Introduction

Gamblers at casinos face unfavorable odds of winning, just as students joining big firms face unfavorable odds of career fulfillment. Understanding the casino scheme sheds insight on why some students decide to gamble their careers at such firms. Both casinos and firms induce participation in their cons by building an identity for their marks, convincing the marks they are special and they will stand out from the losing masses.

Bleeding Marks Slowly

Casino games are designed to bleed money from individuals. Blackjack, played properly, gives the house about a 51-49 advantage. Slot machines, giving the worst odds, return about 9/10ths of the wagers. At these odds, some individuals walk away winners and every player experiences at least some winning. These short-term wins are necessary to the con: casinos must show there’s something in it for their marks, like Sean Mekas sending a claim document to Spiros Tzourous. Short-term wins are also essential to forming an identity conducive to generating long-term losses. They allow the mark to overstate his contribution to wins, thinking he is a skilled gambler. He can deflect losses as bad luck, beyond his control. Letting a gambler consistently win hides his overall losses, and reinforces his belief that he is special and can win.

Firms similarly run their con slowly. An associate job isn’t a blatantly losing proposition; firms provide legitimate benefits to convince the mark he can win. Students can quickly pay off loans, earn money, and gain prestige. Students can avoid the con by seeing these short-term wins as cloaking the long-term losses bled from students who pawn their licenses.

Special Treatment

Casinos make sure their marks feel special as they play, providing luxurious settings, complimentary drinks, and scantily-clad waitresses. Firms treat students similarly: firm receptions, fancy offices, high salaries, and inflated prestige. This treatment stands out from how the mark is accustomed to being treated by businesses or employers. Not all gamblers or students are affected by such treatment, but for many it is easy to buy into the identity this pampering feeds the mark. He is special. Not everyone can succeed at this game or this firm, but he can.

The Layout: Exterior Waste Covers Interior Traps

Why do Vegas hotels depict tacky caricatures of Egypt, Greece, and pirate ships? One function is to display waste. By consenting to lose money playing games, gamblers contribute to this waste and thereby gain the identity created by conspicuous consumption. Not everyone can afford waste, so once again the message is “you are special”. While outlandish exteriors suggest waste, casino are actually meticulously designed to extract money. All traffic is routed through the casino. Time is obscured, with no clocks or windows. Exits are not easily accessible. Slot machines, the most efficient moneymaker, are near all entrances and take up the most floor space. Casinos are designed to trap; if they can just get you in the casino, they can get you to spend money.

Firms similarly display waste to send a message that the firm and its members are prestigious. While outwardly catering to students, firms are structured to generate profits. Students are made to feel special, but associates spend 2200 hours per year solving others’ legal problems. A firm’s recruiting message is that you are special and it needs your talent; meanwhile, associate work is anything but special or personally meaningful. Like casinos, firms similarly hope to trap students. They promote the idea that many career paths necessarily go through big firms. This strategy is effective; many students plan on using big firms as springboards to other careers, but find leaving difficult.

Just Break Even

A typical gambler begins with dreams of conquering the odds. When he finds himself losing money, the goal changes to just breaking even. This proves difficult because casinos have the opposite goal, and they have structured the game to suit their needs. As gamblers find themselves further behind they need to make larger leaps forward; a gambler trying to make up losses must either increase their bets or play longer. Occasionally luck intervenes and the gambler can break even, but usually numbers dominate and larger bets simply lose more money. (Casinos set maximum bets, otherwise this strategy could work).

A typical student begins with dreams of solving meaningful legal problems. However, the firm’s goal is not to help associates fulfill their dreams, but rather to boost profits. Since firms are in control, they are structured to use associates for their own goals. At this realization an associate should discontinue participating in a scheme structured against him. But like a gambler trying to break even, associates are prone to staying a little longer, hoping things will turn around and the J.D. will not be a losing investment.

As associates become unhappy, firms return to the “you are special” message. Firms tell associates that once they make partner they’ll be special again, and life will improve. More likely, unsatisfied associates just become unsatisfied partners. On the surface partners receive greater benefits than associates, but they are still losing to the same con. Just as betting more money on a blackjack hand won’t change the odds of winning, investing more of your career at a firm you dislike won’t change the odds of career fulfillment. The rate at which associates revive their careers by making partner is only slightly higher than the rate at which alchemists succeed in turning base metals into gold.

Conclusion

Casinos tell gamblers they’re special to convince marks they can win at games favoring the house. Big firms are a similarly structured con, telling students they are special to convince them career fulfillment exists in a job designed for the firm’s benefit. If we look beyond the message firms send and the identity they offer us, we can recognize the underlying parts of their con as a game of chance with the odds against our favor. None of us would wager our licenses on a roulette spin, as we could not afford to lose. Likewise, we should stop wagering our licenses on the unlikely chance we will enjoy a big firm career.

-- JaredBaumgart - 31 Mar 2008

WOW that's an awesome pair of sentences. I don't agree with the argument, but the analogy is beautiful.

-- AndrewGradman - 31 Mar 2008