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Why is this bowl so quiet?
Does EY pay for the CFE exam and Review course?
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That's fine, we understand Brad. But don't go glazing yourself about how committed to the rule of law you and your firm are, and how proud you are of the pro bono PW did for asylum seekers. It's the hypocrisy and instant folding that's just... ick, bro.
I think about Vito Corleone to Johnny Fontaine: “YOU CAN ACT LIKE A MAN!”
https://youtu.be/7nqcgUDoV_M?si=8DDf8oaaOFCxdRIk
PW and Skadden didn’t act like men.
Coach
The answer is that law firms are fragile businesses. Even if Paul Weiss had lost only a few clients, the firm could have been destroyed.
Paul Weiss and other law firms, unlike most businesses, are owned by their workers—that is, the partners who practice there. As owners, the partners are paid not in salaries, but in shares of the profits. They also can leave and take their clients with them.
This exposes a law firm to the risk of a cascading spiral of partner withdrawals akin to a run on a bank. If one partner leaves and takes his clients with him, the firm will lose revenue—and be stuck with many of the office leases, staff salaries and other expenses that it had before. The result will be a decline in profits, which in turn will mean a decline in pay for the partners who remain.
Once their pay goes down, some of these partners may decide to leave the firm. Their departures may damage the firm even further, pushing more partners to leave, and so on. Worse still is that, by virtue of their status as owners of the firm, the partners face unusual forms of liability that reward them for leaving early and punish them for leaving late. A partner who stays too long at a firm in distress can lose his past and even future pay to creditors of the firm in bankruptcy. A partner who gets out earlier avoids these risks.
Mentor
I don’t suffer fools gladly
Coach
https://www.wsj.com/opinion/why-paul-weiss-struck-a-deal-with-trump-law-firm-business-model-35bf7978
Mentor
Because more money is better than less money. Principles aren't worth money.
Mentor
Did OP just ask chatgpt the question and then copy/paste the answer? Damn, that’s like a whole other level of laziness.
It’s an excerpt from a WSJ article.
Coach
A lot of folks on this sub bitch and moan if they don't get special bonuses and you're asking why PW leadership wasn't willing to accept earning less money?