Much like being a first, second, or third year analyst on Wall Street, a lot of being a non-partner employee at a law firm is being shit on. Not respected. Treated like an idiot. That many of these attorneys have six-figure debt and are, in some cases, decades out of their early twenties makes the day to day treatment by their superiors all the more harsh. They can’t ease the pain with a visit to the Murray Hill Brother Jimmy’s; all the can do is go home and wonder “What kind of a life is this? Why do I put up with this,” cry, or some combination thereof. Some quit; others resign themselves to the way of life; a select few go out and get drunk on pinot grigio and decide, “I’m not some paper pusher. I’m an an esquire. I’m important. I know stuff. I’m gonna show them. I’m gonna show ALL of them [knocks over glass].”
An alleged insider trading scheme involving a claim about an intoxicated lawyer and his wealth manager has drawn the attention of US prosecutors…The SEC sued Tibor Klein, a New York investment adviser, in September for allegedly buying securities of King Pharmaceuticals after learning from one of his clients that the drug company was in talks to be acquired by Pfizer. Mr Klein’s client and friend, Robert Schulman, a patent attorney at Washington law firm Hunton & Williams, allegedly became intoxicated after drinking several glasses of wine over dinner and “blurted out to Klein, ‘It would be nice to be King for a day,’” according to the SEC complaint filed in a Florida court… In the lawsuit, the SEC alleges Mr Schulman “intended to imply he was a ‘big shot’ who knew ‘some kind of information’ about King Pharmaceuticals.” Hunton & Williams was representing King in its takeover talks although Mr Schulman was not personally involved, the SEC said.
The next trading day Mr Klein allegedly began buying King securities for his own account and for his clients, and subsequently called his friend, Michael Shechtman, who also bought King securities. Mr Shechtman, who made more than $100,000, agreed to settle the SEC’s civil charges in late December, without admitting or denying wrongdoing. Mr Klein, who allegedly made $8,824 from the trades, is fighting the allegations. Mr Schulman’s account made $15,500 from trades made by Mr Klein, the SEC alleges.