St. Jude

[Iron Chef]

Originally Posted by Flatbush Harry

May I head up your HR function. I can handle the interviews...for example asking the prospective employees if they have an opening for me, or telling them I think they have a fine future under me, er...............

Flubshat yHrar

You're hired. Start Monday!

Originally Posted by Jay13

Ok, now I dont even know the dude but that was ****ing funny.

Yeah yeah yeah...

Hey by the way Mr. Barrister...have you by chance caught that new show on USA Network called "Suits"? It's pretty good.

[Jay13]

Originally Posted by Iron Chef

Hey by the way Mr. Barrister...have you by chance caught that new show on USA Network called "Suits"? It's pretty good.

Me enjoy. I don't know what it is about USA Network, but they are kicking every big network's ass with their programming. Suits, White Collar, Covert Affairs, artc. The list goes on. Somebody deserves a raise over there..

[Iron Chef]

Originally Posted by Jay13

Me enjoy. I don't know what it is about USA Network, but they are kicking every big network's ass with their programming. Suits, White Collar, Covert Affairs, artc. The list goes on. Somebody deserves a raise over there..

Love Suits, Burn Notice. My son watches White Collar. GREAT network.

So...do you know any lawyers like that (i.e. that arrogant, but that good) and does it really take $500,000 to buy into a major firm as a senior partner?

[Jay13]

Originally Posted by Iron Chef

Love Suits, Burn Notice. My son watches White Collar. GREAT network.

So...do you know any lawyers like that (i.e. that arrogant, but that good) and does it really take $500,000 to buy into a major firm as a senior partner?

Grossly generalizing here, but litigators tend to be more arrogant. Whether they are good or not is somewhat of a red herring. It doesn't matter if you're only in the 80th percentile skill wise if opposing counsel is south of that. The flip side to that coin are stupid and unprepared judges. Very few read anything before getting on the bench. It doesn't matter how smart you are, they sometimes fall for dumb arguments.

As for the buy-in, I would say $500k is probably average to low for a firm like Suits. It all depends upon the size of their receivables and assets that you are buying into. Low/Old receivables? Huge lease obligation and rented furniture? Low associate attorney leverage? I wouldn't buy in for much.

At my firm, we don't have a buy-in, but you don't get any share of bills cut before you're a partner. Your first couple of years the firm is advancing you money to live on (your pay is pretty much frozen) and then you slowly dig out of the hole as your points go up and as more fees are generated that you do share in. It's a little odd, but inherently fair -- you're not forced to buy into a bunch of bad receivables and you only share in what is billed while you are a partner. When we collect a three-year old A/R (Jackyl - you reading this?), we allocate it based on the points from three years ago even if it means sending a check to a retired partner.

True story - I had a friend from PwC who also got his law degree. His firm tried to make him a partner and he said no thanks. He took a look at the receivables and the firm's lease and said there was no way he would buy in -- just leave him as of counsel. Within a year the firm had imploded and he would have been out the $$$. Smart guy -- with ig balls.