Tracey looked up from her blackberry. “What kind of position did you have in mind if you were to join us?”
I hesitated. “I have been a partner for five years, I know how to build a practice and lead a team - these qualities can be put to best use if I play a leading role and take an active part in the management side.” I was not going to under-sell myself, time out or not.
“I have already informed Ms. Krakowski that partnership will be difficult since we can only have one English banking partner based here at a time. That will only be possible upon your leaving, Tracey, i.e. next year at the earliest,” Michael added.
Tracey returned to typing into her blackberry and said nothing.
“In the meantime we do have the counsel status,” Keel suggested.
Mayer interjected. “That is not really an official status yet. Nobody really knows what it means and it is not necessarily on the ‘Partner track’.”
“Whether as associate or as counsel, you would have to go through the whole partnership selection and assessment process again. You wouldn’t really want that again at this stage in your career, would you?” Tracey asked with a slight smile, looking up only at the last two words.
“Actually I have already been through it three times - once at Howard Hewitt and twice at Solomons. If necessary, of course I would do it a fourth time. At least I have had plenty of practice,” I intoned.
Tracey’s smile froze. “You would also need to commit to a fifty to sixty hour week. We are very busy.”
“Indeed, you did over eighty hours last week, didn’t you, Tracey - almost as many as Mr. Mayer and me, ha, ha!” Keel exclaimed with a booming voice.
“Indeed,” Tracey confirmed coolly.
“Ms. Krakowski is not a rookie, after all. Would a non-partner position be at all acceptable to you?” White turned to me. “How would that be construed in the market?”
“That would depend on the overall package and my prospects. P&W is a first class firm - this could be a very good platform for me from which both sides could benefit. We could market this well.”
“Exactly! I can see the headlines of the legal press: Asset Finance Star Krakowski Moves to Market Leader P&W,” Keel raved. I beamed at him. This man had the right vision. The others would come around.
“I suggest we discuss this amongst ourselves later and now give Ms. Krakowski a tour of the 25th floor. I am happy to do that,” Keel said, concluding the discussion, and rose from his chair, impressing with his, almost, seven feet stature.
“With pleasure.” I rose as well and extended my right hand towards Mayer first and then the other three to say goodbye. “Thank you all very much for your time. It was very nice to meet you. Tracey, I hope to see you again soon.”
Keel held the door open for me. “See you all later. Michael, I’ll give you a buzz,” he shouted into the room before closing the door behind us.
* * *
That same evening Michael called me at home.
I had just put the children to bed, slipped on a soft shirt and some cosy Juicy Couture lounge trousers and finished my first glass of Chablis. Marie had needed a long cuddle. She knew how to demand what she required emotionally. Her sister was more reserved. At only just eight years old, Noëlle was already so independent and proud. She also knew exactly what she wanted and made her own decisions. She never made emotional demands but, if I did not gently impose my love and tenderness on her, she would retreat. I knew this feeling too well.
I went to the sound system and chose an Ella Fitzgerald compilation. I sang along quietly. When Noëlle was still a baby, I would sing ‘Everytime We Say Goodbye’ to her as a lullaby. One night - she was too little yet to talk but big enough to sit up in her cot - she had looked at me with her big serious eyes, placed her tiny digit on my lips and said “psshht”. I had laughed, though had felt slightly indignant since I considered my singing to be passable. I then tried another classic lullaby but she did the same. “Pshht”. That was the end of the lullabies. That memory always made me smile.
“I just quickly wanted to get back to you - can you talk?” Michael began. His voice was as crisp as my white wine. My heart beat faster. My mouth was dry. I grabbed my wine glass. Empty!
“Yes, of course - no problem.” Now I had to walk to the fridge, take out the bottle and - this was the difficult part - pull out the cork, all without making any noise.
“We think you would fit in very well at P&W and would like to make you an offer.”
My heart missed a beat. “Okay?”
“As we already said, partnership is not on the table.” I knew that when Michael had to convey unpleasant news he became very curt and undiplomatic.
“What about the counsel status?”
“Nah. Too complicated. We would have to get all offices and the other practice groups on board, and the corporate partners are not cooperative because we are trying to get rid of some of them. So listen. You join us as an associate. We’ll pay you the same salary that Ingrid offered you. And when ‘that’ Tracey finally leaves next year we’ll make you partner.”
I cleared my throat in order to suppress my giggle. It was too funny how he spoke about Tracey. I pulled myself together. Ingrid was a former colleague who had been recruited by a large U.S. law firm with which I had also been interviewing. “I have to think about it, Michael. Black & Chase have offered me salaried partnership.”
“Well, only you will know whether you would get along with Ingrid. She will grab, for herself, whatever work she can get and will drop you the moment you fail to fulfil your financial targets. P&W is clearly the better firm and we have a huge amount of work. Also, you don’t have to do any build up work like at B&C - you would be in charge of the entire English law team in the banking department.”
