CHAPTER 5
Section 1: Joe Flom is the last living named partner at Skadden, Arps. He was the son of two Jewish immigrants during the depression. He went to High School, two years of night school, joined the army, and then went to Harvard law. He was one of the few students who didn’t get a job so he went in on a firm. Now he is very wealthy and Skadden, Arps is one of the largest firms in the world.
Section 2: Gladwell describes this as a rag to riches story. He tells us about the immigrant world Flom grew up in. Everything you would think to be disadvantages were actually advantages, like being poor for example. Joe Flom’s story provides a structure for understanding success in law.
Section 3: Gladwell introduces Alexander Bickel; he has a similar story and background as Flom. His first interview was at Mudge Rose, but he didn’t get the job. They compare the old-line law firms of New York to private clubs. They describe Bickel as unattractive and uncomfortable. Most people of not great background and religion in that era went to smaller firms and took “whatever came in the door.”
Section 4: The old-line Wall Street law firms represented the country’s largest, most prestigious companies. They did not do litigation. These firms did not involve themselves in corporate takeovers. White-shoe firms would bring in Flom whenever a corporate raider made a run at one of their establishment clients. In the 1970s it was easier to borrow money, federal regulations were relaxed, etc… All of this created a boom in corporate takeover. Soon every firm wanted to handle hostile takeovers.
Section 5: This section is started off with the introduction of Maurice Janklow, a Brooklyn law student of two Jewish immigrants from Romania. He was the only one of all his brothers and sisters to go to college. He set up his own practice in Brooklyn and later took over a writing paper business. Although one would think he would thrive, he surprisingly struggled. His son Mort, was the opposite, he was beyond successful.
Section 6: This section describes Lewis Turman’s study. Some children with high IQs were born between 1903 and 1917. Some were successful and some were not. Most of those who were successful came from wealthy background. The failures were more likely to be born earlier in that period. It all goes back to the depression though. Jewish lawyers were some of those to struggle.
Section 7: It starts by going over demographics. They call the 1930s the “demographic through,” because of the drop of birth rates. In the 1930s classes were at least half the size of those years prior. New York Public schools in the 1940s were considered the best schools in the country. They introduce Ted Friedman, a top litigator with a similar story to Flom. Friedman was willing to work hard, take responsibility for him and put himself through school. He did this at a time when he was “economically disadvantaged.” Mort Janklow went to Brooklyn Law and sold his cable business for millions of dollars.
Section 8: In 1889, Louis and Regina Borgenicht boarded a ship to America from Poland. Louis tried selling fish on the side of the street. He then decided to become a pushcart peddler. Later he went into clothing. Him and his wife made 40 aprons in one night and sold all 40 within a matter of hours.
Section 9: Most of the Jewish immigrants who came over had some kind of occupational skill. A lot of the lay in the clothing trade. Louis Borgenicht and his wife, Regina opened a series of small clothing stores. People like the Borgenichts and their children and grandchildren had a golden opportunity with this industry.
Section 10: The Borgenichts did very well making and selling their aprons. They soon started making other clothing items and had about twenty immigrants working for them. No clothes were made by factory. Borgenicht started buying cloth directly from wholesalers. The qualities work has to have to be satisfying is autonomy, complexity, and a connection between effort and reward.
Section 11:“Jewish lawyers and doctors did not become professionals in spite of their humble origins. They became professionals because of their backgrounds.”(Gladwell 153) Louise Farkas conducted an investigation outlining the family trees of Jewish families from the 1930’s. She found that with multiple family trees Jewish immigrants, and their children, who had poor positions became wealthy due to hard work and determination.
Section 12:The law firm of Wachtell, Lipton, Rosen & Katz is Joe Flom's largest competitors. This law firm is the single largest, professional, rich, and talented firm in the world. All their partners are like Flom, they are all Jewish men that come from the same background and the same generation. They had a lifestyle that forced them to work as hard as they possibly could make the best out of their poor backgrounds.
