Sullivan & Cromwell Sez “Thank You”
By BankersBall on Jan 9, 2008 in Big Law, Cube Life
But is it enough to captivate those fickle Generation-After-Generation-Yers? Apparently not, because they ain’t having it.
Many of you go to work everyday though you hate your jobs, if not for the money, then out of some sense of responsibility. And if not out of some sense of responsibility, then at least out of some sense of self-hatred or deep depression. But there’s a new class of kids that aren’t responsible/masochistic/rent-paying. And one thing is clear — increasingly, they aren’t becoming lawyers and doctors.
As you know, we at BankersBall like to keep tabs on the world o’ BigLaw, not least because bankers routinely take joy in knowing there is someone out there more miserable and getting paid less than they. But anyway, as we covered previously, BigLaw has been hard at work devising new worker satisfaction schemes, like quick hits of cash money, wine events, etc etc, and one we didn’t cover before, which according to the NYT went into effect at Sullivan & Cromwell in 2006 — the “thank you” policy (partners say “thank you” and “good work” to junior people.) Nevertheless, some associates are doing quick lunchtime bumps of NeimanMarcus.com to stay alive, says one ex-BigLawie.
Back to the point — applications for law school and medical school are down, discontent among the ranks of the formerly prestigious now disgruntled are high, meanwhile everyone wants to be Sergey Brin Chad Hurley Mark Zuckerberg. And it’s not just the money. It’s the value system. Doctors and lawyers feel they have ” slipped a notch in social status, drifting toward the safe-and-staid realm of dentists and accountants,” puts the NYT.
Also luring the youngins away are quicker roads to semi-riches. Reports the NYT:
“Investment banking and consulting firms have a huge presence; they’re barging in from before first day of classes … The messages they convey appeals to every undergraduate fantasy: this is a continuation of prestige education, this is the only valuable way to finish your education. You’ll work with the smartest people and the most exciting, high-profile clients.”
Though I would argue that even banking and consulting are still too lengthy ladders to climb for those of the ADD generation. Some of you no doubt are part of this generation. Thoughts, feelings? Please share and I’ll give you gold stars.


On Jan 10, 2008, Liam said:
I’m 23, so the same age as Zuckerberg.
I attended a non-target so I’m not really sure about the “continuation of prestige education” bit, but there are some people my age who want to get into ibanking/consulting. 2007 obviously isn’t a fantastic year for a lot of outfits, but I think you’ll find plenty of students who are still interested. The money is good compared to virtually all other options (especially for business majors), and it’s probably better for your career than being the night shift manager at your local Target or something. There’s still plenty of competition for positions.
On Jan 10, 2008, Matt said:
I bailed after 1 yr of law school for the hedgie world. All the lawyers I met (even in TX) were miserable, bald, fat, divorced or on their way to a combination of the 4. Best decision I ever made.
–born 1983
On Jan 10, 2008, Inquisitor said:
It’s an interesting question. As a current banker who went to a target, I definitely see this happening; I just don’t think traditional professions like banking/law/medicine have the same appeal they once did as people increasingly realize there are other ways to make money, whether through founding a hedge fund or the next Google/YouTube/Facebook.
I think the other big trend here is outsourcing - I am highly surprised that it has not been even more prominent in banking in particular, as most of what analysts/associates do can be outsourced. I suspect it is a combination of egos at banks and perhaps lack of qualified, financially literate labor abroad.
But how long will this last?
On Feb 25, 2008, CitiSB09 said:
I think it will last as long as places like Goldman are getting the smartest people money can buy who track to go to Harvard or Dartmouth and either run great hedge funds who eventually do business with Goldman, MS, etc., or go into senior management themselves. Why hire an Indian when the costs of language training, overseas communication, and the damage to client satisfaction are so great? Has anyone ever called the Dell help line? Exactly.