I pondered this for a moment. “Thank you, Michael. I will let you know by the end of the week. Will that be OK?”
“Yes, of course. I don’t want to talk you into it but I do recommend you consider it seriously.”
“I will,” I promised and hung up. Damn.
The magic word: Partner. In the legal world, there are essentially two categories: the first category comprises those partners who do not have any share in the firm’s equity. They are usually called non-equity partners, salaried partners or (sometimes) local partners. The second category consists of those who do - they are the equity partners. To become Equity Partner is the equivalent to the Holy Grail for practically every lawyer in private practice and, in larger firms, it can correspond to having a licence to print money. Even amongst the partners, there is a hierarchy: equity before non-equity or salaried. All decisions are made by the equity partners but the real power lies with those in top management positions and - perhaps even more importantly - the so-called ‘rainmakers’, the ones with the highest billing figures. But above all, a Partner is a Partner. Why was that so important to me when one firm had offered the same money as another?
To a lawyer, in a big firm, status means more than money. Money is a pleasant side effect of the status but one has little time to enjoy it when one spends day and night in the office - unless your name is Chloé Krakowski and you shop online during a long, multi-party, boring conference call, purchasing a dress from the new Miu Miu A/W collection at net-a-porter.com (and shoes of course, without which no outfit is complete). It was a treat for all the hard work and deprivation - but certainly not to make fashion statements in the office. To wear that dress for the benefit of my fashionably challenged colleagues would indeed be, as my hopefully-soon-to-be-ex-husband would say, comme la confiture pour les cochons - like feeding pigs with jam. A waste of a good thing.
No, money is not the primary objective in this Olympus-like world. At most, only the other partners within the same firm and your financial adviser know how much you make. Also, earnings may fluctuate, depending on revenue. Status is
everything because it means power. Once you are finally made partner, you will want to remain a partner. When a partner is asked to leave the firm due to their underperformance - meaning billable hours or receivables continuously below budget - his next destination and earnings are almost secondary, as long as he can keep his title as Partner. A Partner is perceived to be ‘somebody’ and is invited to participate in exclusive business shaping meetings, which take place behind closed doors, where associates’ security cards do not work. As a partner, you can behave as if you own the place (because theoretically you do). You can delegate as much work as possible to your hungry associates who are chasing the partnership carrot that is being dangled in front of their noses. When you mention (with feigned indifference) to someone in the legal world that you are a partner, you secretly expect the kind of awe and admiration usually reserved for Greek gods or their modern counterparts, Hollywood stars. Once you have been to Olympus or the VIP-area, you do not want to be excluded from it again. And Black & Chase offered me the golden ticket.
However, Ingrid Nordström was, as Michael Stone had stated, indeed an unpredictable entity. I met her for the first time at the annual Howard Hewitt summer party some eight years earlier. I was eight months pregnant with Noëlle and about to embark on my statutory leave. She had been sent by the London office to fill in for me during that time.
All tanned and in a white shift dress, she made a beeline for me as soon as she spotted me at the party. Blonde and attractive, I thought with suspicion. They better not try to replace me permanently, just because I am taking, a short, maternity leave. She must have sensed something because she immediately made it very clear that she was only there for the three months and had no intention of staying one minute longer than necessary. As I began to relax, she told me about her little daughter, which, of course, warmed my heart, and then relayed the latest gossip from the London office. We had a great time. She fulfilled the stereotype of a cheerful Swedish woman who could hold her drink. Behind her casual exterior, however, she was made of steel. On my return from maternity leave, her secondment contract was extended and we became rivals for the position of banking partner. Even though she was my senior, it was I who won the race, which she acknowledged graciously. When I then declined the offer of partnership at Howard Hewitt in favour of Solomons, and the firm did not pass the offer of partnership, that had been made to me, on to her, she triumphantly showed her hand. It turned out that whilst on the HH partnership track she had been in negotiations with Black & Chase, a distinguished and very profitable U.S. law firm with a reputation for being tough with and demanding of its partners. They had opened an office in Frankfurt and offered her immediate equity partnership. It was a far more prestigious position than that which Solomons had offered me and I didn’t begrudge her it. Thus there were no longer any impediments to us being friends. And now, five years later, as head of banking at B&C, she was able to offer me a job as a local partner - ‘baby partner’, as she called it. So her world was finally in order.
I thought hard. Was it really so much better to be an associate at P&W with concrete prospects of becoming head of the department in one or two years’ time? Tracey did come across as a bit difficult but I was sure I would be able to get on with her. We both had children and could be allies in a man’s world. Her return to London was also set in stone. What prospects did I have with B&C if I did not achieve at least two million Euros in billables in my first year? The noise of a key in the front door interrupted my thoughts.
“Hello, my angel!”
