Thursday, November 05, 2009
I've been following the news this morning about the Ropes & Gray associate accused of insider trading as part of an investigation into the Galleon Group hedge fund.
Ropes & Gray released a statement, saying in part: "We are deeply disappointed about this situation, which suggests an extreme breach of this person's duty of trust to our clients and to the firm."
Well, no kidding. It's damn well a breach of the duty of trust to the firm. If an associate here found out some insider information we could use to make a killing, they better not be keeping it to themselves. They ought to tell a partner, tell the whole executive committee, give us all a chance to get in on it. If we can't trust our associates to bring us valuable opportunities to increase our own personal wealth, what do we really need them around for? I've spent years digging through client paperwork looking for information that I could use to make better investment decisions. And for an associate-- not even a partner-- for an associate to be running with this, without making the opportunity available to his superiors.... Well, it was a pretty easy decision to fire him. And it should serve as a warning to everyone else at the firm-- you find a good deal, you bring it up the chain of command and let us all have a piece.
Hey, it's not like I don't tell my associates when I go to mortgage foreclosure auctions and try to feast on the corpses of evicted homeowners. They're welcome to come along and join the fun.
As long as their work is done.
And they carry my briefcase. I hate carrying my own briefcase.
Ropes & Gray released a statement, saying in part: "We are deeply disappointed about this situation, which suggests an extreme breach of this person's duty of trust to our clients and to the firm."
Well, no kidding. It's damn well a breach of the duty of trust to the firm. If an associate here found out some insider information we could use to make a killing, they better not be keeping it to themselves. They ought to tell a partner, tell the whole executive committee, give us all a chance to get in on it. If we can't trust our associates to bring us valuable opportunities to increase our own personal wealth, what do we really need them around for? I've spent years digging through client paperwork looking for information that I could use to make better investment decisions. And for an associate-- not even a partner-- for an associate to be running with this, without making the opportunity available to his superiors.... Well, it was a pretty easy decision to fire him. And it should serve as a warning to everyone else at the firm-- you find a good deal, you bring it up the chain of command and let us all have a piece.
Hey, it's not like I don't tell my associates when I go to mortgage foreclosure auctions and try to feast on the corpses of evicted homeowners. They're welcome to come along and join the fun.
As long as their work is done.
And they carry my briefcase. I hate carrying my own briefcase.
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"As long as their work is done..." What does that mean? Your associates can actually finish their work? Not so in my firm - associates NEVER finish their work - ever. Sure, we have box seats for all the major sport in town, country club memberships, and endless supplies of tickets to great shows...BUT associates never get to use any of these because their work is NEVER done...EVER. If I see an associate at any of these places, or even spending more than absolutely necessary in the bathroom, they are so fired.
You're softening up - aren't you the one who advocated catheters? Grow some balls, man.
You're softening up - aren't you the one who advocated catheters? Grow some balls, man.
Great post. I'm a law clerk and I read all the lawyer related information I can get my hands on so that when I get my chance, I'm ready. This article was also pretty interesting. Hope somebody out there agrees.
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Great post. I'm a law clerk and I read all the lawyer related information I can get my hands on so that when I get my chance, I'm ready. This article was also pretty interesting. Hope somebody out there agrees.
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"As long as their work is done." - so it is okay if they do that in wrong way or by cheating others? Is that alright? How can you said something like that? There should be some evaluation too.
"And they carry my briefcase. I hate carrying my own briefcase." - Well, what you need is a potter or bellboy, not a partner.
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The insider information that provides answers to the motivations of a sale is your leverage in the negotiation with prospective home buyers. Thus, it is essential that your decision on full disclosure will have to be guided by your judgment on how such information can affect the result of your negotiation with prospective home buyers.
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waiting for your next post :) *remembering how those staplers are lining up for anonymous lawyer to use them*
jeez...
waiting for your next post :) *remembering how those staplers are lining up for anonymous lawyer to use them*
I kind of agree when you said that It's an infringement of the duty of rely on to the firm because that's what supposedly be, though your visitors may not agree with your extra comments.
Thank you for bringing a well thought out and reasoned comment to the discussion.Nice job keep it up!!
