This morning I was watching an ESPN episode of Outside The Lines entitled “Riches to Rags”. This episode was about the plight of NBA players who end their career without a dime to their name due to poor financial management or no concept at all of the definition of financial responsibility. Interesting interviews with Tracy McGrady and John “Hot Plate” Williams. Young people making big bucks, living in the moment, accessorizing themselves with every toy and bling they can without any thought of life after their primary career.

While watching the episode I started thinking that this rule It certainly does not apply only to professional athletes. It actually can be analogized to the highly competitive world of the recruiting of top tier law school grads by big time law firms. These grads are the Biglaw equivalent of highly sought after top tier athletes with lots of dollars at stake on both sides. High “rookie scale” starting salaries are thrown at bright young law grads in their early to mid 20′s. Ninety plus percent do not make partner. They are out on the street with no savings, no clients, having to basically start over….. Does a law degree correlate with financial common sense? It got me thinking of the sad but true story of my close friend “Johnny Biglaw”

Johnny Big Law had it all. He was a highly recruited legal “free agent’ fresh out of a top ten finish at Harvard Law. He was at the top of every legal draft board and by all accounts had a bright future both legally and financially in the competitive world of Biglaw…..

As draft day came near he was wined, dined,courted and begged to join the ranks of hot young associates at the unheard of “rookie scale” of Two Hundred Thousand Dollars per year. Big Big bucks for anyone but especially for a 23 year old kid from South Boston whose only balance sheet numbers upon leaving school consisted of One Hundred Thousand Dollars in law school loans.

Johnny took a liking to the big time New York Law Firm of Party, Hardy and Coke. All young hard working hard partying studs like him. They worked hard, played hard and had all the expected “legal bling”, Two Thousand Dollar suits and shoes that cost more than his car.

The senior recuiting partner at Party wooed him with stories of hard working, hard partying associates, law firm parties, happy hours, visions of uppers east side brownstones. The word “summer” used as a verb. At dinner with his prospective senior partners, he was regaled with stories of multimillionaire partner salaries, champagne client parties and expense accounts larger than his starting salary for partnership worthy recruits.

Johnny Big Law decided right there and then that the NBA was for suckers He would make his millions for life. He was young educated and in demand forever…… He was officially a legally ‘happening dude”.

Champagne was flowing, girls were dancing, partners bravading with stories of crushing court victories, three story brownstones, and limos to the supermarket. Johnny right there and then decided he was “BigLaw” and Bigtime. He accepted the offer. As all staggered drunkenly out of the restaraunt he realized that there was one question he forgot to ask….. He turned around and asked,…… What percentage of us will make partner and how long does it take? What happens if I don’t? Mr. Party just smiled and said “see you tomorrow”

The years passed and Johnny lived the BigLaw lifestyle. Spending every cent of the 200k his first year and the 250k by his fourth year. Saving money was for ditch diggers and plaintiff’s attorneys. They were one in the same in his book. Johnny worked hard but was more interested in New York night clubs, parties, women and nose candy. Was that not all there is? After all, he was a Harvard grad! The money would be there for life!

In year five, senior partner Coke called him in to a meeting. A meeting he thought would be to congratulate him on making the multimillionaire brownstone partnership track. He was really counting on it as even at 250k plus bonus a year he was living paycheck to paycheck and could barely make is student loan payment. At the meeting, Coke told him was a great guy, fun to party with but they just didn’t think he had partnership potential. He was much better at spending money than making it. They had a whole new contingent of Harvard grads ready to take his place at 300k a year billing more hours than he was. He had two weeks to hit the road.

Johnny saw his whole financial statement flash before his eyes. Student loans,rent, bar tabs, American Express had a hit man after him and he owed his drug dealer money

Johnny was in a panic. He was a free agent without a contract and not in demand. Was this what happened to over the hill athletes? No one was calling to wine dine and woo him. His posse had abandoned him. His phone only rang with bill collectors, leg breakers and women he had lied to…..

Resumes were shredded, calls were un-returned. Months passed with no offer Johnny thought worthy of a BigLaw big time lawyer…… Did NBA over the hill free agents have these problems? Johny thought back to the good old days as the “next best thing” at Party Hardy with money coming out his ears and a bankroll to choke a hippo. It seemed like Harvard, European vacations, cases of Cristal, multiple cocaine eightballs, three rehab stints and two bankruptcies ago.

Johnny is now living in Kermit, Texas specializing in plaintiff’s workers compensation claims for oil well ditch diggers…..

Moral of story? The NBA has nothing on Johnny BigLaw….

J