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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Man may labor from sun to sun . . .

By Megan McArdle
Apr 16 2008, 2:39 PM ET Comment

Over at Unfogged, LizardBreath had a recent post on the way that professions which bill by the hour are sort of inherently hostile to women. There's a suggestion in the comments that things would be better if law firms switched to contract pricing.

It's sort of a mystery to me how professional services decide whether to be project-based or hourly rate. There's a broad dicta that when output can't be measured, input will be . . . but I can't exactly draw a bright line between investment bankers, who take a commission on deals, and securities lawyers, who are paid by the hour.

That said, I think it's a fantasy that project billing would make law firms more mother-friendly. Investment banks are not exactly hotbeds of femininity, either. If law firms are really goldbricking, a switch to project-based pay would simply encourage them to take on more cases. Professional firms have a great deal of firm-specific human capital invested in their workers, and an incentive to split the partnership pie with as few people as possible. As long as the work remains extraordinarily highly paid, firms will try to squeeze as many hours as possible out of their employees.

It is interesting to contemplate why we've seen such a lifestyle switch over the last century. White shoe lawyers used to work much less hard than laborers. Now they probably clock at least twice as many hours a week as a typical warehouse worker. I have a hunch that it has to do with communications leaving less downtime, and also with increasing returns to knowledge, but I suspect that the decline of inherited wealth probably also plays a role. And probably many other things besides.

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