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| vol 19, num 4 | December 2021 |
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| Advice for Our Younger Selves |
| As the Young and New Members Committee, we (unsurprisingly) count many young and new members among our ranks. Many of our members may be new to practice or to the insolvency field, and/or new to ABI. It can be daunting to navigate a new role, new industry and new organization. The Y&NM Committee leadership recognizes this, so we thought we would take a moment to share our advice on how to make the most of a new opportunity. Without further ado, here is our advice for young and new members (and those young and new at heart!). |
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| Put yourself out there. Introduce yourself to people you haven’t met at the office. Take on every project you have the time to do properly. Ask questions (but organize your thoughts first). Be active in the restructuring community: Go to local networking events, sign up for committee opportunities (we’d love to have you!), attend ABI’s Wednesday networking Zoom happy hours. Remember that the point of networking for a young professional is not immediate business development but developing friends and sounding boards for career and professional advice; cultivating people on the other side of difficult transactions or career moves willing to
vouch for you; giving back to the community; and developing long-term relationships. These steps will help you develop your personal skills, your professional network and the workflow from within your workplace.
You should mostly be saying “yes,” but learn to say “no” and “I need help” when appropriate. Our profession is intense, with long hours and stress, but it is important to preserve adequate time for family, faith and self-care. Learn to politely turn down projects you can’t handle well. Speak up if you are struggling, need help, or have too much on your plate.
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Don’t be afraid to ask questions, early and often.
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Input your time entries as you are doing the work and don’t wait until the end of the month. Input all of your time accurately, and don’t reduce your time because you thought it took you too long to do the assignment. Reviewing the bill is the billing attorney’s job; let them do it! When receiving an assignment, ask questions, ask for the deadline, and ask for examples.
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Volunteer and get involved in different organizations. Any volunteer position or board role provides an opportunity to showcase your skills and establish your professional reputation as someone who is competent and capable. (That being said, make sure you make the most of it by being prepared and thoughtful, and contribute when you can!) You will also establish relationships beyond your office doors, which can provide meaningful friendships as well as some (unexpected) opportunities.
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As a young lawyer, it is important to say “yes” whenever possible. You never know what you might learn or what kinds of opportunities lie ahead. Make the most of all the chances you are given, show up, have a good attitude and be responsive. This may seem obvious, but it will put you way ahead of many of your peers.
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| Sixth Circuit Lets Debtors Exclude 401(k) Contributions from Disposable Income, but Leaves Open When Contributions Must Begin |
| Can chapter 13 debtors deduct voluntary 401(k) contributions under § 541(b)(7)(A) when calculating disposable income? If so, can they plan for bankruptcy in good faith by making pre-petition 401(k) plan contributions to their 401(k) plans prior to filing to decrease their disposable income? The Sixth Circuit recently broke with dicta from Seafort v. Burden (In re Seafort) and answered the first question affirmatively in Davis v. Helbling (In re Helbling) and Penfound v. Ruskin (In re Ruskin).
Neither Davis nor Penfound answered the second question directly, but both raised issues that consumer practitioners should keep in mind going forward.
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| A Note from Your Co-Chairs: A Look Back on 2021 |
| 2021 has been an incredibly productive year for the Young and New Members Committee. The committee continued to produce high-quality newsletters and educational programs, while branching out and trying some new things too. Below are some highlights.
Quarterly Newsletters
In 2021, the committee published newsletters in March, May and August featuring eight articles, including several articles authored by our committee leaders, as well as law students. Our March 2021 newsletter featured an article by co-Membership Relations Director Christian Pereyda regarding the Eleventh Circuit Court of Appeals decision in Lawson-Ross v. Great Lakes Higher Ed. Corp., which examined the difference between an affirmative misrepresentation and the failure to disclose. Our August 2021 newsletter featured and article on pro hac vice tips from co-Newsletter Editor CC Schnapp, as well as an article on the constitutionality of the U.S. Trustee fee increases by co-Newsletter Editor Joe Esmont. Our newsletters featured a number of other timely and interesting articles, including several on various subchapter V issues. The next newsletter is expected
to be published soon, so stay tuned! If you have any interest in writing for the newsletter, please reach out to Joe or CC.
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