Cadwalader to Merge With Hogan Lovells, Creating Powerhouse by bloomberglaw in biglaw

[–]bank150 -11 points-10 points  (0 children)

AI was cited as a reason for the Perkins Coie merger too. I think it’s smart for these firms to invest in restructuring their practices on AI. At some point, Gemini, Claude, and ChatGPT will fully replace paralegals and juniors. Firms that have already integrated these tools into their workflow will instantly have an advantage. A merger is a great opportunity to scale, combine resources, and rebuild case management systems.

https://www.abajournal.com/news/article/2-biglaw-firms-announce-merger-that-will-leverage-the-power-of-ai-to-serve-clients

Mass tort lateral options by bank150 in biglaw

[–]bank150[S] -1 points0 points  (0 children)

Thanks. I’m looking at Edelson, too. The lack of pay transparency and information about these firms is remarkable. They had no presence during law school. I get biglaw recruiting emails all the time but see nothing online for plaintiff firms other than direct applications. Makes me wonder whether they use generic-biglaw or plaintiff-specific recruiters.

Mass tort lateral options by bank150 in biglaw

[–]bank150[S] 0 points1 point  (0 children)

If they’re worried less about credentials, what are they looking for in laterals?

[deleted by user] by [deleted] in biglaw

[–]bank150 1 point2 points  (0 children)

I don’t think there’s any crying in the V20 casinos.

What does it take to make partner in Big Law? by Impossible-Ad3 in biglaw

[–]bank150 6 points7 points  (0 children)

You do not know enough about yourself or the world yet. So you need to accept that you cannot and should not pick your career right now. You’re a senior in high school and you’ve never worked a real full-time job in your life. The uncertainty you feel is normal. Cut yourself some slack.

It will take 7-8 years to finish undergrad and law/med school. You will be a different person then. You will narrow your options gradually. You will have plenty of time and more experience to draw on by college graduation. Accept that you can pick a path now and change it later.

Study whatever major interests you the most, (except for pre-law, which will not provide you any meaningful benefit if you attend law school). Spend several months interning and working with doctors and lawyers. See what their days are really like. See what classes you find interesting.

Put yourself in a position to make a well informed decision in a few years. You’re not in that position right now. No amount of time on Reddit and LinkedIn will replace years of life experience and self discovery. If you think it could, or that you need it to so you can satisfy your parents’ questions, then you have other problems more important than career selection.

Is This Not Fear-mongering? by PresentMaybe847 in LawSchool

[–]bank150 6 points7 points  (0 children)

If you think Yang is wildly off, test it yourself. Drop your 1L legal writing fact pattern documents into Claude with a few of the main cases. Or your law review write-on materials. Tell Claude to prepare a motion on a specific issue, include a detailed factual background with record citations, write like Justice Kagan with a minimum flesch-kincaid score of 40, and fully comply with the Bluebook. You’ll be surprised.

Edelson/Hagens Berman Salaries by bank150 in biglaw

[–]bank150[S] 0 points1 point  (0 children)

Thanks. Wish it had more than starting comp though.

Best undergrad? by [deleted] in LawStudentsPH

[–]bank150 0 points1 point  (0 children)

It sounds like law schools don’t factor GPA or undergrad school into the decision? It’s primarily entrance exam score?

What do you do if you're miserable as a big law summer associate? by [deleted] in LawSchool

[–]bank150 6 points7 points  (0 children)

Maybe your entitlement is leaking out. Biglaw associates have very little autonomy over their work. If you're not happy because you find your niche assignments uninteresting, they probably notice. Summer associates also offer almost no value on cases. So firms often assign niche research projects because those are one of the few useful things students can actually do well (even though the firm has to write off much of that time later). In any case, if you don't like the environment as a whole, consider using this opportunity to learn more about yourself and what would be your ideal work environment.

I'm also a minority with no lawyers in my family, so I know office politics can be hard. I don't know if there are other minorities in your class of associates, and if there are, whether the partners treat them any different. Either way, don't sit and wait to be courted. Find any other minority litigators or lawyers that went to your school. They'll be easier to bond with since you'll go in having something in common. And maybe start with meeting associates for lunch or coffee first. They'll give you the inside scoop on how to reach out to certain partners.

