March 2008

   In August, Gerry Riskin wrote his prediction that Doom and Gloom was in our future.  I asked Gerry if he would share the factors that informed his prediction.  He listed these:

    Currency fluctuations
    Price of oil
    Price of precious metals
    Increase and decrease in “real” jobs
    Geographic location of

Michael Maslanka, a lawyer from Texas, authored an article in Texas Lawyer that popped up on today.  The article advises GCs to treat legal fees the same way executives treat business issues.  Beginning with the premise that increased associate salaries are akin to a rise in the company’s raw materials, Maslanka writes:

Don’t belabor

In the post just below this one, I wrote about the associate turnover problem confronting BigLaw.  As I was writing, I thought about the wonderful opportunity that problem creates for firms like Valorem.  If you were thinking of purchasing a lamp, and were given a choice, would you rather pay $300 for the lamp

By some measurements, 50% of new associates leave their high-paid jobs at AmLaw 200 firms within 4 years.  Two-thirds of these departures of the associate’s choice, not the firm’s.  And the reason for such departures, in the main, is that associates are given drudge work with no real responsibility.  Training is not provided.  Associates are