The year is 1987. There’s a hearing in a court in San Francisco that will likely affect the price of a publicly traded security. An arbitrage house retains us: “We must know the result of that hearing first — the instant the information becomes public. We want to be able to trade before our competitors can act on the news.”
What do you do?
You and a colleague arrive at the courthouse an hour before the hearing will begin. One of you goes to the pay phone on the second floor of the courthouse — down the hall from where the hearing will be held — and gets on the line to New York. That person is about to hold an open line to New York for three hours.
The other of you goes into the hearing room, elbowing your way to a seat in the back, near the door. (It’s like the sign outside the country church: “Services 9 am Sunday. Come early for a seat in the rear.”) The hearing lasts a couple of hours, and the judge announces the ruling. All of the lawyers and arbitrageurs push through the door and run down the hallway.
Ha! All of those other guys curse as they run past your guy, who’s holding the open line to New York! You get on the phone and explain the decision. The guy in New York says: “Repeat that.” You repeat it. The guy in New York shouts: “Buy!!!”
And all of the other lawyers and arbs are just now jostling out of the courthouse doors downstairs, heading to the Greyhound Station across the street, where there’s a bunch of pay phones.
So your arbitrageur-client is a happy man, and he retains you again several months later . . .
* We mentioned the Harvard Law grad turned alleged scam artist, John Donald Cody (a.k.a. Mr. X), last week. Check out this cool story about how the feds tracked him down after years of searching. [Arizona Republic]
* A Finnish lawyer recently won the World Wife Carrying Championship, which is, I guess, exactly what it sounds like. Scandinavians are strange. [The Irreverent Lawyer]
* Everyone loves stories about old people accidentally growing drugs because they didn’t know what marijuana looks or smells like. Harkens back to simpler time! [Legal Juice]
* Now the TSA is apparently mistreating and humiliating terminal leukemia patients. Pardon the bluntness, but f**k you. Seriously. [San Francisco Chronicle]
* At least U.S.Customs Enforcement agents can still get their jobs done without disrespecting the sick and the old. Kudos for nabbing this dude flying in from Asia wearing body armor and carrying luggage full of weapons. The TSA folks should take notes. [ABC News]
Here’s a sad tale that I’ve heard repeatedly recently from senior partners at major law firms.
When these partners were associates, they were superstars. They did great work, were in high demand, and sailed through the ranks.
These folks were invited into the partnership along with (or even before) their peers.
As junior partners, these folks remained superstars. Senior partners were anxious to delegate responsibility to these people, and the then-junior partners were flattered to be asked. The junior partners were doing interesting work, being paid handsomely (if not royally) for their efforts, and were contentedly busy.
But a funny thing happened on the way to retirement. My correspondents became senior partners, and this crippled them (professionally). They had aged out of utility to their firms. . . .
Ed. note: This is the first installment in a new series of posts on partner issues from Lateral Link’s team of expert contributors. Today, Larry Latourette, Executive Director – Partner Practice, brings us his insights on what it’s like to practice law in the era of mandatory retirement, and how older partners can make a lateral transitions to new firms.
When I first met “Mark” for lunch this summer, he appeared to be in his mid-fifties, in excellent health, and talked about his competitive tennis game, needing to put his teenage kids through college, and his thriving legal practice that he couldn’t imagine giving up in the next ten years. In reality, Mark was 64, faced forced retirement from his firm in nine months, and wanted to know what his options were for moving laterally to another firm.
As a legal recruiter, I have met a growing number of lawyers like Mark who are bumping up against their firms’ mandatory retirement age. This trend will, in fact, accelerate over the next five years, for several reasons. Like other sectors of the economy, the Baby Boomers have had a dramatic effect on lawyer demographics. About 60 percent of law partners are now 55 or older, and by some estimates, a quarter of all practicing attorneys will be 65 or older by next year. At the same time the population is graying, however, it is also living longer. Especially with the increasing number of women in the legal profession, the life expectancy of lawyers who are 65 is now almost 20 years higher, with most of that time spent in good physical and mental health. Finally, the recent downturn in the economy has also caused some lawyers to postpone retirement as their nest eggs have dwindled.
Objectively, there is no question that most older lawyers are up to the challenge of practicing law….
Lately, it seems that all of the regular legal media outlets have turned an eye toward women and their success in the profession. For example, earlier this week, we discussed whether women will ever be able to close the gender gap in Biglaw equity partnership ranks. Now, we’re faced with another “important” question: can older career women sport longer hairstyles?
According to some, such a look isn’t considered age-appropriate for the office. In fact, you could end up looking “rather sad and dated,” which may have an impact on your legal career. But then again, the National Law Journal’s survey on women who make partner didn’t include a question about the length of partnership candidates’ hair. Because at the end of the day, who cares? If a woman is great at her job, then the length of her hair shouldn’t matter.
Why can’t older women be successful and feminine at the same time?
Whether you like it or not, people are going to go back and forth on grade inflation until the end of time. Some think it’s God’s gift to gunners, and some don’t. But if you’ve decided to embark upon your legal career later in life, it may seem like there’s no way to compete with millennials whose college report cards are so littered with inflated grades that they might as well be printed in glitter and accompanied by gold stars.
We mentioned this suit in passing back in November in Morning Docket. At first blush, this complaint looks like a slam dunk for the plaintiff. A 60-year-old continuing education student named Karen Royce sued her professor of “Human Sexuality” for giving her some intimate homework.
Professor Tom Kubistant allegedly told his students to masturbate “twice as often,” and required them to keep a sexual journal and discuss it with the class.
Usually, when your class starts sounding like the beginning of a Shannon Tweed movie, you can expect a successful lawsuit against you. But here’s the thing: Professor Kubistant required students to sign a waiver. And Royce signed it.
And all the other students arguably signed a waiver saying they’d listen to the sexual thoughts of a 60-year-old….
Contrary to popular belief, many lawyers who toil in Biglaw actually enjoy what they do. This is especially true of partners (as opposed to associates who just pass through on their way to in-house or government opportunities). Some partners enjoy their work so much that they’d do it for free — or at least for much less than the millions they typically receive.
Of course, even if you find fulfillment in the work you do as a law firm partner, you can’t deny that the other benefits are nice. Being a Biglaw partner certainly allows you to provide an upscale lifestyle for your family. And it might permit you to enjoy an early retirement for yourself.
When you earn millions of dollars a year in partner profits, with lucrative retirement benefits on top of that (assuming your firm doesn’t do a Dewey), you don’t need to work until you’re 65 or 70. Instead, you can get an early start on your golden years, pursuing all of the hobbies and interests that you never had the chance to explore while billing 2000-plus hours a year.
That’s exactly what a retired Skadden corporate partner, James Freund, has been doing. Freund, who is now 77, retired from SASMF back in 1996, around the age of 61 (a little early, but not hugely so).
A few years ago, Freund scaled back his lifestyle. He traded in his $5 million townhouse for an apartment — one that cost a mere $3 million. Being a retired Skadden M&A partner is a tough life, but somebody’s got to live it….
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: