Working at P+P
To help you determine whether you would enjoy life at P+P, this piece tries to describe what happens in a P+P office during the 24 hours of any "ordinary" working day (= Monday through Friday). On weekends and holidays, some people may work as a transaction or deadline should require it or to prepare a publication or lecture of their own; there is no general requirement or expectation to work on weekends.
A few caveats as to "ordinary working day":
There is only one firm P+P rule, viz. "clients first"; you should be available, or reachable, when your client needs you. Otherwise, organize yourself, set your own working hours, choose your vacation times, publish if you like, lecture if you are good at it, choose your field of specialization, walk into a colleague's office (open doors!) when you need help, make your own career plans (and discuss them with your partner to see how we can help you implementing them), move a tree or two into your office if you like them (there are a hundred around), pick the seminar you want to attend or teach, tell the librarian to buy any book you need, tell the computer expert to acquire a software package for your PC or laptop or to otherwise improve its functions, etc. In short: design your work environment and career path to bring out the best in you.
The following "ordinary" model day is the product of the many extraordinary actions of each and every P+P person as her or his personal contribution.
6 to 8 a.m.: Early morning
The first administrative staff members arrive. Some partners and associates pass through the office on their way to catch the first flight to another city. About half (or more) of the P+P lawyers will be out of the office on any given day.
8 to 10 a.m.: Morning
Professionals and secretarial staff arrive (depending on personal and family schedules). Many secretaries work at varying times to assure staffing at all times of the day while maintaining private lives on their chosen schedules.
Pretzels or croissants and freshly-squeezed juice are available in the early morning, in the kitchens next to the roof terraces. P+P offices in Berlin, Munich and Frankfurt are on the top floors, with a lot of open space, glass, trees, etc.
12 to 2 p.m.: Noon
People may go out for lunch, use the firm's cafeteria or eat a sandwich at their desks, depending on personal preferences, work load, etc.
3 p.m.: Afternoon
Work starts for U.S. colleagues and clients, generating numerous phone calls, faxes and e-mails.
5 to 7 p.m.: Evening
Daytime secretaries have rotated with night-shift secretaries (arriving around 4 or 5 p.m. for transition). Professional activity generally declines, but this may differ significantly, e.g. lawyers coming back to the office and catching up after meetings, or starting work on a publication.
after 7 p.m. open end: Night
Usually one or more lawyers will be working according to her or his own personal time schedule. U.S. related work or drafting a complex document may be better done in the relative quiet of the night.
An Ordinary Month of Associate (or Partner) Work
A few additional caveats may be in order, qualifying what "ordinary" may mean: Associates, like partners, work for and with "their" clients; clients determine what is "ordinary" in any given situation. Unlike larger firms, P+P sets no budget, no plan you have to meet. You set your own. Organize your work as it suits you, publish and lecture (even at an early stage), or don't if it's not your thing. You need not bring in business (there is more than enough anyway), you have nothing to cross-sell, so be open and modest and let the best person handle each matter, be it a P+P person or a colleague from another firm. Specialize, try to become a leading expert in a particular field. Time, intelligence, energy – all of these are severely limited, even in the brightest people, so focus on what you do best. So speak your mind when you talk to partners, and listen to every other associate, partner, or staff member - they each have something worthwhile to contribute to the firm's and to your personal success.
The following is taken from real life time-sheets of an associate towards the end of her first year. Please consider it as an example, not a model or blueprint for your own time schedule.
The associate charged 206 hours in that month - 185 billable to clients, and 21 for educational, organizational, and other matters.
The 185 hours were spent on 16 projects for 12 clients. (Some major clients such as a private equity fund may have several active transactions or projects pending with us at any time.) Of these hours, 85% was spent on four major projects, and almost 50% on one project (which had lasted four months and was about to be completed).
The associate handled 9 projects directly with the client. (For senior associates, the first number of "direct client" projects would go up to 75 to 100% of her or his work.) On 4 of these projects, the associate was supervised by a partner, and on the other 5, the associate worked together with a partner. On the remaining 7 projects, the associate contributed research, drafting and/or review work to a major project handled primarily by a partner.
The 185 hours consisted of: 61 for due diligence (mainly in another city at the offices of the target, and partly in writing the report at P+P); 34 for case law research; 27 for participating in negotiations and meetings; 22 for drafting; 18 for telephone calls (including conference calls); 9 for fax and other correspondence; 6 for discussions with a partner or senior associate; 8 for miscellaneous activities.
A few caveats as to "ordinary working day":
There is only one firm P+P rule, viz. "clients first"; you should be available, or reachable, when your client needs you. Otherwise, organize yourself, set your own working hours, choose your vacation times, publish if you like, lecture if you are good at it, choose your field of specialization, walk into a colleague's office (open doors!) when you need help, make your own career plans (and discuss them with your partner to see how we can help you implementing them), move a tree or two into your office if you like them (there are a hundred around), pick the seminar you want to attend or teach, tell the librarian to buy any book you need, tell the computer expert to acquire a software package for your PC or laptop or to otherwise improve its functions, etc. In short: design your work environment and career path to bring out the best in you.
The following "ordinary" model day is the product of the many extraordinary actions of each and every P+P person as her or his personal contribution.
6 to 8 a.m.: Early morning
The first administrative staff members arrive. Some partners and associates pass through the office on their way to catch the first flight to another city. About half (or more) of the P+P lawyers will be out of the office on any given day.
8 to 10 a.m.: Morning
Professionals and secretarial staff arrive (depending on personal and family schedules). Many secretaries work at varying times to assure staffing at all times of the day while maintaining private lives on their chosen schedules.
Pretzels or croissants and freshly-squeezed juice are available in the early morning, in the kitchens next to the roof terraces. P+P offices in Berlin, Munich and Frankfurt are on the top floors, with a lot of open space, glass, trees, etc.
12 to 2 p.m.: Noon
People may go out for lunch, use the firm's cafeteria or eat a sandwich at their desks, depending on personal preferences, work load, etc.
3 p.m.: Afternoon
Work starts for U.S. colleagues and clients, generating numerous phone calls, faxes and e-mails.
5 to 7 p.m.: Evening
Daytime secretaries have rotated with night-shift secretaries (arriving around 4 or 5 p.m. for transition). Professional activity generally declines, but this may differ significantly, e.g. lawyers coming back to the office and catching up after meetings, or starting work on a publication.
after 7 p.m. open end: Night
Usually one or more lawyers will be working according to her or his own personal time schedule. U.S. related work or drafting a complex document may be better done in the relative quiet of the night.
An Ordinary Month of Associate (or Partner) Work
A few additional caveats may be in order, qualifying what "ordinary" may mean: Associates, like partners, work for and with "their" clients; clients determine what is "ordinary" in any given situation. Unlike larger firms, P+P sets no budget, no plan you have to meet. You set your own. Organize your work as it suits you, publish and lecture (even at an early stage), or don't if it's not your thing. You need not bring in business (there is more than enough anyway), you have nothing to cross-sell, so be open and modest and let the best person handle each matter, be it a P+P person or a colleague from another firm. Specialize, try to become a leading expert in a particular field. Time, intelligence, energy – all of these are severely limited, even in the brightest people, so focus on what you do best. So speak your mind when you talk to partners, and listen to every other associate, partner, or staff member - they each have something worthwhile to contribute to the firm's and to your personal success.
The following is taken from real life time-sheets of an associate towards the end of her first year. Please consider it as an example, not a model or blueprint for your own time schedule.
The associate charged 206 hours in that month - 185 billable to clients, and 21 for educational, organizational, and other matters.
The 185 hours were spent on 16 projects for 12 clients. (Some major clients such as a private equity fund may have several active transactions or projects pending with us at any time.) Of these hours, 85% was spent on four major projects, and almost 50% on one project (which had lasted four months and was about to be completed).
The associate handled 9 projects directly with the client. (For senior associates, the first number of "direct client" projects would go up to 75 to 100% of her or his work.) On 4 of these projects, the associate was supervised by a partner, and on the other 5, the associate worked together with a partner. On the remaining 7 projects, the associate contributed research, drafting and/or review work to a major project handled primarily by a partner.
The 185 hours consisted of: 61 for due diligence (mainly in another city at the offices of the target, and partly in writing the report at P+P); 34 for case law research; 27 for participating in negotiations and meetings; 22 for drafting; 18 for telephone calls (including conference calls); 9 for fax and other correspondence; 6 for discussions with a partner or senior associate; 8 for miscellaneous activities.
Please also have a look at the practice reports which illustrates the everyday life of a private equity consultant and is written by P+P professionals.