Enrico Schaefer at Traverse Legal has an interesting post on his blog, The Greatest American Lawyer, entitled If I paid you $500,000 a year, would you be happy? The post deals with the work/life Dilemma that face those wanting to work for Big Law, and Big Law propensity of throwing money at the bright and beautiful in order to gain their allegiance.
Practicing law should not be about just making money. Lord knows I want to make a ton of money. I cannot believe that a newbie lawyer does not have plans to conquer the World, and that really means make truck loads of money. But, taking this money is sometimes like selling your soul to the company store, is it not?
Here is my advice to the newly initiated:
Do not kid yourself. The money being paid to young associates coming out of law school is more money than you can make starting off on your own. It is more money than you can get working for the government. It is more income than you can achieve clerking for a judge. It is intended to attract you to Big Law.
More importantly, it is intend to entrap you at Big Law. The problem is, as Big Law knows, you will get use to the money, and then you will not be able to do without it. Nobody acts their wage any more. With the salary you will buy a bigger house than you would otherwise, you will buy a nicer car than you would otherwise, and Big Law has expectations of you that cost you large amounts of your monthly income. Your dress has to be appropriate and Men's Warehouse is not going to hack it. Forget Payless Shoe Source. Marshalls or Meryns? Yeah, right. A Toyota Corolla is probably not in the making. Or, a house too far outside of the loop.
The point is not that Big Law demands these things, but it does set the image it wants to maintain. Further, the natural greed of us all contributes to these matters. In the end, Big Law knows if you go for the money now that you will not be able to easily let go of the money later. You will be reliant on the company store to keep your lifestyle going.
It is the Enron principal. Big Law and Big Accounting were making millions of dollars a year from their Enron accounts. One Big Law firm in Houston, Texas was generating nearly a million dollar a month in fees from Enron alone. Enron represented a substantial portion of its business, and an untold number of partners and associates were living off these accounts. The problem was, however, when Enron said "jump" Big Law could only ask "how far"? Big Law and its attorneys were not in a position, given the wealth, to tell Enron what it did not want to hear, or to not do what Enron did not want done.
Big Law was not shocked by this position, or even conscious of this position, because it was use to operating in this way itself. Those with Big Law convince themselves that they are the best, and that they should get paid the best. Maybe they are the best (it is all really relative). The problem is that trying to live up to this image and obligation puts everybody on a treadmill that is a little too fast and a little too steep. Trying to stay in shape so as not to lose control on the treadmill takes everything you can muster.
And, what is wrong with the money? Nothing. Believe me, you will earn it. You probably deserve it. The problem is what Big Law expects for it.
You can look forward to 14 hour days, and working six to six and a half days a week. You just try billing and collecting 2,500 hours a year on top of administrative duties, learning your trade, schmoozing, and rainmaking. Add Church or Temple on your day off, and you had better put a picture by your front door that instructs your kids not to shoot if they see you coming in because you are their daddy or mommy and not a burgler.
As Enrico said in his post:
Attorneys need to make a fundamental choice when they select their employment. Do they want money, quality of life, earning potential, control, and prestige? There is nothing to say that lawyers can’t have a better quality of life and make more money at the same time. But that, of course, is a function of taking control of your situation. The vast majority of lawyers, especially associates, blindly run for the biggest paycheck when they graduate from law school. I should know. That’s what I did.
You are a profit center for the partners. You are a retirement plan for the partners. You think it is easy earning $500,000.00 or more by yourself, even if they are giving you the cases? It is not.
It is true that there is just some types of law practice that only Big Law can provide. But, if you are just one of those people that loves the idea of clawing your way to the top, and stepping on and over your fellow associates to get there, then try some profession that is even more profitable, like investment banking or the like. The rewards will be even better.
All I am saying is do not get distracted like a mouse by the cheese in the trap. I have clients that just want money so badly they will agree to 20% and 30% interest rates to get it. They look at the immediate reward and not the consequences. The situation with Big Law is no different.
If you want or crave the competition, the reward of money, the sense of accomplishment at the loss by others, then really you are the one who needs to take Big Law's offer. However, if you want to savor life, cherish your family, raise your children, follow your moral compass, or participate in your community, then maybe you need to take the less certain route, knowing you are going to make a little less money, and just do it on your own.
After all, you are bright. You are as diligent and as smart as they come. Big Law would not want you otherwise. You can do it. And, if you do it right, you can make the same salary in short order putting in 40% of the time you would to make Big Law's partners a high dollar living as well.
Jump Jump Jump!
Posted by: GAL | February 28, 2007 at 08:43 PM
I went solo after practicing with a firm for under a year. I did the math and realized that I was selling my soul for pennies on the dollar. Though a lawyer may not make the same grand salary working for himself (or herself) there are intangible benefits such as being able to take the day off the enjoy the nice weather, or to spend time with family and friends.
Posted by: Jay Fleischman | March 02, 2007 at 02:46 PM