Beyond Biglaw: Pumping Your Book

What exactly is "pumping your book," and is it a good idea?

One of my biggest advantages of leaving Biglaw has been the opportunity to WORK with an entirely new class of client — we can generally call them “Wall Streeters” (e.g., someone who reads ATL sister site Dealbreaker, and knows the cast of characters on that site). Because of our consulting practice, where we advise investors (whether hedge funds, family offices, or individuals) on patent litigation situations that could impact their investments, there is a good chance that I am talking to a “Wall Streeter” at least daily. In part due to the “risk-on” nature of many Wall Streeters, our introduction to their world was frankly a bit of a culture shock, especially coming from the relatively genteel and risk-averse world of Biglaw.

We are much more comfortable interacting with investor clients now; it helps that we know that our advice can be highly valuable to our clients. At the same time, good client service involves immersing yourself as much as possible in the “culture” of clients. In a patent case, that might involve visiting a factory to see how the client’s products accused of infringement are actually made, or sitting with the client’s sales team to understand the factors that buyers in their industry use to differentiate between competing products — the latter information may play an important part role in the damages analysis, for example. Part of learning a client’s culture is learning the lingo, especially terms that resonate across the entire industry and come up often.

One of the first terms we heard from Wall Streeters, and which we still hear regularly, is “pumping your book.” Working definition? When an investor tries to convince another investor of the merits of a current investment, in the hopes that the second investor will also invest (thereby spreading some risk and perhaps leading to share price appreciation). Sometimes “pumping your book” happens on an individual level, where one hedge-fund portfolio manager tries to convince another to jump in on an investment, for example. For some famous investors, the vehicle for pumping their books are the pages of the Wall Street Journal. A good example is prominent Wall Streeter Bill Ackman’s short-selling campaign against Herbalife. He believes Herbalife is a scam and overvalued, so he spreads the word to everyone who will listen, via sophisticated media and other channels, in the hopes that other investors will buy into his thesis.

Sounds like a concept unique to the investing world, right? At first I thought so myself. It also seems a bit crass at first blush, like trying to impress someone with your fantasy football draft picking acumen. What do I care that you own shares of Megacorp A, and do I really want to be the kind of person who spends time trying to impress people with my investment in Megacorp B? But I have come to realize that “pumping your book” is actually an important social construct in the investment community, and one that demands a lot of nuance from those engaged in that activity.

As referenced by my Ackman example above, for those at the pinnacle of the investing world, “pumping your book” is something that takes place via mass media, or is done within a strictly adhered-to hierarchy among peers. Try as I might, I would likely not even be able to get an audience with Bill Ackman, much less convince him to give even a second of thought to one of my investment positions — even if I ran a hedge fund with a hundred million dollars under management. Because the universe of hedge fund billionaires like Ackman is a small one, it is likely that the vast majority of the Wall Street community is in a similar position. At the same time, within the investment world, it can be important to show to your peers that you have original ideas, or are busy, or even that you work at a prestigious hedge fund whose “books” carry weight. Everyone needs to distinguish themselves somehow.

It is no different in a law firm context. We all have our “books” — the specific skills we possess, contacts we have, or matters we are handling. Depending on the social situation, it can be important on occasion to “pump our books” — in a way that creates a favorable impression in the listener. Does anyone teach you how to do so effectively? Of course not, keeping with the general rule that the important lessons for law practice are kept hidden from young lawyers for as long as possible.

When I was in Biglaw, as an associate or even as a young partner, there was a premium on creating and fostering the impression that I was a “star” (see Hermann’s article on the odds of surviving in Biglaw, much less making real money), both within the group and the firm. Did that mean harassing colleagues that I saw every day with “updates” on every “client-critical” matter I was handling? Of course not. But everyone who hopes to progress in Biglaw needs to summon the wherewithal to promote themselves internally at their firm, especially outside the small circle of firm lawyers that they work with constantly. I understand that it can be difficult to do so, and no one wants to be perceived as an arrogant gunner. At the same time, not creating any impression at all in the eyes of an important partner from another practice group can be just as deadly to your growth prospects as creating a bad one. You don’t want to be the subject of the question “who’s that?” in Biglaw, much less at smaller firms. Anonymity is expendability in this competitive environment.

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So when the opportunity to “pump your book” does present itself, it’s best to seize the opportunity, and try to calibrate your pitch as well as possible. One easy trick is to position everything you are doing as contributing to the bottom line of the firm. Partners love to hear that other lawyers in the firm are making them richer. Another is to constantly praise the broader “team” that helps you. It’s good form, more honest, and a necessary corrective to sounding like a blowhard. It is also good training for learning to speak well of everyone, an important skill to surviving in a law firm. (If you don’t have the power to fire the person you want to speak ill of, you do not have the right to do so in the vast majority of cases.)

Even at a small firm, it is still important to “pump your book” on occasion. The two most common scenarios for needing to do so are when dealing with former colleagues (especially if they are still in Biglaw) and with clients. The latter is easy — clients generally want to work with lawyers who they consider successful. So keeping your clients aware of your successful exploits, while assuring them that they are your favorite client whose matters get the highest priority, is good business. Likewise, former colleagues, especially if still stuck in Biglaw, can sometimes be hoping that you are flailing in your newfound freedom as a small-firm lawyer. Setting them straight, gently, helps keep the door open for referral opportunities, or other assistance — for either you or them — when job circumstances may need to change. In short, knowing how to “pump your book” is a skill found in successful people, who understand the importance of projecting success at every opportunity.

Ultimately, the day we need to stop “pumping our books” is the day we are ready to retire. In the interim, learning the art of effectively keeping people informed of your successes, without sounding arrogant or entitled, can be a major asset to your career. If it works on Wall Street, it’s probably worth something.


Gaston Kroub lives in Brooklyn and is a founding partner of Kroub, Silbersher & Kolmykov PLLC, an intellectual property litigation boutique. The firm’s practice focuses on intellectual property litigation and related counseling, with a strong focus on patent matters. You can reach him at gkroub@kskiplaw.com or follow him on Twitter: @gkroub.

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