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Lions in the street; the inside story of the great Wall Street law firms
Mylar dust-jacket. Pristine condition.
- GenresLaw
240 pages, Mass Market Paperback
First published January 1, 1973
31 people want to read
About the author
Paul Hoffman
4 books2 followersPaul Hoffman, born 1934, is a notable American business writer and journalist.
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Displaying 1 - 2 of 2 reviews
November 7, 2025
I recently picked up a paperback copy of this 1973 book from the $1 table outside a used bookstore. It's cover price in 1973 was $1.75.
It is a skeptical look at the power of the big Wall Street law firms. It is amusing to see what was shocking then.
"Partners salaries begin at $40,000 and can soar to ten times that." $40,000 won't get you a decent legal secretary these days. Today new partners are making $400,00/year or more. Associate were starting at around $19,000/yr. They are around $225,000 now.
Only wealthy clients could afford partners who bill "$250 an hour and up". First year associates bill that now.
The firms were huge. "Shearman and Sterling is New York largest law firm" with 211 lawyers. The firm is now A&O Shearman and it has approximately 4000 lawyers.
Hoffman does a good job showing how the New York firms evolved into big company firms. Each of the firms had at least one bank client and the multiple large manufacturers. They also targeted wealthy families.
The early seventies was just when the good old boys era of big firms was ending. Firms began to poach clients from competitors. Clients began to shop for price. High end boutique firms specializing in discrete practice areas were starting to appear.
The other interesting thing about the timing of this book is that it was mid-Watergate. The scandal had happened, but the hearings were just starting up. Nixon had not resigned. It is easy to forget that Nixon was a Wall Street lawyer when he ran in 1972. Mudge, Rose, Guthrie and Alexander was a well-established Wall Street firm. Nixon and then John Mitchell joined the firm. It was renamed Nixon, Rose, Guthrie, Alexander and Mitchell. When Nixon was elected his name was dropped from the firm but, as Hoffman shows, the firm did very well because it was considered "Nixon's firm" and Mitchell was the Attorney general. After Mitchell was indicted, they dropped his name from the firm. It was dissolved in 1995.
The other interesting development was in security law. This was the bread-and-butter work for these firms. There was an uproar when the SEC began to hold lawyers responsible for not doing due diligence about statements in security offerings. The law firms were terrified and outraged. Of course, within several years this was turned into a massive profit center for law firms. Lawyers charge millions of dollars now for doing due diligence on security documents.
This is an interesting period piece about the very beginning of the big firm explosion.
(The first lawyer held responsible for failing to do due diligence in a security offering had a perfect Wall Street lawyer's name, Marion Jay Epley 3d)
It is a skeptical look at the power of the big Wall Street law firms. It is amusing to see what was shocking then.
"Partners salaries begin at $40,000 and can soar to ten times that." $40,000 won't get you a decent legal secretary these days. Today new partners are making $400,00/year or more. Associate were starting at around $19,000/yr. They are around $225,000 now.
Only wealthy clients could afford partners who bill "$250 an hour and up". First year associates bill that now.
The firms were huge. "Shearman and Sterling is New York largest law firm" with 211 lawyers. The firm is now A&O Shearman and it has approximately 4000 lawyers.
Hoffman does a good job showing how the New York firms evolved into big company firms. Each of the firms had at least one bank client and the multiple large manufacturers. They also targeted wealthy families.
The early seventies was just when the good old boys era of big firms was ending. Firms began to poach clients from competitors. Clients began to shop for price. High end boutique firms specializing in discrete practice areas were starting to appear.
The other interesting thing about the timing of this book is that it was mid-Watergate. The scandal had happened, but the hearings were just starting up. Nixon had not resigned. It is easy to forget that Nixon was a Wall Street lawyer when he ran in 1972. Mudge, Rose, Guthrie and Alexander was a well-established Wall Street firm. Nixon and then John Mitchell joined the firm. It was renamed Nixon, Rose, Guthrie, Alexander and Mitchell. When Nixon was elected his name was dropped from the firm but, as Hoffman shows, the firm did very well because it was considered "Nixon's firm" and Mitchell was the Attorney general. After Mitchell was indicted, they dropped his name from the firm. It was dissolved in 1995.
The other interesting development was in security law. This was the bread-and-butter work for these firms. There was an uproar when the SEC began to hold lawyers responsible for not doing due diligence about statements in security offerings. The law firms were terrified and outraged. Of course, within several years this was turned into a massive profit center for law firms. Lawyers charge millions of dollars now for doing due diligence on security documents.
This is an interesting period piece about the very beginning of the big firm explosion.
(The first lawyer held responsible for failing to do due diligence in a security offering had a perfect Wall Street lawyer's name, Marion Jay Epley 3d)
December 27, 2025
This is an extremely obscure book, and long out of print. But it does an excellent job describing the culture of the great law firms of the early 1970s and (though dated) is still an interesting read for anyone thinking about being a lawyer.
Displaying 1 - 2 of 2 reviews