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March 11, 2009

Revisiting "leverage".

Stop working for a moment. Yes, we said that. More accurately: stop for a few moments. The one non-billable thing you should read and digest this week: "The Great De-Leveraging" at Adam Smith Esq. (Bruce MacEwen). It's long--but read it anyway. Here is just one excerpt in this "must-read" tome:

Non-equity lawyers don't have to beat their brains out. So they don't. Their deal—again, a perfectly rational one, to them—is that, premised on good behavior, they have a job essentially for life at, say, $350,000 to $450,000/year, adjusted for inflation.

If you think that's not an attractive deal, I suggest you immediately take the elevator down to the street and ask the first ten people you encounter if they'd like such a job.

Posted by Holden Oliver (Kitzbühel Desk) at March 11, 2009 11:59 PM


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