In August the entire country of France comes to a halt. If only that were true in Silicon Valley. You will hear a lot of talk about how August is a slow month, with venture capitalists and investment bankers scattered from Tahoe to the Hamptons. The deal pace will slow down; you'll get a welcome break. Maybe get home in time to watch the Giants hold on to their first place lead--better yet, actually get out to the ball park. Don't hold your breath.

On Monday, August 7, The Wall Street Journal reported that the number of IPOs scheduled to go out in that week was the highest number since December of 1983 (that's right, 1983). It was nearly twice as many as went out the prior week. As usual, the vast majority of these offerings involve technology related or internet companies. The vast majority of them are Silicon Valley based. Our hypothetical Parisian associate may be quaffing Beaujolais at an outdoor cafe in the South of France this week. Her Silicon Valley couterpart is likely to be at the printer's proofing a prospectus.

The NASDAQ waits for no one. The truth is that Silicon Valley practices are not reliably cyclical. They are purely market sensitive. If there was a lull this year, it happened in April when market conditions forced the cancellation or delay of a number of IPOs. However, there was enough pent-up demand from clients on more routine transactional work that most corporate/securities lawyers found themselves plenty busy with either M&A work, corporate governance, or follow-on offerings.

If you're a summer associate in Silicon Valley, you may find that the next several weeks are the busiest yet. First year associates may have the same experience. The problem for junior associates may be somewhat compounded by the fact that more senior lawyers in law firms do tend to take their family vacations in August. Someone's got to do the work. And work, like everything else, tends to flow downhill.

There is a moral to this tale. Don't count on August as a breather month, or a vacation month. You may be stuck holding down the fort. But try to keep a smile on your face, things will slow down eventually. And don't forget, sooner or later there will be someone further down the hill than you are.