WSJ's article on the astonishingly low salary levels of US lawyers came as a surprise to many. I was expecting something like it, but I was not prepared for the numbers; they were just shockingly low. I am now quite worried for all my friends running towards law school as job safety net.
India is just gearing up for its legal outsourcing business, already top firms in the country are becoming desperate to retain their talent for domestic work. Salaries are sky rocketing even for third or fourth rate lawyers, who I would not trust to compose a letter let alone fight a legal battle or check a contract. Suddenly, this equation seems to be broken, assuming a lawyer from a decent school who was unable to get a Big Law job (See WSJ article), would make 70K a year in New York, post tax, rent and living expenses, that comes down to almost a negligible amount very comparable to lawyer salaries in India, with a pampered lifestyle that most partners in medium size firms dream about.
The other opportunity is Europe. Having dealt with their astonishing and mind numbing legal system for the better half of the last decade, I can say for certainty that a lawyer will always find high paying work there, assuming they are willing to the learn the language.
As for the United States, I say about time! I am tired of being robbed with per hour fees, and getting bills that account for checking e-mail and talking on the phone. I hope this brings in somewhat of a flat free structure, that would save clients billions of dollars and level the playing field. Of course, there are many who deride the big law firms paying exorbitant salaries to the very top students, only to have them earn 50$ per hour due to the work environment. But personal experience has shown me the difference in quality, 400$ an hour is well spent to get it right the first time, instead of paying 200$ an hour for four hours and still banging your head against the wall. Most law students do not understand that knowing the law is not enough, the true high salaries are now going to specialists who either bring in another education (Engineering for example) or who have extensive experience in a field. Having a general undergraduate education plus a great law degree means nothing unless you are at the very top.
For further education I recommend the complete seasons of "Boston Legal"
WSJ Article:
http://online.wsj.com/article/SB119040786780835602.html
Tuesday, September 25, 2007
The "Profession" of Law
Er, Proud to be Indian or Not...? Sigh!
After years of terrorist attacks, foreign and local sponsored, thousands and thousands of lives lost, we have our confused perspective, or at least as polled by the BBC in October 2006 (27,000 people across 25 countries). So what do they mean? Indians want to torture people or they don't....? And I thought Israel would be bad.
Economist Article on Liberties.
http://www.economist.com/displaystory.cfm?story_id=9832909
The Last Questions
Everything changes when you are near death goes the saying, you tell the "real truth", to the extent that it many jurisdictions deathbed confessions are admissible in court. In a morbid moment I decided to come up with the last questions list, if you had mere moments to live.
a) What song would you sing?
b) What would you write?
c) Which single person you want to be with? Hug?
d) If you could only say one goodbye, who would it go to?
e) What would be your last words?
f) What would be your legacy?
g) Which specific location you would like to be in?
h) Would you be afraid?
i) Would you pray or find God?
j) What would be your only regret?
k) If you could save someone who would you save?
l) What would you like your eulogy to say?
I am sure I will think of more, until then, keep this list handy.
Saturday, September 22, 2007
Police Brutality in America
Having personally experienced both good and bad cops in America, where the experiences with the bad cops severely outweighed the good, I am rather scared of the police. If not for the timely intervention of their colleagues, my friends and I (they have had their own harrowing experiences) could have been the victims of a bunch of power mad individuals who could have seriously jeopardized our futures and in some cases basic human rights. I hope that my personal experiences have been isolated, and are not the majority. YouTube points to some extreme examples:
1) Women tased like a dog: (CNN)
2) Florida University Incident: Covered in Prior blog post.
3) Minor pepper sprayed for no reason at all.
4) Cops taser a protester:
5) Local Politician beat up by cops for no reason (well maybe some hidden reason)
6) Arrested for reading the US Constitution "no charges given"
7) Cops "plan"? to hit and brutalize a mentally delicate patient
Etc etc.
Of course:
Chris Rock weighs in: (Humor)
Space
MSNBC has an article about Dr. Steven Weinberg a Nobel laureate in physics criticizing NASA for spending too much money on manned space missions rather than real scientific research. In the article he is quoted as saying,
"Human beings don't serve any useful function in space...They radiate heat, they're very expensive to keep alive and unlike robotic missions, they have a natural desire to come back, so that anything involving human beings is enormously expensive."
He pushed instead for the very laudable goal of NASA fulfilling its more scientific missions which have recently been to put on the back burner or scrapped due to cost overruns at the manned mission program. I agree with th criticism of NASA in terms of management of its time and resources. However, I believe instead of concentrating on high profile publicity stunts, it should provide technology transfers to private organizations trying to push into space. Dr. Weinberg's assertion that nothing scientifically useful has come from the international space station, does not mean nothing has been gained by humanity from it. Much has been learnt about multi-cultural and human interaction, and the field of engineering has been forwarded a great deal, not to mention the geopolitical ties it has created. We must note here that engineering and science are two very different things, and Dr. Weinberg would well know the difference.