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great article, thanks for putting this together! "This is obviously one great post. Thanks for the valuable information and insights you have so provided here. Keep it up!"
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"As long as their work is done..." What does that mean? Your associates can actually finish their work? Not so in my firm - associates NEVER finish their work - ever. Sure, we have box seats for all the major sport in town, country club memberships, and endless supplies of tickets to great shows...BUT associates never get to use any of these because their work is NEVER done...EVER. If I see an associate at any of these places, or even spending more than absolutely necessary in the bathroom, they are so fired.
You're softening up - as a San Diego Attorney aren't you the one who advocated catheters? Grow some balls, man.
You're softening up - as a San Diego Attorney aren't you the one who advocated catheters? Grow some balls, man.
"As long as their work is done..." What does that mean? Your associates can actually finish their work? Not so in my firm - associates NEVER finish their work - ever. Sure, we have box seats for all the major sport in town, country club memberships, and endless supplies of tickets to great shows...BUT associates never get to use any of these because their work is NEVER done...EVER. If I see an associate at any of these places, or even spending more than absolutely necessary in the bathroom, they are so fired.
You're softening up - as a San Diego Attorney aren't you the one who advocated catheters? Grow some balls, man.
You're softening up - as a San Diego Attorney aren't you the one who advocated catheters? Grow some balls, man.
"As long as their work is done..." What does that mean? Your associates can actually finish their work? Not so in my firm - associates NEVER finish their work - ever. Sure, we have box seats for all the major sport in town, country club memberships, and endless supplies of tickets to great shows...BUT associates never get to use any of these because their work is NEVER done...EVER. If I see an associate at any of these places, or even spending more than absolutely necessary in the bathroom, they are so fired.
You're softening up - as a San Diego Attorney aren't you the one who advocated catheters? Grow some balls, man.
You're softening up - as a San Diego Attorney aren't you the one who advocated catheters? Grow some balls, man.
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You should trust your associates.Nothing can be achieved in life without trusting the things.They can give you better suggestions regarding any deal and help you to earn profit as well if their suggestions are good.
Wow - feast on the corpse of evicted home owners. Pretty tough - wouldn't you say? - but that's what happens in a capitalistic system.
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This was funny...
I enjoyed the read~ and I look forward to browsing through your older posts~
and I'm not Spam :)
I enjoyed the read~ and I look forward to browsing through your older posts~
and I'm not Spam :)
The insider information that provides answers to the motivations of a sale is your leverage in the negotiation with prospective home buyers. Thus, it is essential that your decision on full disclosure will have to be guided by your judgment on how such information can affect the result of your negotiation with prospective home buyers
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Although I have never wanted to be a writer, I've always found the occupation both interesting and noble. The rivalry and power play between associates, clerks, and other individuals working within and/or for a firm is also intriguing.
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Great job!
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Great job!
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Some people will do anything to get money. Ropes & Gray were probably mad on so many levels. For an associate to do this is crazy.
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As long as their work is done..." What does that mean? Your associates can actually finish their work? Not so in my firm - associates NEVER finish their work - ever. Sure, we have box seats for all the major sport in town, country club memberships, and endless supplies of tickets to great shows...BUT associates never get to use any of these because their work is NEVER done...EVER. If I see an associate at any of these places, or even spending more than absolutely necessary in the bathroom, they are so fired.- I simply agree with this!
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Nice post. You're right about it being a breach of the duty of trust. Giving out information like that is unethical. I'm looking for a criminal attorney in Los Angeles, my home city, then I happen to come across this post of yours. Well, actually I've been looking for good criminal attorneys all over California. I've even reached Long Beach. Attorneys who are trustworthy are a must. I wouldn't want my own lawyer leaking my secrets to the other side.
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Well, no kidding. It's damn well a breach of the duty of trust to the firm.
Very much agree. Thanks for your thoughts.
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If I see an associate at any of these places, or even spending more than absolutely necessary in the bathroom, they are so fired.
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Only recorded insider trading like phone or email can be easily proven, insider trading has been going along for a long time and many connected people have been taking advantage of that and will continue. Some serious action needs to be taken in this area.
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