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September 26, 2008
FDIC seizes, and starts selling, Washington Mutual.
The Federal Deposit Insurance Corp. sells most of WaMu to JPMorgan Chase & Co. See Bloomberg, WSJ, New York Times. Meanwhile, on our pages WAC?'s Holden Oliver cruelly savors, and celebrates, the brutality of the return of the work ethic.
Posted by JD Hull at 11:29 PM | Comments (1)
Simple Justice for Clients and Customers?
Did you have the stones to fire this man?
When a young person has no clue what to do with his life after clutching that liberal arts sheepskin in his sweaty hand, he goes to law school. This isn't exactly the best reason to chose a career in the law. It tends to produce lawyers who lack much interest in doing the job...
If we were to stop worrying so much about the young lawyer, and worry a little more about the client who is subsidizing the young lawyer's education, would that be wrong?
--Scott Greenfield, "Simple Justice"
The Value Movement gets a boost? Hopefully, there's this silver lining in the Down Economy: a renewal of the notion that workplaces exist to serve and give value to Customers and Clients, and the companies organized to help them. Not to serve and cater to Employees. As we see it--and most states have traditionally seen it--it's a privilege to work. Not a right. And it's a special honor to learn and practice the law.
1. Another radical idea: Employees--no, not just associate lawyers, but all employees--should treat Employers themselves as valued customers and clients. How an Employee treats you--the Employer--gives you a preview of how he/she will treat your best client.
2. If they can't or won't, those employees should just leave. They are of course free to start their own "businesses" which cater to the needs and desires of their employees, and make a go of it. We suggest relocation to Europe, Mexico or maybe the former Soviet bloc nation Borat came from.
3. Is it okay now to start talking about how Employees should conform to Employer requirements--and not the reverse? Too soon?
4. Are you, the Employer, hiring and retaining Looters and Watchers--or Producers and Doers?
5. Are you off your knees yet, Employer?
6. By the way, what has your Employee done for you, the Employer, lately?
Posted by Holden Oliver (Kitzbühel Desk) at 07:49 PM | Comments (0)
September 25, 2008
America, world markets, and presidential politics.
The president's address last night of 9:00 PM ET is here. An embarrassed Congress is expected to finalize its $700 billion attempted "rescue" of the American economy this week. And even Friday's presidential candidate debate in Mississippi may be postponed (hopefully for the right reasons). At a time when the image of the U.S. has been declining abroad steadily in nearly every respect, WAC? hopes that the two presidential candidates quickly step up--senators McCain and Obama are now both their parties' newly annointed leaders, and new world leaders--and put not just America, but the world's economic markets, ahead of their historic election contest in 40 days. This week, and more than ever, the governments and businesses of Europe, Asia, Latin America and Africa watch us. True, they all gloat a little--but they worry a lot more. They are our colleagues and business partners.
Posted by JD Hull at 11:59 PM | Comments (0)
America: Work-Life Balance Now Officially A "Dumb-Ass Issue."
"Now more than ever..."
I have met many hot worm lawyers and I suspect there may be whole firms composed primarily of hot worms. These lawyers thrive on conditions that might prove injurious or even fatal to other lawyers.
--Stephanie West Allen, Hero of The Over-Achieving, The Energetic, and Similarly Oppressed Workers.
In our down economy, please, remember your humanity: Free The Driven. See past posts and related links. And, brother, can you spare some hot worms? If so, send them over. Please.
Posted by Holden Oliver (Kitzbühel Desk) at 12:59 AM | Comments (3)
September 24, 2008
Jim Hassett: More on the down economy--and what to do.
Like Tom Kane, Boston's Jim Hassett can tell you how to think about marketing and client retention in good or bad times. If you are not reading these two gentlemen these days--especially if you do higher-end work in a large or boutique firm--you are flat-out stone nuts (as in "Holden, get the net"). And then we will worry about you. See, e.g., Jim's "The Down Economy, Part 6: How Bad Is It?", and Parts 1-5, and his posts on "How To Improve Relationships With Large Clients".
Jim Hassett
Posted by JD Hull at 11:59 PM | Comments (0)
U.S. Justice Department investigates 26 large lenders.
The Associated Press reports that Fannie Mae, Freddie Mac, Lehman Brothers Holdings, AIG and Countrywide Financial (recently bought by Bank of America) are five of them. Failed IndyMac Bancorp is also being probed for possible fraud.
Posted by Holden Oliver (Kitzbühel Desk) at 12:59 AM | Comments (0)
"Pay Tuition, Then Pay For Experience?"
