Comments on: What a BigLaw Firm Might Say, but Won’t http://madisonian.net/2009/02/12/what-a-biglaw-firm-might-say-but-wont/ a blog about law, tech, culture, and related things Thu, 10 May 2012 20:32:56 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Frank http://madisonian.net/2009/02/12/what-a-biglaw-firm-might-say-but-wont/comment-page-1/#comment-272150 Frank Sat, 14 Feb 2009 21:06:48 +0000 http://madisonian.net/?p=1840#comment-272150 In comment above, I meant "when this compensation" rather then "when these caps". In comment above, I meant “when this compensation” rather then “when these caps”.

]]> By: Frank http://madisonian.net/2009/02/12/what-a-biglaw-firm-might-say-but-wont/comment-page-1/#comment-272149 Frank Sat, 14 Feb 2009 21:06:00 +0000 http://madisonian.net/?p=1840#comment-272149 A firm that did that could position itself very well down the road as starting attorneys realized that it was truly a team effort, rather than an exercise in maximizing returns to those at the top. My question is: what is the marginal sacrifice a partner would make to keep employment more steady at his or her firm? As the Institute for Policy Studies has suggested in other contexts, I think that figure is very low. The general assumption now is that wages will ratchet down for those at the bottom, while those at the top get whatever they can demand. Even the solons Becker/Posner are committed to assuring that there are no caps on pay for those at the top--even when, as now, those caps are effectively financed by taxpayers: http://www.becker-posner-blog.com/archives/2009/02/against_the_pay.html People like them have enabled a sense of entitlement among those at the top that is, quite frankly, boundless. Of course, someone like Aaron Feuerstein of the Malden Mills may occasionally offer real sacrifice for his workers: http://www.cbsnews.com/stories/2003/07/03/60minutes/main561656.shtml "[After a fire,] he made a decision - one that others in the textile industry found hard to believe. Feuerstein decided to rebuild right there in Lawrence - not to move down South or overseas as much of the industry had done in search of cheap labor. He also made another shocking decision. For the next 60 days, all employees would be paid their full salaries." But I think the culture of greed is so well-entrenched in the professions now that I doubt anyone like Feuerstein will emerge in the US legal sector. A firm that did that could position itself very well down the road as starting attorneys realized that it was truly a team effort, rather than an exercise in maximizing returns to those at the top.

My question is: what is the marginal sacrifice a partner would make to keep employment more steady at his or her firm?

As the Institute for Policy Studies has suggested in other contexts, I think that figure is very low. The general assumption now is that wages will ratchet down for those at the bottom, while those at the top get whatever they can demand. Even the solons Becker/Posner are committed to assuring that there are no caps on pay for those at the top–even when, as now, those caps are effectively financed by taxpayers:

http://www.becker-posner-blog.com/archives/2009/02/against_the_pay.html

People like them have enabled a sense of entitlement among those at the top that is, quite frankly, boundless.

Of course, someone like Aaron Feuerstein of the Malden Mills may occasionally offer real sacrifice for his workers:

http://www.cbsnews.com/stories/2003/07/03/60minutes/main561656.shtml

“[After a fire,] he made a decision – one that others in the textile industry found hard to believe. Feuerstein decided to rebuild right there in Lawrence – not to move down South or overseas as much of the industry had done in search of cheap labor. He also made another shocking decision. For the next 60 days, all employees would be paid their full salaries.”

But I think the culture of greed is so well-entrenched in the professions now that I doubt anyone like Feuerstein will emerge in the US legal sector.

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