Daily Archives: March 8, 2011

Practice Tip (via ABL): How to Become an (Almost) Indispensable Junior Associate

Short of going solo, there’s almost no way around the fact: you’re going to be a junior associate before you become a partner. But that doesn’t mean you have to wait to be a partner to start thinking like one.

Start now, says Above the Law.

Take ownership of winning your case or completing your deal.  Of course, the ultimate outcome of any case or deal is the lead partner’s responsibility.  But the point of taking ownership is to think like a partner, and demonstrate that you are committed to getting the best result for the client.  This involves much more than simply doing a good job on the tasks you are assigned.  Taking ownership of your case or deal requires you to first understand the case or deal as a whole, and then actively think about how every part relates to the big picture.  So, for example, even if you are stuck doing doc review or due diligence, approach these tasks with an eye toward spotting the important issues that will help prove the theory of the case, or information that your client would want to know about the company it’s buying.  And then don’t be afraid to bring up those issues to the partner or senior associate to get his or her thoughts.

As soon as you take ownership, it’s amazing how fast the case changes in your eyes. You make fewer mistakes, conduct more thorough research, and are willing to spend the extra hours to get the job done, or even to just be available to get the job done. Work starts to flow your direction, and suddenly–ta da! You’re indispensable.

Check out the full post over at ABL (an indispensable blog for every attorney’s sanity).

Welfare State: Handouts Make Up One-Third of U.S. Wages – CNBC

1 in 3 of us is on the government dole:

Even as the economy has recovered, social welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960, according to TrimTabs Investment Research using Bureau of Economic Analysis data.

“The U.S. economy has become alarmingly dependent on government stimulus,” said Madeline Schnapp, director of Macroeconomic Research at TrimTabs, in a note to clients. “Consumption supported by wages and salaries is a much stronger foundation for economic growth than consumption based on social welfare benefits.”

The economist gives the country two stark choices. In order to get welfare back to its pre-recession ratio of 26 percent of pay, “either wages and salaries would have to increase $2.3 trillion, or 35 percent, to $8.8 trillion, or social welfare benefits would have to decline $500 billion, or 23 percent, to $1.7 trillion,” she said.

Ouch.

CNBC’s Fast Money: Welfare State: Handouts Make Up One-Third of U.S. Wages – CNBC.