Veronica is my Gen Z stepdaughter. She knows a lot of stuff about a lot of stuff and is not shy to educate me on just about everything.
Most recently Veronica taught me the expression ‘Act Your Wage’ and then explained to me what it means.
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.
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.
Rob was one of my favourite clients. He had intellectually challenging work, treated my whole team respectfully, gave me reasonable deadlines, and promptly paid all of his bills without question.
Yet, there were lawyers in my firm who did not like working for Rob, who, being smart and creative, would frequently propose unusual business structures or litigation strategies and then insist that we convince him why they would not work.
At my high school, athletics were valued above academics. I am pretty sure that we had the only ‘Reach for the Top’ team (an academic competition) which had a student who failed a grade one year and returned to the team the next year. Needless to say, our team did not win.
On the other hand, our school had three football teams, all of which won their respective divisions just about every year.
I went to high school so long ago that personal computers were not yet a thing. All of the students were required to take typing, which did not sit well with Gerry. He announced on the first day of class that since, as a man, he was never going to be a secretary, he did not need to learn how to type. He then skipped all of the typing classes for the entire semester.
So, here is the situation. I am closing a deal with a senior partner from one of Canada’s largest law firms. Let’s call him “Big Law Guy.”
I am a senior partner myself, but with a medium-sized suburban law firm. By definition, he is supposed to be smarter than I am and his junior is supposed to be fortunate to be working for him instead of working with me.
It is an incontrovertible fact that young lawyers destined for private practice arrive at law firms without much clue as to how to practice law.
A lucky few are welcomed into a structured environment where good quality training, mentoring, and resources are provided to teach them their craft and to maintain quality control and client service while they learn.