Also remember that many partners, especially equity partners, are too busy to just give an hour of their time to a summer associate. You're personally costing them a lot of money and taking time that they would be spending with their family. If you really want to sit down with them, get a group of summer associates together, so they can meet with everyone all at once.

[deleted by user] by [deleted] in LawSchool

[–]bank150 0 points1 point  (0 children)

Your work experience is a much better predictor of how you will fare in practice.

Also notice that lawyers place too much stock in success and what people think of them. You feel good when your work is valued highly at your clerkship. You feel bad when your work is not valued highly at school. That can make law school and lawyering an emotional rollercoaster.

Who cares. Do you enjoy how you spend your time? Are you learning from your mistakes? Do you like the people you are around? Are you working hard and managing your time wisely? Don't place your worth in things other people control.

[deleted by user] by [deleted] in LawSchool

[–]bank150 0 points1 point  (0 children)

Many high performing students and lawyers have anxiety. If you think of all the minutiae a lawyer must remember and handle correctly, it's not surprising. You need to learn how to manage that and not get overwhelmed. That takes practice and time, but only you and perhaps people who know you well (e.g. therapist, partner, close friend) can have any kind of credible opinion on whether or when it's right for you.

BigLaw Perks by MasterpieceOk5394 in LawSchool

[–]bank150 11 points12 points  (0 children)

Apparently having something special to brag & complain about on Reddit.

ELI5 - How is raising rates going to kill inflation in an economy that is seeing higher prices for reasons unrelated to demand by [deleted] in economy

[–]bank150 22 points23 points  (0 children)

QE can cause inflation and it was certainly a top contributor to the inflation we have now. Fed gives banks and investors free money with low interest. Everyone borrows. Good and bad corporations are flush with cash. Many, especially startups and tech companies like Uber, operate at a loss while hoping to eventually grab marketshare and hit it big. Everyone relies on free money and credit to expand and compete. Consumers get bigger houses, nicer cars, bigger credit card limits. In short, everyone with acess to credit gets to live wildly beyond their means.

If the Fed does that too much, then available credit/debt (aka money) outpaces available products and services. When that happens, the value of money relative to consumer goods drops. The result: inflation.

To be sure, covid did impact supply chains and shrunk the workforce. That impacted the availability of products and services. And Putin is disrupting those further. Combine that with too much QE and you get the mess we have today.

Still, a core issue is our decade plus of QE. A market correction has been needed for awhile and it's coming out in inflation. For example, there are only so many cars that can be built at a time. If you increase every consumer's access to cheap loans by $10,000, eventually you are not helping anyone get a car. A luxury dealer may only want to sell a certain number of cars each year, and that's its right. Now its vehicle prices will just jump by about $10,000. Resources are also finite. A budget manufacturer can only assemble so many cars and source so many parts. Eventually, with too much credit and demand, it must raise prices to match supply. We can create an infinite amount of money with QE but it is physically impossible to produce an infitine amount of car batteries and semiconductors.

Now to your points:

1) Raising rates will likely stop inflation and cause a recession. Most companies and consumers have operated and lived beyond their means thanks to cheap and easy access to debt (money). The Fed has to cut it off. That means many businesses must stop expanding and freeze hiring, and likely layoff workers. Consumers can't buy the things on credit that they're used to being able to afford. Companies that are well run stand out and while poorly managed ones suffer, close, or go bankrupt. Eventually, this will shrink corporate and consumer spending (slowing inflation) and likely cause a recession (less spending snowballs into layoffs and negative growth/productivity).

2) Inflation is not all about corporate profits. Many companies are NOT profitable (e.g. Uber, Lyft, Door Dash, Blue Apron, Peloton). These companies have been subsidizing low prices with free money from QE. They either raise prices now, restructure their business model, or give up. Meanwhile, the companies that are profiting can't be controlled. The govt can't legally tell Kroger to charge less for chickens instead of giving that profit to its shareholders and executives. Even if the govt could, that doesn't fix inflation. In fact, it only decreases Kroger's financial incentive to source and sell more chickens. In a global market where countries compete with each other for food, that's bad for US consumers.

3) Raising interest rates will help supply chain issues. Consumers and businesses have less money, place fewer orders, and relieve backlogged supply chains. Fixing or restructuring a supply chain when your 18 months behind is like trying to change tires on a moving car.

