From the law firm's perspective, billing by the hour has a certain appeal: it shifts risk from the firm to the client in case the work takes longer than expected. But from a client's perspective, it doesn't work so well. It gives lawyers an incentive to overstaff and to overresearch cases.

Priorities are the yearly goals that I'm most interested in achieving, then they become operationalized through weekly goals.

The night before, go over your schedule and see what you're going to do and what the purpose of what you're doing is. I advocate having a two-column schedule. On the left, put down all your appointments and phone calls. On the right, put down what the purpose is.

Wall Street is at best ambivalent. The size of the accounts is nothing big. How many Wall Street firms do you know that are running after people with $5,000 accounts?

The most important thing is to talk to people that have jobs that you might like and to see what they say the job involves.

The way you delegate is that first you have to hire people that you really have confidence in. You won't truly let those people feel a sense of autonomy if you don't have confidence in them.

If you want an active schedule, you have to husband your time so you can act on the things that are important.