was under. We used to call Ed the Iceman because we were sure that he had ice water in his veins. I envied Ed. I never did find out if his insides were any different from his outsides.
If you are not in that part of the legal business which involves representing Banks on lending matters, you may not know that Banks love trust deposits. They pay a ridiculously low amount of interest on them, and while the firm’s mixed trust account (the “General Trust Account”) requires some managing, it does not take much effort to service the individual interest-bearing investment accounts for specific clients (the “Individual Accounts”). It is good business to have.
On the other hand, law firms like bank lending work. Less now than back in the days when it was more profitable, but still.
I know a young doctor who I will call Stephanie, whose approach to her career impresses me quite a bit. She graduated at the top of her class, became a specialist, and had many choices open to her.
In the movie Cowboys and Aliens, the cowboys band together to vanquish the big, bad, powerful aliens.
When I retired, I moved to the country and tried to fit in with the country folks after having spent a lifetime in the Big City.
There is an old story about a fellow who was searching for his lost keys under a streetlight. Various people came over to him, asked what he was looking for, and joined in the search. Eventually a lawyer came by and asked the same question but then followed up and asked him where he had lost his keys. The fellow pointed to a dark corner. When the lawyer asked why he was looking for his keys over here if he had lost them over there, the fellow explained that it was too dark to find anything where he lost them.
Adapt or perish, now as ever, is nature’s inexorable imperative.” – H. G. Wells
I can mount a persuasive argument that I had a successful career practicing law.
Although it is unlikely that in a hundred years anyone will be writing about my contributions to the Law, some of my clients likely have fond memories about how I provided sound advice, got them out of a jam, or helped them achieve their goals.
One of my best clients was a very large privately owned corporation. I had a great relationship with Steve, the majority shareholder/CEO. Our firm was the ‘go-to’ corporate counsel for the company.
The first time that Steve’s company was looking to handle some acquisitions, the CEO asked me, “What is your snack bracket for this type of work?” What he wanted to know was what size of deal we were comfortable handling. The answer at the time was deals of up to about $100,000,000. Beyond that a larger firm would better serve him.
Let me tell you about annual reviews for Associates in law firms.
Let’s start with the word “annual” which suggests that the review will take place around the same time every year. In most firms, it will not, if a lawyer is conducting it. Doing that would require that billable work be put aside. That is not going to happen.