Not to be all on Catherine Rampell’s jock today, but the other thing I read in the Economix while I was catching up on the internet seemed far more interesting than imagining Shearman & Sterling partners bitch about how flat profits per partner left them with only $1.56 million, on average, to play around with in 2011.
On the one hand, it’s an obvious point: a study about the most “sleep-deprived” professions found lawyers to average only 7 hours of sleep a night. Only “home health aides” received less sleep.
It doesn’t come as a galloping shock to anybody that lawyers average less sleep than almost anybody else. What did surprise me was the figure. What the hell kind of lazy lawyer is getting seven entire hours of sleep every day?
Sleeping Beauty: Not on the fast track to partnership.
I’m a big believer in forcing society to make reasonable accommodations for disabled people. It’s not too much to ask that disabled people be provided with handicapped accessible taxi cabs and buildings. And a special parking spot. Or whatever. If there’s a reasonable thing that society can do to make it a little bit easier to function with a disability, we should do it.
As long as we’re dealing with a real disability.
We used to live in a world where it was pretty easy to identify a disabled person. “Hello. Hello? Oh, you must be deaf.” “Hey, why are a you miserable cuss who keeps screaming ‘hoo ha’ at me? Oh, you must be blind.” “Why did you take out a hundred thousand dollar loan to go to a school that doesn’t help people get high-paying jobs? Oh, you must be retarded.” Man, those were the days.
Sadly, we now live in a world where it’s harder and harder to separate out the really disabled people from those who just can’t get their stuff together. To cope, I’ve developed my own little test: if I wouldn’t want the disability, it’s a real disability. If I’d gladly take the “disability” in exchange for a cash payout, it’s probably fake.
So let me ask you this: would you take a cash payout from your Biglaw firm if I afflict you with the dreaded “I’m really sleepy” disability? Yeah, this woman would too….
As any law student can tell you, pulling an all-nighter sucks. Biglaw associates, however, have to pull all-nighters quite frequently — and sometimes they’ll have to get by with very little sleep, for multiple nights in a row. As one of our Above the Law editors mentioned to me, a Biglaw all-nighter “is nothing like any other kind of all-nighter [he's] ever experienced.”
So what happens when you’re on your eighth caffeinated beverage of the night and you’re still yawning? You can literally feel the small amount of blood left in your coffee stream getting ready to stage a strike if you don’t catch a few Z’s. As a young lawyer, would you even consider going to sleep? And would your firm approve?
Hell no. Don’t even think about it. You can sleep when you’re dead. But for now, you get a futuristic-looking pod to take a nap in….
My client wasn’t getting enough sleep. I assumed it was insomnia, but that didn’t fit the bill. It wasn’t that she couldn’t sleep; it was that she wouldn’t sleep. She was staying up from 11 p.m. to 2 a.m., lying in bed — mostly, playing Angry Birds.
Those few hours were the only time she was left alone all day – no one from the firm called to assign her something awful to do or yell at her for something awful she’d done. To relinquish this sliver of “me time,” even for sleep, was out of the question….
I was kidding around with some of the guys at my gym, tossing around the question – would you fight Mike Tyson for $3 million?
One of them joked – I think he heard this on Howard Stern – that he’d fellate Mike Tyson for $3 million. He could spend the first $1 million on mouthwash and retire on the rest.
Then another guy spoke up, a sometime professional heavyweight boxer. (I’m not making this up, he really has boxed, for big money, not too long ago – and has plans to do so again.)
“It’s not worth it. Mike would destroy you. There would be no retirement.”
He went on to explain what he meant. He knew from experience – this guy had been in the ring. You’d have more than bruises – you’d have concussions, brain injuries, damaged bones and joints. You’d never be the same – and it wouldn’t be worth it. You’re better off not having $3 million but appreciating the finer things, like being able to walk and talk and think.
I saw his point.
Biglaw is also not worth it, even for big money. That’s because it, too, destroys you – just like Iron Mike…
Sandra Day O’Connor and Ruth Bader Ginsburg are examples of female lawyers who have it all: success in both their personal and professional lives. They both reached the pinnacle of the legal profession — a seat on the Supreme Court — but also raised families, blessing the world with judicial opinions galore, children, and grandchildren. They had time for dicta and… Well, you get the picture.
What about the most recent two females anointed with the holy SCOTUS water: Elena Kagan and Sonia Sotomayor? They both have incredible résumés, which helped get them to One First Street, but neither one had a family to move down to D.C. with them.
On the other hand, the most recent male nominees to the Court, John Roberts and Samuel Alito, are both married with children. They did not have to sacrifice family for profession. (Of course, that’s assuming you see “no children or significant other” as a “sacrifice.”)
Some studies have shown marriage is advantageous for men, but disadvantageous for women. Single women often make more than single men. An old article from Forbes points out:
Without husbands, women have to focus on earning more. They work longer hours, they’re willing to relocate and they’re more likely to choose higher-paying fields like technology. Without children, men have more liberty to earn less–that is, they are free to pursue more fulfilling and less lucrative careers, like writing or art or teaching social studies.
Andrews Kurth partner Kathleen Wu recently offered career advice in the Texas Lawyer. As Ashby Jones points out at the WSJ Law Blog, the most valuable piece is to “get real about balance.” Wu wrote:
It is next to impossible to balance a full-time legal career with marriage, children and regular trips to the gym. It’s no coincidence that the two women most recently nominated to the U.S. Supreme Court — now-Justice Sonia Sotomayor and nominee/U.S. Solicitor General Elena Kagan — are unmarried and childless.
Can women not have it all? Elie — married and male — and Kash — single and female — opine and offer a poll, after the jump.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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