WHAT I HAVE LEARNED through my short and disastrous legal career is that in law, as in life, the only rational expectation is calamity. Take my first case as a lawyer.

There were three of us at the start, fresh out of law school, hanging up our shingles together because none of the large and prosperous firms in Philadelphia would have us. We were still young then, still wildly optimistic, still determined to crack it on our own. Guthrie, Derringer and Carl. I’m Carl. All it would take, we figured, was one case, one accidental paraplegia, one outrageous sexual harassment, one slip of the surgeon’s knife, one slam-bam-in-your-face case to make our reputations, not to mention our fortunes. We were only one case away from becoming figures of note in the legal community that had so far left us out in the cold. But before that grand and munificent case came walking through our door, we were sitting with our feet on our desks, reading the newspapers, waiting for anything.

“I’ve got something right here for you, Victor,” said Samuel R. Sussman, dropping a document on my desk. He was a bellicose little man who leaned forward when he talked and did annoying things like jab his finger into my chest for emphasis. But he was family.

The document was a demand note, personally guaranteed by a Winston Osbourne, representing a debt of one million dollars. Seven figures was two figures more than anything I had ever seen before.