Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Posts Tagged ‘Outliers

Boycott BigLaw

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Total Black: $66.11
Total Red: $230,859.71

I’ve been thinking over the past few days about large corporate law firms.  About some of the changes that have already occurred—like attorney layoffs (read: firings) or deferrals (read: delayed firings).  Blogs like Above the Law and Law Shucks have detailed the dramas and charted the cuts.  According to Law Shucks, a website tracking law-firm layoffs, including both associates and staff, law firms have laid-off over 14,000 people since January 2008.  This, in an industry where layoffs were never public, always shame-ridden, and sometimes career-ending.  Nevertheless, once the tides began to turn, associates were the first kicked to the curb. Then came staff layoffs. Then more associate layoffs and staff layoffs until finally firms thought up the Great Procrastination, punting the issue altogether by deferring associates and providing stipends all along hoping the economy rebounds in the meantime or the associates decide not to return.  And now, to add insult to injury, one law firm, DLA Piper, has decided to restructure how its associates earn their salaries—not their bonuses—but their salaries.  According to Above the Law, starting in 2010, roughly 10-15% of an associate’s salary will be withheld and made contingent upon partner satisfaction with associate performance.  When do we say enough is enough? Keep reading . . .

Just Your Average Joe?

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So, at the outset, here are today’s stats:

Total black: $513.94 ($500 of which is sitting in a separate checking account for an un-cashed check)
Total red: $227,392.05

Black change: -$8.51 change
Red change: unknown

My bank provides software that shows your net worth, based, of course, on the accounts you link to it.  So, going forward, I’m just going to use that number each day to represent my total debt load.  I must note, however, that that number does not include approximately $8,000 my mother is carrying on a credit card I borrowed.  Add that into the number above and you get closer to the approximately $235k quoted yesterday.  Another point: the total red includes the $40,000 I borrowed from my mother, but since it came from a line of credit taken on her home, the monthly fees and charges added won’t be reflected.  Getting an exact number would require my mother giving me the account numbers, then setting up online banking profiles, and syncing my bank with those other sites.  I’ll broach the subject with her, but for now, we’re just going to use the number provided by my bank’s net worth software.  And, at this rate, what’s a couple thou’ difference anyway, eh?

As for today’s blog.  Well . . . morning has clearly past.  Breakfast and then a telephone call with someone who wasn’t looking for me (odd serendipity, or just plain weird, given that the voice mail came through the day after initiating this blog.  I’ll post more on that  at a later date if it materializes into something.  But why average Joe?  Am I an average Joe?  I suppose a bit of the back-story is need here. Keep reading . . .