A silver lining for law firms?

January 8, 2009

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Last year wasn’t so bad for lawyers, for, as Julie MacIntosh writes in the FT, “Law firms were forced to get creative as banks scrambled to find novel ways to raise capital, dozens of parties sued each other over broken deals, and others wielded air-tight contracts as blunt instruments in order to get things done.”

This was good news for corporate lawyers, a breed which tends to toil quietly rather than with the brashness of, say, the typical litigator. MacIntosh again: “As dealmakers have focused recently on the intricate language of merger and credit agreements, corporate lawyers have stolen some of the spotlight usually reserved for investment bankers, buy-out investors and hedge fund managers.”

So far, so good – for corporate lawyers, at least. But 2009 isn’t looking so positive, “as the market distress that spurred last year’s frenzied bank deals cools from a boil to a simmer.” Or, as one global law firm head, speaking of bankers’ ability to pull in fees, puts it: “We definitely feed at the same trough.”

Wall Street firms recognise that they currently have more people at work than are actually working, but appear to be adopting a ‘grin and bear it’ approach, looking out for the eventual upturn and redeploying staff where possible in the meantime. The redeployment is to areas that are expected to be busy – restructuring, asset divestiture and bankruptcy. “That clearly will be the most vibrant piece of business, along with litigation in general that arises out of any sharp downturn in the financial markets,” says Robert Sheehan, executive partner of Skadden, Arps.

Does every cloud have a silver lining? Perhaps. Indeed, MacIntosh uses the phrase herself: “A silver lining will be bankruptcy and restructuring, where legal fees look poised to balloon this year.”

 

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Memo to Freelance Writers: return that editor’s call quickly

September 3, 2010

Woe betide those who freelance and fail to return a call.

We say this upon hearing of a normally prolific freelance journalist who picked up a voicemail from an editor at one of the nationals on Tuesday afternoon. Please call us, was the message, and it could mean just one thing – a commission.

Our hero’s habitual practice is to return such calls as soon as is reasonably practicable, as m’learned friends might put it. In practice, that would habitually mean within a couple of hours. Most atypically, and for reasons we have yet to fathom, our man failed to call back for a full 24 hours.

By then, said editor had looked elsewhere. One of our man’s competitors had the gig, an interesting piece about cricket and the law, one which might just be in The Times today and which, we assume, asks whether the Pakistan cricket team have been caught out.

We make no judgement on the no ball scandal, save to say that it is a scandal, but in another sense the moral is clear: in the fast-paced world of modern media, he who hesitates is lost.

Pictured courtesy of PrintedClothing.com: a fast-selling shirt.

Seven of the Best Alternative Professionals

August 30, 2010

Susan Casey’s new book, The Wave, is soon to be published. It brilliantly illumines the world of professional big wave surfing, at the same time as exploring the phenomenon of rogue waves (specifically, those which top 100ft).

Suitably inspired, we thought we’d take a look at a different kind of professionalism than is usually to be found on these pages. Those featured in our magnificent seven of alternative professionals may not wear suits for a living, still less spend their time in the boardroom, but they couldn’t do what they do if they weren’t every bit as dedicated, focused, driven and downright professional as those at the helm of a City law firm, finance house or PR company.

1. Laird Hamilton

Hamilton is the star of The Wave, and no wonder. Based on the Hawaiian island of Kauai, the man is a force of nature, a 6″3′ powerhouse who makes big wave surfing look like a walk in the park. But it isn’t. The wave known as Teahupoo, surfed by Hamilton in Tim McKenna’s picture below, is a killer. Only years of focus, training and preparation make Hamilton able to ride this wave with such aplomb.

2. Danny Way

Warning: do not watch this footage if you are afraid of heights (and squeamish). American skateboarding star Danny Way has been rebuilt more times than the bionic man. He’s also made a small fortune from a sport so often wrongly derided as ‘for kids’. Definitely not one for a suit and tie, Way nevertheless deserves respect – as much as he would appear to need a permanent personal medical staff.

3. Shane McConkey

Professional skier Shane McConkey died in March 2009 while skiing in the Dolomite Mountains in Italy. His death robbed the world of extreme sports of an athlete known for combining BASE jumping with skiing, as seen in such feats as skiing into a BASE jump off the Eiger. RIP.

4. Shaun White

There are those who say that White, snowboarder extraordinaire, has the kind of hair that is inimical to success. We say, like Forbes magazine, that if White earned $9 million from his endorsements in 2008 alone, what’s he worth now? We also say: don’t try what White does at home. Or anywhere, really.

5. DannyMacaskill

If BMX riding is jejune, does it matter? Not to Macaskill, a man who’s worth a lot of money thanks to his remarkable ability on a bike.

6. Lynn Hill

There are rock climbers, and there’s Detroit-born Lynn Hill, the woman who made the first free ascent of the infamous Nose Route on El Capitan in Yosemite Valley. Currently sponsored by the Patagonia gear and clothing company, Hill has done it all, taking phenomenal risks in the pursuit of her calling. Take a look at the intensity of her gaze: this woman would have been a genius at whatever she’d chosen to do.

7. Dallas Friday

She has the best name of any sportsperson, ever. She also looks pretty good, too, and is even better at her chosen discipline, wakeboarding. And discipline is the name of the game: as with everyone here, however outre their worlds, however extreme their sports, if they weren’t disciplined they’d not only be impoverished but also, quite possibly, dead. Respect.

Hats off to the News of the World

August 30, 2010

Fantastic sting by the News of the World, whose legendary undercover reporter, Mazher Mahmood, has pierced the heart of some disgraceful match-fixing in professional cricket. Hats off, yet again, to Mahmood, but, strangely, we feel slightly sorry for him. Will he ever be able to retire into the sun and live a normal life? Somehow we rather doubt it.

Pictured: something which is decidedly not cricket.