As for me, I look up into space and wish I could visit, if only once. I belong to the category of people, whom I hope are in the majority, who are still moved by imagination and the notion that one day humanity will take to space in earnest.
(Please tell me you are at least a little moved by this....)
MSNBC article:
http://www.msnbc.msn.com/id/20869407/
"Nobel laureate disses manned spaceflight"
Thursday, September 20, 2007
China-North Korea, India-Iran
Most people think the new nuclear deal for India is the American lollipop to ditch India's long standing most favoured connection with Iran. A similar parallel already exists, China and North Korea. If it were not for the Chinese being able to act as the trusted diplomats to North Korea, the current progress would have been nearly impossible, and engagement with North Korea what be the same as the engagement with Iran, unstable and escalating to disaster. India is more valuable to America as an old friend of Iran, one who understands the culture (which is more Persian than Arab), and has had a long and deep relationship. If anything the nuclear deal should be seen as America showing the rewards of proper ownership, stability and responsibility, and as a bribe to get India to engage with Iran and help settle the diplomatic dispute rather than rupture ties. Of course this maybe giving everyone involved too much credit.
Dubai - Does it again...Nasdaq and OMX
Borse Dubai after facing wide spread criticism for its failure to live up to expectations, as well as for its latest problems while bidding for OMX, suddenly has sprung back up with a deal with Nasdaq. The financial markets have been robbed of quite a spectacle, as Dubai Borse and Nasdaq were to enter into a fist fight with the Swedish regulators ducking accusations of racism and protectionism. Conveniently, all this has been side-stepped, I am sure to the relief of all involved parties.
Highlights of the deal:
Dubai exits fight for OMX
I.e. No fist fights, no ugly flying accusations.
Dubai gets Nasdaq stake in LSE
I.e. Dubai is happy, London has been very Sheik friendly.
Dubai buys 20% in Nasdaq
Dubai gets exposure to the US, Nasdaq gets another investor, hedges Middle-East.
Reuters:
http://www.youtube.com/watch?v=LYPobSSPloo&eurl=http%3A%2F%2Fnews%2Egoogle%2Ecom%2F
Free Speech - With Consequences - Florida's Tasers
By now you have probably heard of the University of Florida incident, where a rather young man was held down by six university officers, handcuffed and shocked with a Taser during an open forum after event organizers did not appreciate his questions to Presidential candidate John Kerry, and his prankster style of behavior. Many news stories are on the theme of; well he was asking for it. Well, I beg to differ, I am outraged that Kerry did not walk off the stage and help the student, I am outraged that there was not a more severe backlash and reaction to this incident. If there is one thing that has always separated the United States from other countries, is the adherence to free-speech, especially on a campus, especially during a question answer session with a candidate. If Andrew Meyer had threatened the physical security of Kerry, this would have been understandable, if Andrew Meyer had assaulted any of the officers it might have been understandable. All he did was ask them why they were doing this, and refused to be led off under his own power. Even then six of them pinned him down, and handcuffed him. Then they sent 50,000 Volts (estimate from Taser.org) through his body, as he withered and screamed. And then they locked him up. Kerry can be heard droning on ignoring the situation, and then later claiming he did not know Meyer was tased...despite the screams. It does not matter if he (Meyer) was a jerk, if he had planned this, if he had heckled and been a disruption, you do not treat people like this. It is like saying Rosa Parks's treatment (as much as I hesitate to make such a comparison) should not be counted and was not real because her sitting in the bus was priorly planned (which it may or may not have been). University of Florida this incident is not simply "Regrettable" it is deplorable, and to treat it as anything else is plain wrong. Once the media circus dies down, I do hope they are some very real consequences to this, either in a form of a very large lawsuit, or a drop in enrollment. 50,000 Volts...and Mr. Kerry, free speech is all about asking questions out of turn. You of all people should know that- these days people are not given their turn.
Video:
Links:
http://news.google.com/news/url?sa=t&ct=:ePkh8BM9E2IF2mHAQoItAJJSBto/0-0&fp=46f33ff844bd85af&ei=S1LzRvLpJY74rQO-mLWqBA&url=http%3A//www.kansascity.com/236/story/283319.html&cid=1120931376&sig2=07RhUrXix9sdoMjlTeYA7A
http://machinist.salon.com/blog/2007/09/19/meyer_jerk/
Saturday, September 15, 2007
The University
The term University is an English one, and at least for the commonwealth countries is an inhereted system. There is a certain expectation of a University, and a blurring criteria between an Academy, Institute, a college, and a University. For example MIT started off as an insitutute for technology, while Stanford was always intended to be a University. This blurring phenomenon sometimes makes in hard to say when one term is applicable or the other. However, there are times when the distinction is absolutely clear, and the labels falsely applied. What is worse is when Journalists and Politicians fail to make this distinction.
