Interview with James Caan: Capitalist gains

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  • most law firms are big ponzi schemes run at the expense of the associates for the profits of the guys at the top. It is a ruse that I hope young lawyers wake up to sooner rather than later. They won't make you a partner and you are your billable hours are simply there for them but they will tell you that one day you might "get up" but only if you are ever so good and ever so nice to everyone no matter how badly behaved they are to you. Often the guys at the top don't and can't produce but think that they are entitled to the spoils. Yes get rid of the partnership model, introduce some management skills and shift those partners out who think that they are entitled to something that they don't actually contribute all that much to.
    Go James - it is great to finally see the truth coming out about the law firm model. A lot of the time the partners are just recycled garbage who don't have the guts to do anything else with their life or to actually "earn" the half million pounds and up that they tend to pay themselves.

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  • I've been saying for a while now that the business model of law firms is bizarre - how sustainable is removing all profit from a business every year? The whole notion of PEP as a measure of performance is just as strange.

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