![]() ![]() People once hitched themselves to a firm for better or for worse. ![]() Only ten years ago, news of a partner’s leaving his longtime firm had the shock value of an archbishop’s joining the rabbinate. They’re wearing combat boots at the white-shoe law firms these days. If anyone had found out before a deal was struck, it would have been worse than awkward. “We chose places where I was unlikely to run into anyone from my old firm. “It was a little cloak-and-dagger,” he says, laughing. Negotiations about compensation took place in the lobby bar of the Peninsula Hotel, the preliminary agreement sketched on the back of a cocktail napkin. Over several weeks, the defecting partner met with key lawyers from the suitor firm during a series of clandestine lunches at different SoHo bistros – the kinds of places more often patronized by German models, disinherited counts, and hipster tourists than by Wall Street lawyers. They look at it as their money you’re taking with you when you leave.” He recalls how he was approached by his new firm after the legal press reported that he’d won a large chunk of business – a big securities offering by a Fortune 500 company. “Everyone knows which partners are likely candidates to leave the firm, and they watch you closer than the KGB, especially if you have a portable practice. It is more likely to be a slow recovery than a fast one, especially in employment, but this is arguably the best news that Obama has had since taking office.I can relate to the Russian general defecting during the height of the Cold War,” says a partner at one of Manhattan’s biggest law firms. ![]() Some of them, like the decline in the unemployment rate, are even a bit misleading, since some of that has occurred because a lot of dispirited job seekers have given up on looking for work.īut they do speak unambiguously toward an economy which has almost certainly bottomed out and has probably begun to improve. These numbers do not point toward a “good” economy. The NASDAQ will open today about 33 percent higher than when Obama took office. The manufacturing sector added jobs on a seasonally-adjusted basis. The average workweek lengthened, particularly in manufacturing. May and June job loss estimates have been revised *downward*. The unemployment rate actually *declined* to 9.4 percent from 9.5 Job losses slowed to 247,000, their lowest total since a year ago, beating expectations by roughly 100,000. ![]()
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