Case in point: India's proposed "Aviation University." Come on people really? really? Not School of Aviation? Aviation Academy? Institute of Aviation?
I guess it can not be helped. The monopolistic gaurdian of technical education the AICTE has responsibility over everything from Managment Courses to Catering Technology. I suppose I should apply to start a "Catering University." Meanwhile I'll try and find those reputed " international aviation universities" mentioned in the article.
Link: The Economic Times (earlier a great paper, now an up and coming business tabloid.)
http://economictimes.indiatimes.com/Govt_turns_attention_towards_flying_varsity/articleshow/2372972.cms
Update:
I have been pointed to by my friends to this link, an institute which did get converted into a university. But, I hope my argument is still valid from the depth and breath from the catalog of its courses.
http://www.erau.edu/er/abouterau/story.html
Thursday, September 6, 2007
Kindle - Ebook Zombies - Erk!
I rarely blog about tech predictions; simply because the chances of being ridiculed a year later are so high. But, I feel rather comfortable taking a shot and rant at the new Amazon - Kindle - another of the e-book ilk. I would have thought that five generations of IPod would have taught device companies a thing or two about great design, workable business models, and market analysis. Apparently, Amazon has learnt all the wrong lessons. I base my rant on a few feature assumptions available on the web (ridicule disclaimer), namely;
- The Kindle will cost between 400-500$
- Amazon will only support its MobiPocket E-book format
- It looks absolutely and totally hideous.
- You can connect and download books at Amazon.com in e-book format at the publisher's price.
- It has Wifi (and other cool connection stuff), but with the use of e-ink (an amazing technology to look out for), will not be able to show animations, graphics, movies.
Right.... so let's look at the lessons we learned from Apple.
- Create an amazing looking device with a great UI - Nope
- Be compatible with the most widely used format (Mp3 for music, Adobe E-book for books) - Nope
- Have a dedicated store with an impulse buy price point - Dedicated yes, price point - nope.
- Bring the device at an acceptable price point - for 400$ you can buy an Iphone or a small laptop and read Adobe-Ebook.
Do you really want to be seen with this no matter how nerdy you are?
Features of a great e-book reader
- Costs 100-150 USD – Not yet there.
- Paper Back Size-E-Ink - Kinda, sorta, maybe.
- Small form factor that is portable and can be abused - Small, breakable.
- Great UI design and features - No.
- Large collection of books that can be exchanged with others - Large, but stuck.
- Cheaper books with savings on the distribution costs. - No.
- Long Battery Life - Yes.
Come on people, we are so close! We should be there already!!! Is it really that hard? Do we have to wait for Apple to do everything?
Random Tech Prediction: Google Library + Iphone / Ipod Touch– You know it’s going to happen.
P.P.S Why do companies do things that only lead to great HBS case studies, and nothing else?
The End of an Era
1) The Rise of Xenophobia - According to the BBC, "The Swiss People's Party, currently the largest in parliament and leading in the opinion polls, is pushing for a new law which would authorise the expulsion of foreign families, should any family member be found guilty of violent crime, drugs offences or benefit fraud. " Over 20% of the population is considered foreign even if they are third-generation Swiss. Sippenhaft, the famous Nazi policy which held families responsible for the crimes of their members comes to mind rather quickly.
Photo: Source BBC / AP
There have been many criticisms of the posters and the policy, and people have acted upon it. But the real test is that the party who engineered this is still in power and riding high in opinion polls, a silent and damning approval from the Swiss citizens.
2) Banking System Secrecy- With Switzerland’s new participation in the international financial system, the banking secrecy that made it famous is eroding quickly. Bilateral agreements with many countries including the United States, and the success of Swiss banks around the world have increased the country's stake in the mainstream system, causing it to be easily vulnerable to arm twisting. The United States and other countries can simply fine and banish local subsidiaries or partners of any Swiss bank if they do not cooperate and disclose "required information" At a private banking seminar participants were told that the Swiss system is over, and in three-four years people should find another heaven for their money (hint hint Dubai). The rising Xenophobia does not bode well for a banking system which depends largely on the trust of foreigners.
3) The Anti-Muslim Sentiment: Though this seems to be growing around the world, it is particularly sad to see Switzerland following in the footsteps. The Swiss ruling party has started a campaign banned the erection of minarets with an attempt to stop the construction of mosques. With more than 350,000 Muslims in Switzerland, and billions if not trillions of Arab and Muslim dollars in the banking system, this is a foolish and dangerous move. Again, people always held the Swiss to a higher standard.
