Are educated youth today more lazy or placed with too many demands? | FerrariChat

Are educated youth today more lazy or placed with too many demands?

Discussion in 'Other Off Topic Forum' started by ryalex, Mar 23, 2005.

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  1. ryalex

    ryalex Two Time F1 World Champ
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    There is a debate in the legal world, whose discussion might be interesting in a wider context.

    Basically, many partners apparently feel that young associates today don't work as hard, aren't as dedicated to the law and most large corporate firms have shocking turnover. They are educated but don't have drive, and don't appreciate their opportunities.

    Some say that young professionals today want the high pay but consider many other options into quality of life, and feel they could have more options.

    My thought is that the hours required for law, consulting and investment banking, etc. are insane nowadays. I read somewhere that in the 1960's the average law partner billed around 1300-1500 hours per year. Today, a young associate in a New York (or comparable) firm won't be promoted for under 1850-2000, with many bonuses being pegged to 2000-2400 hr goals. There are firms with 2400 billing hour requirements! I've read accounts of investment banking and it seems just as grueling.

    What's your opinion? Are youth just lazy and ingrateful, or are we hitting and trying to surpass the levels of maximum human productivity?
     
  2. hwyengr

    hwyengr Formula Junior

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    Its apples and oranges, but as a consulting engineer, I usually bill 1800+ hours per year. But then again, when we get a big contract with lots of road-y goodness, I'm routinely 100% billable during a 40 hour week.
     
  3. PeterS

    PeterS Five Time F1 World Champ
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    Educated and Youth are synonymous?
     
  4. ryalex

    ryalex Two Time F1 World Champ
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    No, but my question pertained to young men and women who are college or university graduates. This is part of the possible paradox, because one assumes they are not lazy (to a minimum) for having graduated. But there is a generation of these grads who are still job-hopping and not settling into a career. My initial question is related to that phenomenon: young lawyers who are moving around and partners say they are not hacking it, they don't know how to work like they did in the good ol' days.
     
  5. Z0RR0

    Z0RR0 F1 Rookie

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    I'd say they (we) can be just as work-aholic as 10 years ago, but the cocncept of loyalty to a company has disappeared. And they (we) need to genuinely like and appreciate a project to want to get involved in it.
    In other words, even an ambitious and hard-working young gun will be part of the big turnover statistic if he's told to do "this" and "that" within tight deadlines over and over.

    Just my guess here.
     
  6. ashsimmonds

    ashsimmonds F1 World Champ

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    can you explain "billing hours" to us lay dudes? i wasn't sure what those numbers you were throwing around indicated, so i divided them by 52 (weeks), and 2400 hours is only 46 hours a week... hardly a strain to someone who is driven and/or enjoys what they do. for the last couple months i've been putting in anywhere between 60-100 hours a week on my projects, beyond 80 you find all you're doing is sleeping when you can't function anymore, and werking as soon as you wake up.

    so my only guess is that "billing hours" are beyond normal hours or something... :confused:
     
  7. ryalex

    ryalex Two Time F1 World Champ
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    No problem, Ash. "Billing" hours are time that is billed to a paying client. This is common in accounting or law.

    It is NOT all time spent at the workplace - I've heard estimates of about 65-75% of your time can be billable as it doesn't include meetings, lunches (unless you're having a client meeting or something over lunch) and other administrative/internal tasks. Lawyers might bill in 15 minute increments, or even 6 minutes.

    So a 46 hours billed week can easily be a 55-70 hour workweek. Meaning most Saturdays and plenty of Sundays. This is what many US lawyers are facing. IMO this, banking and consulting are industries that have been warped by aging men willing to sacrifice a marriage or three for their ladder climb - and the young graduates, now waiting longer to marry, are worsening the situation for everyone by putting in those insane hours.
     
