Comments on: Even Lawyers Have It Bad http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html Sun, 22 Nov 2009 11:45:14 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25460 Anonymous Wed, 12 Nov 2008 19:10:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25460 Like they say...<br/><br/>A good lawyer is a dead lawyer<br/><br/>^^ Like they say…

A good lawyer is a dead lawyer

^^

]]> By: Anonymous http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25458 Anonymous Wed, 12 Nov 2008 18:15:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25458 "That way, it can remain an open question: was the person fired no good? Not <b>brining</b> in enough business?"<br/><br/>Well I'll be pickled! “That way, it can remain an open question: was the person fired no good? Not brining in enough business?”

Well I’ll be pickled!

]]> By: Anonymous http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25455 Anonymous Wed, 12 Nov 2008 17:49:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25455 I am a lawyer but thankfully, not working at these sweatshops. I used to work for a large multinational firm and the appalling lack of efficiency is one of the reasons I had to leave that system. It was amazing oftentimes how corporate clients would just accept the way things were. Why do they accede to paying a freshly-minted law grad $250 an hour when that grad doesn't know squat?<br/><br/>And you don't learn anything in these places. All these places do is provide a sense of entitlement that doesn't sit well in an economic downturn. Then they're thrown out eventually and they are compelled to hawk their skills like securitizing mortgages around, and people in the real world laugh in their face. <br/><br/>Lawyers deserve a ton of scorn, but be that as it may, I'm still glad I became a lawyer. I am a lawyer but thankfully, not working at these sweatshops. I used to work for a large multinational firm and the appalling lack of efficiency is one of the reasons I had to leave that system. It was amazing oftentimes how corporate clients would just accept the way things were. Why do they accede to paying a freshly-minted law grad $250 an hour when that grad doesn’t know squat?

And you don’t learn anything in these places. All these places do is provide a sense of entitlement that doesn’t sit well in an economic downturn. Then they’re thrown out eventually and they are compelled to hawk their skills like securitizing mortgages around, and people in the real world laugh in their face.

Lawyers deserve a ton of scorn, but be that as it may, I’m still glad I became a lawyer.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25452 Anonymous Wed, 12 Nov 2008 17:24:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25452 I used to work at a large firm which did RTC work in the early 1990s and large corporate bankruptcies. I quit in 1997 because I wanted to and I have headhunters calling and asking if I want to come back. I find that funny. I used to work at a large firm which did RTC work in the early 1990s and large corporate bankruptcies. I quit in 1997 because I wanted to and I have headhunters calling and asking if I want to come back. I find that funny.

]]> By: Hooray http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25450 Hooray Wed, 12 Nov 2008 17:19:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25450 Lawyers suck. Sorry, I take that back. What I really meant to say was....lawyers suck *big time*. <br/><br/>There are some outstanding lawyers out there, for sure. But overall, I feel that the legal profession needs some downsizing so that it becomes a net enabler of economic growth, instead of the parasitic shake-down operation it has become. My hope is that the laid-off lawyers will either become more efficient via a lower billing rate, or simply choose another profession. Lawyers suck. Sorry, I take that back. What I really meant to say was….lawyers suck *big time*.

There are some outstanding lawyers out there, for sure. But overall, I feel that the legal profession needs some downsizing so that it becomes a net enabler of economic growth, instead of the parasitic shake-down operation it has become. My hope is that the laid-off lawyers will either become more efficient via a lower billing rate, or simply choose another profession.

]]> By: macndub http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25442 macndub Wed, 12 Nov 2008 16:03:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25442 <i> Going to fixed fees is penny wise, pound foolish. </i><br/><br/>What you said, Yves. <br/><br/>I've lost track of the number of articles I read on fixed-fee billing becoming the norm at some time in the future, all of which underestimate the complexity of the business. Going to fixed fees is penny wise, pound foolish.

What you said, Yves.

I’ve lost track of the number of articles I read on fixed-fee billing becoming the norm at some time in the future, all of which underestimate the complexity of the business.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25441 Anonymous Wed, 12 Nov 2008 15:44:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25441 Law is just a bad business to get into right now. If you have any relatives or friends thinking about law school, advise them against it unless they're going to an Ivy or going for free.<br/><br/>There are just TOO MANY law grads being sent out into the world, and the darn ABA for some reason keeps accrediting new law schools which will only make the problem worse. Law is just a bad business to get into right now. If you have any relatives or friends thinking about law school, advise them against it unless they’re going to an Ivy or going for free.

There are just TOO MANY law grads being sent out into the world, and the darn ABA for some reason keeps accrediting new law schools which will only make the problem worse.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25438 Anonymous Wed, 12 Nov 2008 15:29:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25438 On a related front, I have friends telling me that insurance companies are offering fast settlements way above what a claim should be worth. I strongly suspect that the insurance companies are trying to avoid having their financial status become public to any degree. If insurance companies really are broke, that will decimate the legal profession, regardless of how well/poorly a firm is managed. On a related front, I have friends telling me that insurance companies are offering fast settlements way above what a claim should be worth. I strongly suspect that the insurance companies are trying to avoid having their financial status become public to any degree. If insurance companies really are broke, that will decimate the legal profession, regardless of how well/poorly a firm is managed.

]]> By: Matt Dubuque http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25426 Matt Dubuque Wed, 12 Nov 2008 13:51:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25426 Estate and trusts is quite good in recessions for lawyers.<br/><br/>Rich people always die and their children always fight over the money.<br/><br/>Some law firms, positioned for the Depression, anticipated this and planned accordingly.<br/><br/>Matt Dubuque Estate and trusts is quite good in recessions for lawyers.

Rich people always die and their children always fight over the money.

Some law firms, positioned for the Depression, anticipated this and planned accordingly.

Matt Dubuque

]]> By: Anonymous http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad.html#comment-25411 Anonymous Wed, 12 Nov 2008 11:58:00 +0000 http://www.nakedcapitalism.com/2008/11/even-lawyers-have-it-bad/#comment-25411 Yves: "Litigation, as the article points out, tends to fall off in down times, since even if you think you have a good case, you have to have the stamina and firepower to go a few rounds to force a favorable settlement (95% of lawsuits settle)."<br/><br/>Litigation over crappy issuances/deals heats up. But that work doesn't go to all firms.<br/><br/>Yves: "the client will try to squeeze more out of the lawyer, the lawyer will try to fob the work off on juniors and cut corners."<br/><br/>No, clients try to prevent juniors from working on projects because they are more expensive, even taking into account billing rates, due to massive inefficiency caused by them not really knowing what they are doing. Yves: “Litigation, as the article points out, tends to fall off in down times, since even if you think you have a good case, you have to have the stamina and firepower to go a few rounds to force a favorable settlement (95% of lawsuits settle).”

Litigation over crappy issuances/deals heats up. But that work doesn’t go to all firms.

Yves: “the client will try to squeeze more out of the lawyer, the lawyer will try to fob the work off on juniors and cut corners.”

No, clients try to prevent juniors from working on projects because they are more expensive, even taking into account billing rates, due to massive inefficiency caused by them not really knowing what they are doing.

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