/9918578/Banner

/9918578/Banner_2

/9918578/Mid

section

articleId

product

orgType

parrefer

accountID

Consulting

Banking

Accounting

Fintech

Internships

Rankings

Internship Rankings

Intern Resource Center

Explore Internships

Vault Law Home

Practice Area Resource Centers

Regional Resource Centers

Summer Program Resource Center

Vault Law Culture & Inclusion Survey

Vault Law

Guides

Events

Financial Services

Technology

Grad School

Work Relationships

Productivity

Diversity, Equity & Inclusion

Social Impact

Remote Work

Negotiating

Changing Jobs

Workplace Issues

Blog

Resume Samples

Cover Letter Samples

Interview Tips & Questions

A Day in the Life

International

Career Readiness

Explore Professions

Research Industries

Search Companies

Career Advice

Employers

Schools

&lt;p&gt;Malcolm Gladwell&#39;s recent &lt;em&gt;New Yorker&lt;/em&gt; piece &quot;Talent Grab&quot; chronicles the remarkable inflation of the salaries paid to high level professionals (&amp;ldquo;talent&amp;rdquo;) over the last few decades. Baseball is his principal lens to examine this phenomenon. Once upon a time, the owners made the lion&amp;rsquo;s share of the money and the players were locked into onerous lowball lifetime contracts. This all changed after trade union veteran Marvin Miller was installed as head of the Players Association. Miller convinced the players that the owners&amp;rsquo; conduct was not benign paternalism but rather rank exploitation. Free agency, revenue sharing, and fat paydays followed.&lt;/p&gt;&lt;p&gt;The transformation is framed as a victory of &amp;ldquo;Talent&amp;rdquo; over &amp;ldquo;Capital&amp;rdquo; (or ownership) and applied similarly to Wall Street bankers, Fortune 500 execs, and corporate lawyers. In the postwar years and into the 1970s, all of these groups made a relative fraction of what they do today.&amp;nbsp;&amp;nbsp; In 1956, Roswell Magill, a Cravath partner, &amp;ldquo;spoke for a generation of professionals&amp;rdquo; when he lamented that law firms&lt;/p&gt;&lt;p&gt;&lt;em&gt;[C]an no longer honestly assure promising young men that if they become partners they can save money in substantial amounts, build country homes and gardens for themselves like their fathers and grandfathers did, and plan extensive European vacations.&lt;/em&gt;&lt;/p&gt;&lt;p&gt;Behold the BigLaw version of &amp;ldquo;Mad Men&amp;rdquo; era assumptions about gender and class! And of course we are all greatly relieved that the current Cravath partnership is prospering and may even be able to &quot;plan extensive European vacations.&quot; Although they would likely cancel them at the last minute.&lt;/p&gt;&lt;p&gt;(Also, is Gladwell making a category error? Arguably, the partnership is &amp;ldquo;Capital&amp;rdquo; and &amp;ldquo;Talent&amp;rdquo; simultaneously.)&lt;/p&gt;&lt;p style=&quot;text-align: right;&quot;&gt;posted by brian&lt;/p&gt;

Vault Law Editors

Article

Learning and Development for Junior Associates

The Summer Experience at Weil’s Boston Office

The Summer Experience at Weil’s Miami Office

The Summer Experience at Weil’s New York Office

The Library