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June 16, 2003
TRADE SECRETS OF THE LEGAL PROFESSION
Listen up: I'm about to reveal a shocking secret that lawyers don't want you to know.
An article about the impending split of the prominent plaintiffs' law firm Milberg Weiss (which specializes in securities litigation) contains the following quote:
A Milberg Weiss lawyer, who spoke on the condition that he not be named, said a reason for both the partner departures and the split of the firm was the obvious one: money.
"It's easier to make money with fewer lawyers," he said, "and plaintiffs' lawyers at the end of the day want to make money."
I worked for a very prominent plaintiffs' firm (specializing in mass torts) before going to law school. And nobody loves to criticize such firms more than I do. In fact, I've been known to opine that securities litigators like Milberg Weiss embody all of the social costs of ambulance chasers without any of their social benefits (though that assessment doesn't look so good in the post-Enron era). But - and it hurts my fingers to even type this - the plaintiffs' lawyers may be getting a bad rap here.
The undisputable truth is: At the end of the day, virtually all lawyers want to make money.
Now, if you'll excuse me, I'd better go on the lam before the bar association catches me.
Posted by Dr. Manhattan at 4:15 PM | Permalink