For all the criticisms of the United States immigration policy, till date, the country offers the best chance for immigrants to assimilate and get citizenship. Compared to Germany and Switzerland, who do not recognise natural birth citizens, the United States seems like paradise, and where the government fails to protect the interests of people, the courts usually intervene.
Racism and random acts of violence against foreigners are a worldwide phenomenon, but it changes in tone and seriousness when it is sponsored by the ruling government party. This is a slippery-slope whose end everyone has seen in the last two centuries of violence and hate.
The Swiss need to clear their good name, and the best way to do this would be at the polls in October. If of course this does not happen then we can probably declare an end of an era of Swiss leadership in peace, neutrality and international diplomacy. For with a new mandate, this will all be just the beginning.
BBC:
The Black Sheep: http://news.bbc.co.uk/2/hi/europe/6980766.stm
Ban on Minarets: http://news.bbc.co.uk/2/hi/europe/6676271.stm
Germany: Neo-Nazi Incidents
http://www.spiegel.de/international/germany/0,1518,501033,00.html
Wednesday, September 5, 2007
The Biggest Slum in Asia
The economist sadly pre-empted my blog post on Mumbai, and thus I shall concentrate on more pragmatic matters regarding the city. Mumbai shares the dual honour of being the nation’s financial capital, and home to the largest slums in the entire of Asia. The property market here has always been crazy with two bedroom flats starting at a million dollars. The buildings that house these flats look very much like low-cost housing ghettos. Thus stands Mumbai, the 25 million people New York aspirant of India, whose residents when not being drowned in rain pay huge amounts of money to live among slum-dwellers in buildings that should have been torn down years ago. Surprisingly there is a very straightforward explanation to all this madness, and recently, “those in charge” finally decided to do something serious about it. The construction boom in Mumbai has started.
Spending a week here talking to builders and architects, I think I have been given a fair idea of what ails the city when it comes to urban infrastructure and development.
1) Perpetual Rent Contracts- These contracts allowed tenants to stay in their flats paying the historical old rates unadjusted for inflation and raise in property prices since their grandparents’ times. Landlords held hostage stand by and pray their buildings come tumbling down so that they may get some benefit out of their assets. Thousands of flats remain empty with landlords afraid of the tenancy laws. Last year however, timed bound contracts have been introduced for at least new tenants, and this should bring some relief. But until the tenancy laws are fixed, landlords have little incentive to maintain and fix their buildings. With the government now increasing the built-up area sanctioned, some landlords are trying to strike a deal with tenants giving them large flats in exchange for allowing the landlord to demolish and build a new building. Ideally, the courts and laws would change to stop these foolish rental agreements, and bring rents up to normal market value.
2) Slum infestation - Mumbai adds millions of people to its slums every year, and the slum dwellers have entered politics, allowing them to keep a hold on their illegal occupation of land despite the pleas of landlords, government agencies, the general public and courts. These slums do not get rehabilitated, and even when given housing, slum dwellers prefer to sell it, and move into another slum. Their children do not go to school, and every generation repeats the same bad habits. They live in unhygienic conditions, spreading disease, filth and garbage, and making Mumbai look like a cesspool. The airport for example cannot be expanded because all the land reserved for it has been illegally occupied by slums. The authorities are fighting to keep its second runway from being eaten up by these people. The authorities have granted extra incentives such as increased built up area for those who can convince these people to move, but again all that will happen is that they will sell the flats they gain, and go encroach on someone else's land. Also, the number of people entering the slums outpaces any building or rehabilitation program.
3) Infrastructure - Every destination is plus minus half an hour, and now slowly inching towards one hour. Traffic in Mumbai is terrible despite having 1/5 the number of cars that Delhi has. The roads are pot-holed and ill-maintained, get destroyed each year because of the rains, are used for throwing garbage, and people frequently bathe and sleep on the sidewalks. Parking is a night mare which never ends, and the mass-transit system runs at four to five times its safe capacity. Cell-phone is reception awkward and spotty with dropped calls being frequent even with the most reputed networks. The constant fighting between the local and state governments has created a vacuum, and Mumbai single handed finances the development of the entire state of Maharashtra. Hopes are high as private players try cashing in and "moving" the government to its senses.
Like many cities the residents of Mumbai have a large ego which sadly does not reflect their living conditions. It is this love for their city and many great places to go out to that has kept it alive and still relevant in India. We would have seen a flight of the elite long ago, followed by the middle-class, leaving only the slums. You can fight with a Mumbaiker (copied from New Yorker) for hours, and they will still declare their city worthy of being compared to New York and Hong Kong. Hopefully, these ambitions are not unfounded, and something can be done about it all. For a city that claims to be the bastion of capitalism, it is strange that it is so decrepit, and bows low to the socialistic ideals of squatting. That's democracy for you folks, in China they would have been gone by Mid-night.
That economist article: http://www.economist.com/displaystory.cfm?story_id=9724333