Section 1: Joe Flom is the last living named partner at Skadden, Arps. He was the son of two Jewish immigrants during the depression. He went to High School, two years of night school, joined the army, and then went to Harvard law. He was one of the few students who didn’t get a job so he went in on a firm. Now he is very wealthy and Skadden, Arps is one of the largest firms in the world.
Section 2: Gladwell describes this as a rag to riches story. He tells us about the immigrant world Flom grew up in. Everything you would think to be disadvantages were actually advantages, like being poor for example. Joe Flom’s story provides a structure for understanding success in law.
Section 3: Gladwell introduces Alexander Bickel; he has a similar story and background as Flom. His first interview was at Mudge Rose, but he didn’t get the job. They compare the old-line law firms of New York to private clubs. They describe Bickel as unattractive and uncomfortable. Most people of not great background and religion in that era went to smaller firms and took “whatever came in the door.”
Section 4: The old-line Wall Street law firms represented the country’s largest, most prestigious companies. They did not do litigation. These firms did not involve themselves in corporate takeovers. White-shoe firms would bring in Flom whenever a corporate raider made a run at one of their establishment clients. In the 1970s it was easier to borrow money, federal regulations were relaxed, etc… All of this created a boom in corporate takeover. Soon every firm wanted to handle hostile takeovers.
Section 5: This section is started off with the introduction of Maurice Janklow, a Brooklyn law student of two Jewish immigrants from Romania. He was the only one of all his brothers and sisters to go to college. He set up his own practice in Brooklyn and later took over a writing paper business. Although one would think he would thrive, he surprisingly struggled. His son Mort, was the opposite, he was beyond successful.
Section 6: This section describes Lewis Turman’s study. Some children with high IQs were born between 1903 and 1917. Some were successful and some were not. Most of those who were successful came from wealthy background. The failures were more likely to be born earlier in that period. It all goes back to the depression though. Jewish lawyers were some of those to struggle.
Section 7: It starts by going over demographics. They call the 1930s the “demographic through,” because of the drop of birth rates. In the 1930s classes were at least half the size of those years prior. New York Public schools in the 1940s were considered the best schools in the country. They introduce Ted Friedman, a top litigator with a similar story to Flom. Friedman was willing to work hard, take responsibility for him and put himself through school. He did this at a time when he was “economically disadvantaged.” Mort Janklow went to Brooklyn Law and sold his cable business for millions of dollars.
Section 8: In 1889, Louis and Regina Borgenicht boarded a ship to America from Poland. Louis tried selling fish on the side of the street. He then decided to become a pushcart peddler. Later he went into clothing. Him and his wife made 40 aprons in one night and sold all 40 within a matter of hours.
Section 9: Most of the Jewish immigrants who came over had some kind of occupational skill. A lot of the lay in the clothing trade. Louis Borgenicht and his wife, Regina opened a series of small clothing stores. People like the Borgenichts and their children and grandchildren had a golden opportunity with this industry.
Section 10: The Borgenichts did very well making and selling their aprons. They soon started making other clothing items and had about twenty immigrants working for them. No clothes were made by factory. Borgenicht started buying cloth directly from wholesalers. The qualities work has to have to be satisfying is autonomy, complexity, and a connection between effort and reward.
Section 11:“Jewish lawyers and doctors did not become professionals in spite of their humble origins. They became professionals because of their backgrounds.”(Gladwell 153) Louise Farkas conducted an investigation outlining the family trees of Jewish families from the 1930’s. She found that with multiple family trees Jewish immigrants, and their children, who had poor positions became wealthy due to hard work and determination.
Section 12:The law firm of Wachtell, Lipton, Rosen & Katz is Joe Flom's largest competitors. This law firm is the single largest, professional, rich, and talented firm in the world. All their partners are like Flom, they are all Jewish men that come from the same background and the same generation. They had a lifestyle that forced them to work as hard as they possibly could make the best out of their poor backgrounds.