  8. Dom

    Dom F1 Veteran
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    OK, lets see if I can try to answer some of this without sounding like a whiner:

    Your quote : "Basically, many partners apparently feel that young associates today don't work as hard, aren't as dedicated to the law and most large corporate firms have shocking turnover. They are educated but don't have drive, and don't appreciate their opportunities."

    I've seen this myself in my field (science), and I think I know why. Back in the old days (before my time), it seemed that you could work hard, and be greatly rewarded. You were loyal to a company, and they were loyal to you. Now, there is no loyalty. We can be fired any time, for any reason. The company wants to get every last bit of productivity from you, and if you are not at your peak at all times, bye bye.

    Also, depending on what level you are, you don't always get the bonus and perks. A real life example: At my company, in the R&D department, if you are not at a certain level (senior scientist, I think) you are essentially eliminated from the bonus track. It becomes very hard to motivate some of these people when they know that if they work really hard, their boss will get a nice fat bonus, but they will get nothing.

    Therefore, the new attitude is: I will work hard (but not too hard- there is only so much BS that they will put up with), get as much money from the company, and move on. No loyalty. No dedication. Everyone is in it for the quick buck.

    Egads, I think I'm sounding like Horsefly.

    Dom
     
  9. ryalex

    ryalex Two Time F1 World Champ
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    This is good stuff. So you're saying it's because labor has become a commodity. This would hold true in law for example, where there are significantly more qualified grads than positions available. People know it's a meat market and walk right in for their big paycheck. Firms juice them for 2-4 years of sweet brief writing and research billed at $400/hr and throw away the peel. If it wasn't profitable for the partners, they wouldn't let most associates leave in 3 years.
     
  10. ashsimmonds

    ashsimmonds F1 World Champ

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    makes sense.

    what i'm wondering then, if so much weight is given to time spent rather than service provided or final outcomes, then how much artificial inflation could there be?

    from the perspective of a call-centre environment, my current company is service oriented. they keep stats on call duration and stuff, and will query the operator on any incongruencies, but not ride them as they care about giving good information. however in a previous company the "team leaders" spent most of their time checking the call times and number of calls fielded per hour and stuff, and the person who answered the most calls was held under a beaming light of shininess, which i thought was just wrong. i heard some of these "stars" calls, and if they couldn't answer right away, they'd be like "sorry i don't have that information i'll put you back through to switch, goodbye", when others would go to the effort of getting the info personally etc. :mad:

    sadly, stats can be made into a pretty graph, service quality and customer satisfaction can't.
     
  11. ryalex

    ryalex Two Time F1 World Champ
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    They do monitor your time spent per item in that you can't spend 4 hours on a 30 minute memo (unless it's your very first one). That's not to say you don't get billed for them talking about your case with another lawyer over lunch.
     
  12. Mike360

    Mike360 F1 Rookie

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    All good examples of time costing in the workplace.

    Here at work, we employ a time-costing/billing system that makes it a lot easier to gauge the cost to us, by giving me an itemized account come billing time. All the employees have different “rates”, and we go by 6 minute “units”. I know quite a few accountancy firms that employ the same system as us. But instead of using to gauge cost to the firm, they use it monitor and gauge an employee’s performance. Everything that they do throughout the day gets recorded. Every phone call, every email, every dismemberment, and every ounce of work they put into a client.
    Everything comes to “One” number at the end of the day. And that magic number is 70. Get below 70 consistently, and your performance gets pulled into question. Keep going, and you are now on a “Time Cost Audit”, whereas someone will scour through all your units at the end of the day, and consult with you about how you spend your work day.
    Its very demoralizing for the employees to be considered a “number” at the end of the day. And I know quite a few people that have left firms like that, and they seem to have lost their “heart”. Sometimes people forget to record the units. Sometimes they put too little to avoid a high cost, and the risk of an audit. The whole thing sucks, and it will never get better.

