A law student client – already an MBA – said she needed convincing to drop out of her third-tier school.
I told her to calculate the return on investment for the final three semesters.
She crunched the numbers.
“Debit-wise, I’ve burned $80k in savings and I’m looking at another $100k of borrowed money. On the credit side, I might find a low-salary doc review gig.” She pretended to scratch notes. “So… big loans, interest payments, inadequate cash flow…opportunity cost of eighteen more wasted months learning legal mumbo-jumbo followed by the bar exam…”
“In other words…” I egged her on.
“I’d be totally screwed.” She affixed the cap on her pen. “Thanks. I’m convinced.”
I posed the question we were dancing around: “Why are we having this conversation?”
My client laid out the background: “My dad’s a lawyer. My mom’s a lawyer. My little brother’s taking his LSAT. This is what my family does. If I quit, I feel like I’m failing.”
She added: “It seems like it was different in my parents’ day.”
That’s because it was. A generation gap has opened in the legal world. On one side there are lawyers over-50, for whom law still looks like a safe, reliable ladder to the upper-middle-class. From the other side – where their kids are perched – law more closely resembles un ascenseur pour l’échafaud.
My client’s parents live in a time warp – a world trapped in a snow globe. Mom’s worked for 25 years as an in-house lawyer for a state college – safe, not terribly stressful (or interesting) work, with a decent salary, good hours and benefits. Dad’s worked for decades as general counsel for a local business. It’s no wonder that for them – and their generation – law still epitomizes a safe, low-stress career with good pay and benefits.
These over-50 types can’t imagine how bad it gets nowadays for someone calling himself an attorney. Their Weltanschauung doesn’t encompass windowless warehouses packed with contract lawyers logging 18-hour shifts of doc review for hourly wages, no benefits. Mom and Dad haven’t seen young partners at top firms getting de-equitized and struggling to snare in-house positions. If they knew that reality, they’d also realize their own sort of safe, steady work with benefits, a decent wage and reasonable hours constitutes a pipe dream for a kid graduating law school today.
Another client of mine – a 20-something from a decent school entering her third year in biglaw – summed up her reality thus:
“Really? I spent myself into life-long debt, endured hours of property law lectures, analyzed Erie problems on brutal exams, crammed for the bar…all so I could waste two years on doc review, then wait to get laid off (with the de rigueur bad review and zero career prospects) so someone younger and cheaper can take my seat? Really?”
If she’d studied computer science, or gotten an MBA or just quit school after college, she might have become a better-paid “e-discovery provider.” As a JD, it’s strictly “e-discovery peon.” In any case, five years from now a computer program will do doc review all by itself. As one client put it: “that’s when attorneys start living in cardboard boxes on the sidewalk.”
This isn’t your grandfather’s biglaw.
It’s hard to generate sympathy for lawyers – especially when the group of people you’re milking for sympathy is other lawyers.
I received an offer recently that I couldn’t refuse – an invitation from “legal search consultants.”
After Steve Spierer invited me to be a guest on his radio show on Talk Radio One, he told me we’d probably do a 30-minute segment. Then he added a caveat: “If we’re really on fire, we could go the full forty-five.”
I’m on for the first forty-five minutes, but stick around for the final fifteen, where Steve provides his listeners a savvy take on trends in the real estate market. His opinions might not be what you’re expecting, but he knows what he’s talking about and he leaves you thinking.
I am happy to admit I do not know what lies at the farthest reaches of outer space, I do not know what happens after I die, and I do not know how long my relationship with my partner will last.
For example, we live out our lives stuck to a round ball of rock by a mysterious force known as gravity. If we keep traveling in any direction, we end up back where we began. Just like your childhood neighborhood, that reality might feel safe and normal. But simply because the Earth is designed that way doesn’t mean the universe is – space may well continue on forever. Yes – without end. Forever.
One of my fond memories of attending Harvard University was studying with Stephen Jay Gould, the brilliant paleontologist. Gould’s specialty was blowing his students’ minds by reminding them that their assumptions might not be generalizable to every situation. He gave a lecture on how things would look if you were only a quarter inch – or 40 feet – tall. My assumption – like a child’s – was that things would be pretty much the way they are now, except I’d be smaller or I’d be larger – essentially I’d be looking up at stuff or gazing down at it, but that would be that.
As a child, relationships were supposed to last forever. Mommy and Daddy – the two relationships that mattered above all else – were necessary for your survival, and you took it as a matter of faith that they had to be there or you would perish.










