In my Deals class, we talk about what transactional lawyers do. I often make the case that lawyers do more than serve as document drones -- managing information problems, engaging in regulatory arbitrage, figuring out incentive schemes, and so on. Soon I'll be posting my case study on the MasterCard IPO, which offers some nice examples of how lawyers don't merely act like monkey scribes.
But before I get all Pollyanna about the stimulating life of a transactional lawyer, I thought I'd present the darker side. Not every interaction with opposing counsel is pleasant, civil, and fun. Some of you may recall the voicemail from a Winston & Strawn lawyer to a Latham lawyer that was floating around on the blogs a couple of years ago (HT: KinsellaLaw). If you haven't, it's worth listening to. Even if you have heard it before, it's worth another take, just to count the curse words. (Warning: the W&S lawyer drops more F-bombs than Crash.)
Here's the voicemail:
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