    My firm does not judge the performance of the employee’s through that method. We only use the time cost method to calculate an accurate bill at the end of a client’s job. That entails them recording their “Units”, but we don’t go off that. We constantly review and encourage our staff to have “time-outs” here and there. And the atmosphere is very relaxed. But the knowledge that if you step out of line then you will be caught is instilled in them. A lot of them respect that and are great workers to have around. Others need a few warning here and there, but im a flexible type of guy, so I can understand. I mean, look how much time I spend on here!!

    There are no set hours/units to achieve in a set period for us. But we do keep a close eye on the performance of staff through non-technological means. And I think that is fair.
     
  13. DGS

    DGS Seven Time F1 World Champ
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    I can't speak for how well this relates to law, but one thing I've noticed is the lack of the concept of the "journeyman". Everyone wants the fast track to Mahogany Row -- Manager in six months, CEO in two years ... the "get rich quick" mentality applied to careers.

    One of the biggest challenges in my career is trying to find the "technical track" -- trying to convince managers that I don't have any desire to become a manager. I'm good at what I do, and like the work.

    I've seen too many people move up the ladder but try to keep their hands in the day to day work ... without the time to do it properly. These people become "micro-managers" and are a disaster to work for. Why would I want to go from being a really good engineer to being a really bad manager?

    For the money? Too often, "money buys happiness" is a seller's perspective. You might not be able to buy happiness, but you can lose it quick for a little money.

    I had a friend that, after two years in FDA law, chucked it to build cabinets. Because, at the end of the day, he could see what he'd accomplished.

    I get the impression that law firms expect the associates to reflect the attitudes of the senior partners. That would imply that you can't just go for the most "prestigious" firm, but need to find one that matches your own sense of balance. Go for the big aggressive firms if you want to climb the ladder quickly (and accept the loss of personal time). Go with a more laid back firm if you want more time for yourself. But know your own goals, and accept the consequences. You can't have a laid back career that climbs the ladder quickly.

    Perhaps it's the desire, in young starters, to have it both ways that gives older partners the impression that the young aren't focused.

    (rant mode)This focus may be especially difficult to maintain in aggressive firms, where too many of the cases are based on the clients trying to have their cake and eat it too -- and the law firm trying to get it for them.(/rant mode)
     
  14. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    Ash, try this as an experiment. Keep track of your time for five days. Assume that your billing rate is $250 a hour. Now, go and see if you can find 6 hours a day that are worth billing.

    Dr "Been there; ain't doing that no mo" Who
     
  15. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    Not really, Ryan. What Dom is saying is that nobody is willing to pay dues anymore because the way the game is played, you can't win.


    Law and CPA firms used to be MLM. The partners went out and sold the work. They then hired green recruits to do the work. The newbies would get paid top dollar, but they were expected to grind it out so the partners could hustle more work on the golf course. When a newbie would gripe, the partner would say, "Listen, I was in your shoes 10 years ago, but look at me now. So shut up and get to work and maybe someday you'll be singing the blues just like me."

    Problem is that fee pressure, yes fee pressure, changed all that. The pyramid no longer worked. Instead of paying dues, the motto changed to "Eat what you kill." Firms adopted a pancake structure where everybody worked. If you didn't kill anything, you lost weight.

    Dale
     
  16. darth550

    darth550 Six Time F1 World Champ
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    Too many lawyers = diluted talent pool!

    Blame the "blindfolded" recruiters and the "mill" law schools!

    DL
     
  17. ryalex

    ryalex Two Time F1 World Champ
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    Ah, good point. The chances for partner are slim-to-none with most of these firms. Then yes in the 80's most firms became meritocracies rather than lockstep promotion/salary.

    I was at a fancy recruiting function by a firm, and one of the two younger partners there turned to me and said how much he appreciated the fact that the late 50/early 60 year old partners did as much work as everyone else.

    I exclaimed, "I don't want to hear that!! I want to hear 'the senior partners do nothing but play golf, drive fast cars and schmooze for new clients.' That way, I have something to look forward to!"
     
