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Transcript

Important Themes Of the three lessons:

Joe Flom's Questions

THEME 1

Pickiness is not a successful solution.

- Flom’s firm practiced any law, not turning down any case: This allowed for growth as different case types were more popular, a constant income, and the reputation of clients not being turned down.

- Firms who denied clients with certain claims would have diminishing returns on clients as a result of their word of mouth reputation.

- The Mudge Rose firm turned down Bickle because of Romanian background, missing out on the chance to employ one of the greatest recent minds in law.

THEME 2

Specialization in potentially expanding fields offers opportunity.

- Flom’s Specialization within a formerly unpopulated law field (litigation) allowed for him to remain the best as the field went from nothing, to the largest and most common lawsuit.

- A person with an uncommon specialization, and is good at it, will find more often customers searching for that job type to hire will search for the person, not a firm.

- The Borgenicht’s flourished as a result of selling an item that no one else sold. Being the only source is a form of marketing specialization.

THEME 3

Success is based on timing more than background

- Flom’s success was based on his in depth knowledge of a non competitive field right before the market for it metaphorically exploded.

- Janklow, even though he was intelligent and educated, was unable to procure success due to the great depression and WWII just as he was attempting to make a life for himself.

- Janklow younger flourished after his father did not as a result of dramatically decreased birth rates when he was born and economic explosion.

Vocabulary Spotlight

Q's and A's

What is Joe Flom's occupation?

Where does Joe Flom grow up?

When is Joe Flom born?

Of what does Gladwell say he hopes his readers are skeptical?

Of what heritage is Joe Flom?

Why does Joe have trouble getting a job after college?

What firms are run by christian men who live in the suburbs?

What is one type of work Joe does when he is just out of college?

What is a Proxy War?

How are these Proxy Wars characterized?

Why do Flom and his colleagues take on proxy wars?

What is the second lesson of Joe Flom?

What is one way in which Flom's life is affected by the second lesson of Joe Flom?

Why does Flom and those of his generation have thier pick of good schools?

Who are the Borgenichts?

What do the Borgenichts have that is in demand in the united states?

Gladwell says the Borgenichts are successful but never what?

What do many of the children of the Borgenichts family and those like them to become?

  • 1. What is Joe Flom's occupation?: lawyer
  • 2. Where does Joe Flom grow up?: Brooklyn
  • 3. When is Joe Flom born?: in the 1930's during the depression
  • 4. Of what does Gladwell say he hopes his readers are skeptical?: of how to get rich quick
  • 5. Of what heritage is Joe Flom?: Jewish
  • 6. Why does joe have trouble getting a job after college?: because of him being jewish
  • 7. What firms are run by christian men who live in the suburbs?: white shoe law firms
  • 8. What is one type of work Joe does when he is just out of college?: company taking over the other company
  • 9. What is a proxy war?: legal maneuvers at the center of any hostile take over bid
  • 10. How are these proxy wars characterized?: Hostile
  • 11. Why do Flom and his colleagues take on proxy wars?: need any business they could get
  • 12. What is the second lesson of Joe Flom?: Demographic Luck
  • 13. What is one way in which Flom's life is affected by the second lesson of Joe Flom?: He got special treatment
  • 14. Why does Flom and those of his generation have their pick of good schools?: people were not having children because of the depression
  • 15. Who are the Borgenichts?: they have sewing backgrounds
  • 16. What do the Borgenichts have that is in demand in the united states?: make clothes
  • 17. Gladwell says the Borgenichts are successful but never what?: never became rich
  • 18. What do many of the children of the Borgenichts family and those like them become?: doctors and lawyers

Ambition - a strong drive for success

Applique -a decorative design made of one material sewn over another

Discriminate -To differentiate; to make a clear distinction; to see the difference

Heyday -Golden Age; Prime

Persian -5th century B.C.E wars between the Persian empire and Greek city-states; Greek victories allowed Greek civilization to define identity.

Prominent -conspicuous in position or importance

Pulitzer -United States newspaper publisher who established the Pulitzer prizes (1847-1911), the owner of the New York World who used yellow journalism during the Spanish-American War

Subsum -TO INCLUDE; INCORPORATE

Ungainly -(adj.) clumsy, awkward; unwieldy

Vaguely- Not clear

Thanks For Listening

The three lessons of Joe Flom

Key Ideas

By: Chelsea Weaver and Ethan Etheridge

Summary

Memoriam Video:

Joe Flom

SETTING:

New York 1930’s- present

Joe Flom

Chapter 5 is titled “The Three Lessons of Joe Flom.” The chapter mainly discusses how the Jewish immigrants came to America in the late 1800’s with no money and made a living for themselves and it also discusses how the offspring of these Jewish immigrants became either lawyers or doctors because of the demographic luck they were blessed with. This chapter focuses 3 lessons. The first lesson is called The Importance of Being Jewish, the second is Demographic Luck, and the third is called The Garment Industry and Meaningful Work.

The first section explains the importance of being Jewish. It talks about how in the early 1900’s the larger law firms wouldn’t hire the offspring of Jewish immigrants regardless of how successful they were because they didn’t fit the description of the “perfect lawyer”. Consequently these Jewish lawyers that didn’t get hired by the bigger law firms joined the smaller ones or started their own and ended up being very successful. The second lesson explains how the decade that you are born in effects how successful you will be in a certain profession. For example it talks about how if you were born shortly after 1912, you got out of college after the worst of the depression is over, and the success rate of these law school students was much higher than that of the lawyers born before 1912. The third section is about the garment industry in America during the early 1900’s. This section focuses on one immigrant man and his wife who moved to America with twelve dollars to their name. With this twelve dollars he started a garment business and made himself a living, and thousands of other immigrants did the same thing. The chapter is concluded by explaining how most of the children of these hardworking immigrants became successful doctors and lawyers with the help of demographic luck.

Key Characters:

Joe Flom: Big time lawyer at the law firm Skadden, Arps, Slate, Meagher and Flom. Slightly overweight, large head, short slightly hunched. He is the last remaining member of the previously named men in the company. Comes from a Jewish family from Brooklyn.

Alexander Bickel-

One of Joe Flom’s classmates at Harvard Law. Also the son of a Eastern European Jewish immigrants who lived in the Bronx. He was a star at Law School. His career was cut short by cancer. If his career hadn’t been cut short by cancer, he could have probably

been the finest constitutional scholar of his generation. Like Flom, he tried to get a job in Manhattan during hiring season. His first stop was Mudge Rose on Wall Street, which was considered a “white-shoe” firm. Bickel got the interview there with the senior partner but they couldn’t offer him a job because of his “antecedents”. At the time of the interview, he was at the height of his reputation. He had argued a case in supreme court and written brilliant books. They turned him down because Wall Street wanted “Nordic” lawyers and that’s why Flom and Bickel couldn’t get jobs at “white-shoe” firms.

3 LESSONS

1.The Importance of Being Jewish

2.Demographic Luck

3.The Garment Industry and Meaningful Work

Three Lessons of Joe Flom

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