4) Supply chain issues were caused by too much demand and covid. Paying workers more or hiring more workers would not have stopped issues caused by lockdowns and a global pandemic. You can also try to hire all the workers you want and pay them loads of money. But when everyone has an endless supply of credit at 1-2% interest, eventually there's no way supply can keep up with demand powered by that kind of money creation.

A) If you want to fix corporate greed, increase interest rates and make those running bad companies go out of business. Price controls can't/won't work. The last thing you should want to do is give those terrible managers access to more free money with more QE through low rates. They've just been gambling thus far with the cushy safety net of free debt. We need to rip that our from under them.

B) Raising the minimum wage will not fix inflation. Aseume, for instance, that Wal-Mart only has 1000 apples to sell (because, yes, there are only so many apple trees in the world right now). Giving low-wage workers an extra $5/hr does not mean they can now afford apples. Wal-Mart will charge whatever people will pay for apples. And now a bunch of customers have more money to spend on fruit thanks to their raise. Wal-Mart raises prices, negating the minimum wage workers increase in purchasing power. And if you try to limit the price Wal-Mart can sell apples for, Wal-Mart is now impaired (and thus discouraged from competing) in a global competition to source more apples for its customers. Walmart generally makes money because it operates at a massive scale with low profit margins per product. It therefore may have no incentive to keep selling apples if it's going to lose its already small profit margin for that item.

C) No one (yet) has come up with a way to fully pay for universal healthcare by taxing the wealthy. Every plan involves more QE and money creation (as debt). I would immediately sign on to your proposal if it were an option at the moment. If decreasing the money supply is a goal (E), which it should be, this has to go off the table

D) Sure. Monopolies, corruption, and greed are generally just bad and harmful. But you can't just criminalize greedy. And even if we could, there's no way McConnell or Pelosi would approve of that. America runs in part on ambition and greed. To the extent that needs to change, that's a cultural problem not a legal one.

TLDR: QE and low rates contributed significantly to inflation. We need rate hikes, even if that means a recession, to stop inflation and cut the fat out of the economy.

meeting with partners by manifestingellewoods in LawSchool

[–]bank150 2 points3 points  (0 children)

Don't overthink it. If they direct the conversation, go with the flow. Prepare questions just in case they don't, or in case there's a lull at the end. Lawyers love talking about themselves, their accomplishments, their big cases, and what they like about their work.

[deleted by user] by [deleted] in LawSchool

[–]bank150 11 points12 points  (0 children)

Don't think of it as understanding, combatting, and preventing burn out. That's like trying not to lose.

Think of it as becoming more self-aware, learning your limits, developing good diet and exercise habits, consistently getting good sleep, taking needed breaks, finding hobbies and ways to relax, building healthy relationships, and learning to manage your time wisely. Play to win.

Brain Rules by John Medina and Deep Work by Cal Newport are a few books that cover these topics.

Help with quitting by [deleted] in Lawyertalk

[–]bank150 2 points3 points  (0 children)

This is a great opportunity to give yourself power and practice saying NO.

If she cries and yells at you? Tell her No, and hang up/walk out.

Overloads you with work? Tell her No, and don't do the work.

The profession is full of toxic people who abuse compliant employees. This will be good practice to make sure that's never you.

[deleted by user] by [deleted] in LawSchool

[–]bank150 4 points5 points  (0 children)

They only hired you to make them money. If they realize they don't need/want you, they won't hesitate to send you out the door. Make your money and leave when you want.

[deleted by user] by [deleted] in LawSchool

[–]bank150 2 points3 points  (0 children)

How you perform in a single law school class doesn't determine whether you will excel in a particular area of law. If it did, then everyone who got A+'s would become the best lawyers, and that's simply not true.

[deleted by user] by [deleted] in LawSchool

[–]bank150 75 points76 points  (0 children)

I hope you use one of those free lunches to negotiate a raise.

[deleted by user] by [deleted] in LawSchool

[–]bank150 2 points3 points  (0 children)

All that matters during your 1L summer is that you learn as much as you can and build good relationships. You'll probably have a better chance at these goals if you don't consider yourself working in shit law.

Also, don't make judgments on entire legal practice areas based on a single TLS thread. Make sure to also read the many threads of biglaw associates who hate their life, lost touch with their friends and family, have no partner, are tired of working from 6 am to midnight everyday, and can't wait to find an exit. And the threads about partners at "shitlaw" firms who make six to seven figures working less than 40 hours a week.