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Legal Careers Lose Their Allure, Drop to Dentistry Status Posted Jan 7, 2008, 05:52 am CST By Debra Cassens Weiss College grads who want wealth and social status are passing up law and medicine for careers in investment banking. A career at a hedge fund or private equity firm can offer financial rewards that outpace earnings at even the biggest law firms. Partners at the nation’s largest 100 firms made an average of $1.2 million in 2006, but many senior investment bankers will take home an average of $2.25 million to $2.75 million in bonuses and salaries, the New York Times reports. But even more important than money are the glamour, control and quick path to financial rewards in investment banking, according to the article. Lawyers no longer enjoy the prestige they once held, and the quest for billable hours has taken away the notion of law as a noble profession. Doctors and lawyers “have slipped a notch in social status, drifting toward the safe-and-staid realm of dentists and accountants,” the story reports. The change is reflected in the number of students applying to law schools. The number of applicants dropped 5.2 percent in 2005 from the year before, and another 6.7 percent in 2006, when 83,500 applied to law schools.

Waiting for GPhone to ring? MATHEW INGRAM Globe and Mail Update E-mail Mathew Ingram | Read Bio | Latest Columns September 6, 2007 at 12:01 AM EDT Apple may be the undisputed king of preannouncement hype (with the recent flurry of rumours about new iPod features, some of which were announced yesterday, being just the latest example) but Google has to run a close second. And the current hot spot for die-hard fans of the technology giant is the much-rumoured “Google phone” or GPhone. Whispers about such an animal have been circulating in the geekosphere since last year, but have recently caught fire again, with reports that some Silicon Valley insiders have seen actual prototypes of such a phone, and other reports that Google might be ready to launch a version in India. Om Malik, a former writer for Business 2.0 magazine who runs a blog network called GigaOm, recently spoke to a technology insider who said the tech company is working on a Google Phone that will run a modified version of the Linux operating system and have a special Web browser. According to some analysts, Google has been talking with several major carriers about distributing a low-price (or even free) device, the cost of which would be paid for by advertising. Various reports – including one in The Wall Street Journal last month – have said the phone will be loaded with Google software, including Gmail, Google Talk, an instant messaging and voice-calling service, and a special version of its mapping software that would use the device's built-in GPS. Skeptics (including yours truly) have pooh-poohed the idea that Google might want to get into the phone business, in the sense of designing and/or selling a specific piece of hardware. Why? Because it seems antithetical to what Google has been about – namely, perfecting software for searching, and more recently for search-related ads, e-mail and other online services. The only piece of hardware that Google makes or is involved in making is the Google “appliance” that companies can use as part of their internal computer networks – although it also plays a role in customizing the hundreds of thousands of servers in its giant server “farms.” It wasn't that long ago that Google was rumoured to be building a cheap “Google PC,” one that would be loaded with Google software and sold through retailers such as Wal-Mart. That never came to pass, however, and the company made a point of saying it had no intention of getting into the notoriously cutthroat hardware business. One of the driving forces behind much of the Google Phone speculation appears to be dissatisfaction with existing cellphone companies and carriers. You can almost hear people wishing that a giant company with billions of dollars in cash – not to mention a propensity for offering things for free – would come in and shake up the mobile phone market. The GPhone rumours have been persistent in part because there are so many puzzle pieces that appear to fit, with one of the biggest being a Google employee named Andy Rubin. A co-founder of Danger Inc., the company that developed the Sidekick phone/PDA, Rubin started another company called Android, which was acquired by Google in 2005. Google also bought a Waterloo, Ont.-based mobile software company called Reqwireless. Google recently said that if the U.S. Federal Communications Commission were to change the way it auctions wireless spectrum, the company would be willing to spend almost $5-billion (U.S.). And there have been repeated rumours about Google buying up “dark” or unused fibre capacity across the U.S. The perfect foundation for a new Google Phone service, some say. But does this mean a dedicated piece of hardware known as the Google Phone is definitely coming? Hardly. There's no question that Google has been actively courting phone makers and carriers about bundling its applications on their devices. It may even be working on developing its own mobile phone software, to make those Web applications easier to develop and use. But it's still quite a leap from that to a Google Phone. Of course, when you are churning out billions of dollars in free cash flow every month the way Google is, virtually anything is possible. Mobile phone users who are craving something new – and can't afford an iPhone – will no doubt be keeping their fingers crossed.