It was Hugo. He was still wearing his work clothes - white Ralph Lauren polo shirt and white Levi jeans, both unfortunately a little on the short side since they had not been available, for someone of his height, at the street-market he had visited last winter in Bangkok. Never mind, his mother had let the jeans down with the help of some white cotton material and it did not matter to him that when he stretched his arms, one would see the white ribbed vest underneath his shirt - as long as he did not have to spend any money on clothes. I sighed inside. It was a pity that such a beautiful man dressed so badly.
“Hello. Didn’t you have time to get changed?”
He usually took a shower and changed in his office after work. His outfit would then be thrown into a basket, which he would take once a week to his mother’s to be washed and ironed. I wisely refrained from interfering. I had enough washing to do, anyway, with all his other clothes.
“Nah. I am going to go for a run in the woods. So, how did it go today? Where have you been again? With Patricia’s husband, wasn’t it?”
He came into the kitchen and planted a cheerful kiss on my lips. He pronounced her name ‘Pad-risha’.
I could not stop myself. “Patricia’s husband,” I corrected him.
“That’s what I said. How did it go?”
He nonchalantly took the bottle of wine out of the fridge and poured the remaining liquid into a glass. I crossed my arms. “Michael just called. They want to make me an offer. Two fifty plus bonus - same as Ingrid has offered, but no partnership.”
“250,000 Euros a year? Angel, that’s great! Although I don’t really appreciate my girlfriend earning more than double of what I earn.” He protruded his lower lip.
“It is to your advantage as well. Otherwise, we would hardly be able to afford to live in this house.”
“I’m just kidding!” he replied hurriedly. “And what are you going to decide?”
“It’s really hard as B&C offers immediate partnership, but, puts on immediate billing pressure, and I don’t know whether I will be able to fulfil that straightaway - I did take a year out, after all. Partnership at P&W is only possible in one or two years’ time but I won’t have to build up a business because I will be filling an existing position.”
“Who do you trust more? Whom can you rely on - Michael or Ingrid?”
“Michael, I think. He has proven to be reliable in the past and Patricia is one of my closest friends.”
“Then I would choose P&W. Trust your gut feeling.”
“You’re probably right. I’ll sleep on it.”
“Good idea.” Grinning mischievously, he came closer. He grabbed my hips and buried his head in my neck. “Mmm, you smell so good. Success makes you even sexier.” His face slid down towards my chest. I giggled, pretending to fight him off.
“I knew you wouldn’t really mind if I got a well-paid job.”
He looked up with feigned outrage. “I never said that I mind and I do so love to see you in a suit and heels.” He started fiddling with the buttons of my shirt. “But I love even more to see you without any clothes at all.”
“Hey! I thought you were going to go for a run and then take a shower.”
Meanwhile he had unbuttoned my shirt and pulled me towards him. “Later,” he murmured and kissed me passionately.
That night, I did not make any further decisions concerning my career.
* * *
--- original message ---
From: Chloe Krakowski [mailto:[email protected]]
To: [email protected]
Cc: [email protected]
Re: Employment contract
Dear Michael,
Thank you for sending me the employment contract. It seems to be missing the usual provisions regarding the health insurance and pension contributions. I understand 50% of which is usually paid by the employer. Can you confirm this?
Best regards
Chloé Krakowski
--- original message ---
From: Stone, Michael: BK (FR) [mailto: [email protected]]
To: [email protected]
Cc: Keel, Richard: BK (FR)
Re: Re: Employment contract
We do not put this in our employment contract because it is mandatory law. The employer pays half of the hea
lth insurance and pension payments.
Best regards
Michael
--- original message ---
From: Chloe Krakowski [mailto:[email protected]]
To: [email protected]
Cc: [email protected]
Re: Re: Re: Employment contract
I thought so.
Many thanks and have a nice day!
--- original message ---
From: [email protected]
To: Stone, Michael: BK (FR)
Cc: [email protected]
Re: Re: Employment contract
Michael, Ms. Krakowski just gave me a new idea to further increase the profitability of the banking department: we could generate exceptional income by not contributing to our employees’ health care and pension plans.
Just kidding!
Best regards
RK
--- original message ---
From: [email protected]
To: [email protected]
Re: Business Plan
Hi!!
All clear from NY! We can take you on as a salaried partner. The partners in London and Frankfurt are supportive - no need to go to New York for an interview. I will arrange all. Should be done by month end.
The Frankfurt partners want a chance to meet you - will arrange for a meeting the week after next. You can then also meet some of the associates in the team. BTW, the salary as discussed is no probs.
The business plan you sent over is good. So now just one more meeting!
Will be great to have you on board.
Ingrid.
--- original message ---
From: Chloe Krakowski [mailto:[email protected]]
To: [email protected]
Re: Re: Business Plan
Dear Ingrid,
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