The Value Movement. As we were saying, we don't have all the answers. Maybe shortening law school to 3 or 4 semesters is one piece of the puzzle. We revisit the issue because growth and productivity by young lawyers who really want to be at their law firms and not just go through the motions is important for both junior lawyers and firms. So here's one small bite-sized thought at a time, lest some readers again become adrift from their moorings, get unhinged and blow tubes. Here's a reaction from The Legal Beat blog of Law.line, a CLE site:
Should recent law graduates have to pay law firms for the experience they receive?...
At first glance for any prospective law student, or current law student, this idea seems ludicrous. However, it is a notion that the United Kingdom has been practicing for a hundred and fifty years. Additionally, this is similar to the education structure we have in the United States for doctors. Some argue that if this concept was implemented, only those with a strong passion for law would seek to go to law school.
(Emphasis ours).
Currently, everyone is losing.
Clients are the biggest losers--if not victims. Clients in effect subsidize firms that retain high-priced but unhappy/unproductive associates who are not even likely to stay in their firms, and often serve to pad bills. The best clients do not need to pay high rates to cover "training overhead" for the very marginal (if any) value added by 1st/2nd year timekeepers. We can do better for clients.
If you are a Law Firm of any size: If you haven't heard, the markets worldwide are flirting with a recession. So why don't you guys get off your knees and keep/hire just the lawyers who really want to be there? You can't just wait until your clients complain; and your clients will complain, in any economy, once they realize increased value in young talent at law firms is possible, and that the current "talent sweepstakes" and associate system does not work for anyone. Forget for a moment "what the market will bear". You still have duties to your firm and to your clients to make hiring and retaining associates more efficient, and a better investment.
To Associates: If you hate what you're doing, plan to do something different as soon as you can. You still have options. You can get out of debt another way, and keep your sanity and self-respect. You obviously have the talent to accomplish that.
Posted by Holden Oliver (Kitzbühel Desk) at 12:00 AM | Comments (5)
September 23, 2008
Client service in a bad economy.
See Axel Meierhoefer's June post "What’s the best customer service during a recession?" at his Leadership and Talent Development for Smart People.
Posted by JD Hull at 11:59 PM | Comments (0)
Bubba, and once again, you busy?
WANTED STILL: Of counsel for growing, innovative Pennsylvania-based boutique business law firm with branches in California and DC. You must have at least 8 years of highest level federal Exec. Branch experience, world-wide connections, Yale Law degree, one year at Oxford, own money and people skills. Crowd-pleaser. Must be able to sell anything to anyone. And be originally from Hope, Arkansas.
State government experience in American South preferred but not required. Also preferred: participation in Renaissance weekends (writer is member). We also look for some fund-raising, and United Nations experience. Plus: past participation in Boys Nation or Boys State; writer is also alumni, and knows there's nothing flitty about them.
Sir, you don’t need to re-locate. We are desperate for can-do uber-Boomer who "comes to play". Happy to set up the office for you. Wherever you want. NYC, Harlem, Chappaqua all okay. Or DC. You decide. You can work out of your house. Or limo. Whatever.
NOTE: No previous private law practice experience necessary. Not a problem–-no problem at all. Excellent benefits package, if you need it, sir. Call collect.
Posted by JD Hull at 11:59 PM | Comments (0)
New Senate bill targets global IP theft.
See Patent Baristas, by Cincinnati-based Stephen Albainy-Jenei, on the International IP Protection and Enforcement Act of 2008 (S. 3464).
Posted by JD Hull at 11:59 PM | Comments (0)
September 22, 2008
American Crime: 316 years of getting it right?
Today is the autumnal equinox. And September 22, 1692 was the date the last people were hanged for witchcraft in North America. Whatever happened to Ordeal by Water, an old civil procedure mentioned in the first 20 pages of the casebook, anyway? "The accused, tied hand and foot, was cast into cold water, and if he/she did not sink, the accused was deemed innocent."
Posted by Holden Oliver (Kitzbühel Desk) at 11:40 PM | Comments (0)
Sounds 50% good to us.
It's no secret that most--maybe over 90%--of the employee suits filed against business clients are legally meritless; and to WAC? they seem to get lamer every year. But employment-related cases are still very expensive to defend, even if handled efficiently, and thrown out at a Rule 12 or Rule 56 stage.
Legal Blog Watch reports that only 15% of plaintiffs win in employment-related cases in American federal courts. Good news--but at what price glory?
Posted by Holden Oliver (Kitzbühel Desk) at 12:59 AM | Comments (0)
September 21, 2008
Charon QC...on a roll.
And having way more fun than you, Skippy.
Posted by Holden Oliver (Kitzbühel Desk) at 12:59 AM | Comments (0)