Forget iPhone, Think Google Phone Written by Om Malik Sunday, December 17, 2006 at 12:33 AM PT | 74 comments The Observer of London is reporting that Google might be working with HTC and mobile/telecom giant Orange to build a Google Mobile Phone, which could possibly have Google software inside the device, and would be able to do many of the web tasks smartly. The device, article speculates, could go on sale in 2008. (Of course, we would all have forgotten by then… if it doesn’t happen.) Orange and Google, both declined to comment. Their plans centre on a branded Google phone, which would probably also carry Orange’s logo. The device would not be revolutionary: manufactured by HTC, a Taiwanese firm specialising in smart phones and Personal Data Assistants (PDAs), it might have a screen similar to a video iPod. But it would have built-in Google software which would dramatically improve on the slow and cumbersome experience of surfing the web from a mobile handset. It would be interesting to see if this comes to fruition. Google, in recent months has become increasingly aggressive about its mobile ambitions, and is pushing into the carrier space, though there have been some snags. Google Phone, if you think about it is a reasonable speculation. Google has been aggressive in developing location based services, has amp-ed up its local search and mapping services. In addition, it has also been mobilizing its applications such as GTalk and GMail. YouTube, the video arm of Google, is beginning to embrace the mobile ecosystem. Normally, one would not spend too much energy on this bit of news. However, presence of Andy Rubin on Google campus gives us a reason to pause. Who is Rubin? He was one of the co-founders of Danger, the company that makes the Sidekick devices. He sold his last company, Android to Google for an undisclosed amount of money, and he has been holed up in Mountain View, California campus of Google, doing something. No one knows what, but since Android was focusing on mobile, it is safe to assume that he just might be involved in Android. Danger, as you might know has become a multimillion dollar business based off the “compress web and take it mobile” technology developed by Rubin and others. Businessweek had reported that Android was working on a cell phone operating system. One source familiar with the company says Android had at one point been working on a software operating system for cell phones. … In a 2003 interview with BusinessWeek, just two months before incorporating Android, Rubin said there was tremendous potential in developing smarter mobile devices that are more aware of its owner’s location and preferences. “If people are smart, that information starts getting aggregated into consumer products,” said Rubin. For Orange, this could be a valuable asset in its triple play ambitions. The company owns broadband businesses across Europe, and has access to 3G networks, and is owned by France Telecom. It could use Google’s web expertise to take on its rivals, by offering web-mobile hybrid phones, and at the same time get a slice of mobile advertising revenues. I know, sounds far fetched, but not out of the real of possiblity. Your thoughts?

Autonomy Buys Zantaz By Phineas LambertThe DealJuly 19, 2007 Enterprise infrastructure software maker Autonomy Corp. PLC on Tuesday, July 3, agreed to buy U.S.-based archiving company Zantaz Inc. for $375 million to exploit the growing electronic discovery market. Pleasanton, Calif.-based Zantaz provides content archiving, electronic discovery products and software to enable organizations to retain and retrieve unstructured digital information, while Autonomy sells the platform for accessing such information. Zantaz generated earnings before interest, taxes, depreciation and amortization of $5.2 million on revenue of $100 million for the year ended Dec. 31. In the 11 years since it was founded, its VC backers have included General Atlantic Partners LLC, Athena Technology Ventures, Red Rock Ventures, ComVentures, Pyramid Technology Ventures, Geneva Venture Partners and Novus Ventures. The purchase will be Autonomy's largest since it bought data retrieval software maker Verity Inc. for $507 million in cash at the end of 2005. "We have been greatly impressed by Zantaz's products and will be continuing to develop and support the whole range," said Autonomy CEO Michael Lynch in a statement. "Our combined solution will be unique in offering our existing 17,000 customers end-to-end information rich risk-management solutions." Cambridge, U.K.-based Autonomy said the acquisition will be partly funded through the placing of 12.7 million shares and a term loan. On completion, Autonomy said it expects to have about $75 million in cash on its balance sheet. Shares in Autonomy were up almost 9 percent, or 64.5 pence, to 792.5 pence in London, giving the company a market cap of £1.67 billion ($3.36 billion). The announcement coincided with news that Autonomy expects record second-quarter 2007 results, with pretax profit and revenue ahead of the top end of analysts' forecasts. Derek Brown, an analyst at London-based Seymour Pierce Ltd., noted that the market for electronic discovery has been fast-growing since the revised Federal Rules of Civil Procedure require businesses to make readily accessible all relevant information from unstructured data like e-mails. "The deal provides a unique offering in the market: a hosted service for archiving combined with the applications for customers to choose which route to go by," Brown said. "There's a good cross-selling opportunity here." Autonomy expects the acquisition to be earnings accretive in the first six months and generate costs synergies of about $25 million per annum. Tax loss carry-forwards will be assumed with a net present value of about $45 million, it added. Steve King, the target's CEO, will keep his position as chief executive of the Zantaz division of Autonomy. Deutsche Bank AG acted as financial adviser to Autonomy. The deal, subject to regulatory approvals, is expected to be completed by August. Zantaz has agreed to pay a $10 million breakup fee to Autonomy, should it terminate the agreement.