If you want to know what lawyers really talk about these days...
December 7, 2007 10:29 AM
...and really, why wouldn't you? It's all about the green, and how we don't make enough of it. Because of the damn investment bankers! From the American Lawyer:
Time was, lawyers were near the top of the heap. Investment bankers and other finance types have long eclipsed them, but the difference used to be one of degree. Then came private equity investors and hedge-funders, and lawyers nose-dived on the socioeconomic ladder. "Face it, we have no status," says an Am Law 100 partner of the pecking order at his sons' private school. "We go to these school functions, and this well-heeled group looks right through you. They won't give you the time of day. You're just one step ahead of the doorman."
Me no like the sound of that! Or this tale of woe:
And what about those poor schleps making a mere $600,000 or so-the average profit per partner of The Am Law 200? Should they head for the outer boroughs, the suburbs, or Cleveland?
No! Not Cleveland.
The situation is causing a lot of strife:
It's enough to make otherwise sensible lawyers resent their clients. "You have these young people making $5 million a year," sputters one 60-something partner. What's worse, he adds, "they are inexperienced and have to be led by lawyers."
Deep down (or is it right on the surface?), lawyers feel they are smarter than the average Wall Street Joe they service. "Some seem not to have that much education," sniffs one lawyer. "Why am I doing all the thinking when I'm making a quarter of what they make?"
Fortunately, we don't really have investment bankers in Cincinnati. But we do have plenty of resentment. The lawyers think all the doctors make too much money, and the doctors think the lawyers are making all the money prosecuting or defending their malpractice cases, when it's really the insurance companies raking in all the doctor's dough from their hefty premiums. And everybody's jealous of the people with successful business start-ups. As for the trust-funders (except for some notable exceptions), their funds are drying up, and the professionals want to suck what they can off of them, before they wise up and realize they can't live like they used to.
HT: Above the Law
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