  18. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    Ryan, the real problem is that we have too many professionals in all categories. I graduated from high school in 1970. (Yes, I'm old. Now what was I talking about?) 90% of the boys in my class had college acceptances because the alternative was getting your ass shot off.

    Getting a student deferrment or using your GI bill money resulted in an explosion in all professional schools, including lawyers, during the mid-60s through the 70s. Thus, a small army of eager beavers invaded the legal profession in the 80s.

    Unfortunately, a good number of these people were not lawyers or doctors or CPAs. Yes, they had the training. Yes, they had the license. But they probably should have gone a different direction in life.

    You see, just being smart doesn't mean that you will be a great lawyer. There is something called talent, and the great ones have it. The rest of us don't.

    My prediction is that the trend has already started to where people go into law, med, or accounting because they want to, not to make a "lot of money." If you enjoy your work, you will put in the time. If you don't, sooner or later, you will be like a big juicy horsefly hitting a bug zapper. ZZZZap!!!!

    Dale
     
  19. ryalex

    ryalex Two Time F1 World Champ
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    As a note, I just read that current law associates bill 16% more hours than they did in 1986, and this doesn't include considerations that 4 hours on Westlaw or Lexis now can do a weeks' worth of work in the library.
     
  20. Gilles27

    Gilles27 F1 World Champ

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    Humble of you to consider yourself part of "the rest", though I suspect it's the other way around:)

    A couple years ago I dated a girl who was closing in on partnering up in her law firm. As a result I spent a lot of time around partners, attorneys and interns, who, as it seemed, spent ALL their time around partners, attorneys and interns. Any way, it seemed to me that not only is there an abundance of attornies, old and aspirant, but too many who feel that, since they spent 3 years at a law school and passed the bar they are inherently smarter than the general population. I agree with your bug zapper theory. As far as the medical field, I think you have to have a little more conviction going into it, since it's a tougher haul.
     
  21. steve f

    steve f F1 World Champ

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  22. ryalex

    ryalex Two Time F1 World Champ
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    LOL... Steve you have to pick one. Are you saying they're lazy?
     
  23. ferrarigtofan

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    2400/50 = 48 hours a week, that's grueling? Open a small business and you will be working 80+ hours a week to get it off the ground. 48hrs/week = a 9.6 hour work day if you have to have Saturday and Sunday off each week. If you work Saturdays you have to work 8hrs/day six days a week. I propose no business owner making over $100,000 works less, at least not in the first decade.
     
  24. ferrarigtofan

    ferrarigtofan Formula Junior
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    WalMart only let's you work 32hrs/week to keep from paying you benefits, they should apply there.

    Why do people enter the field if they do not like the hours? Employers obviously feel there are more applicants than there are jobs. Young applicants do not seem to appreciate the time and money that went into building the firm prior to their arrival, they seem to want to be treated as equals from day one.
     
  25. ryalex

    ryalex Two Time F1 World Champ
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    Typically, you only bill 2/3 of your time. This means a 50 hour billing week is about 70 hours worked. That's 9am-7pm, 7 days a week.

    When you own your own business, you will probably do 80 hours a week, yes. But not every one of those hours is as intense per se as a billing hour. In retail you might be organizing shelves, reviewing product, etc., not pouring through absurdly dense cases (or numbers, in the case of banking/consulting/accounting), and then composing complex documents.

    If you have been to college, think about it as those days when you spend 8 hours in a last minute crunch to kick out a 12 page paper for a history, philosophy or economics class. THAT IS ALMOST EVERY DAY for a lawyer! Oh, and you're charging a few hundred dollars an hour, so it better not suck like a college paper. There's no room for "B" papers.

    Also, when you run your own business there is a sense of equity you're building, something that *you* own. This is not true for corporate law, accounting, banking, etc. You don't have a cut until you're a partner, and statistically, only very few ever make partner before leaving.
     

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