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Tariff Fallout on Jobs - How Bad Could It Get for Law Firm Associates?

Futures  are down heading into Friday, after the Dow carnage Thursday. M&A is in decline. Business is in a panic. So, it's predictable that professional anonymous networks such as Fishbowl Big Law would start asking if we'll soon experience another 2008, in terms of loss of jobs. Recall, that was the first year of the brutal global downturn. In one day Latham cut loose more than 400.  In other firms start dates were delayed. Worse, job offers were rescinded. Paul Weiss was among the few law firms which didn't lay off. Well, that Fishbowl post asks: "When is it okay to say this feels like 2008?" The majority of replies say that question is probably from someone who wasn't there in 2008. Back then I was coaching the newly jobless former associates. Most had nowhere to go, that is, in the legal sector and had to take non-legal survival jobs to pay off student loan debt. The average monthly nut at that time was $700. However, there's this quip: "Nah ...

Futures Down - Expect Another Whopper of a Bad Dow Day Friday (so what are boomers, xers to do?)

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Totally expected: Futures on Thursday night were down. CNBC reports: "Futures tied to the blue-chip index lost 77 points, or 0.2%, after the 30-stock average tumbled more than 1,600 points in the prior session.  S&P 500 futures  lost 0.1%, and  Nasdaq 100 futures  were marginally lower." So, what are Boomers/Gen Xers supposed to do about funding what could be a very long life? Answer: Keep working.  Those who have retired and plan to unretire are in for a rough re-entry. You are rusty in 1) How to conduct a job search, especially since AI has changed so much of that 2) How to hold onto a job, since so much more in expected in not only the work load but in old-line deference to authority. It isn't only at those top-down power structures like law firms Kirkland & Ellis and Paul Weiss that seem to require total obedience. That's part of the extreme employment insecurity even in low-paid positions at big boxes. Not that those of us over-50 who have kept lab...

Kirkland & Ellis: Most Powerful Law Firm in World Reported to Be Bending to Trump Administration Power

  Heading off an Executive Order through, for example, negotiating a certain amount of pro-bono work - that's becoming a standard peace offering in the Trump administration's escalating war on law firms. The Wall Street Journal refers to it as "as low-cost." That's even though it cost Skadden, Willkie and Milbank each a $100 million. Paul Weiss, after it was hit with an actual EO, lucked out with a discount - only $40 million. Could the chair Brad Karp's signature charm have factored in? Well, the largest, most powerful and most financially successful law firm in the world - Kirkland & Ellis - is reported to be in the midst of packaging its own peace offering to the administration. The firm has 4,000 lawyers. It also has been hit with an EEOC investigation. The threat of an EO may be surprising. If you check the political donations by law firms which Open Secrets documents you'll find that Kirkland & Ellis contributes heavily both to the Dems and t...

So What Defines the Times? Smirk, It's Not Media, Big Law, The Earnest (read your bible)

 A sign she herself has become irrelevant Anna Wintour is quoted in the New York Post as pontificating: " ...  I believe [what] a great editor does – she defines the times.” Probably it was with the internet that society stopped paying attention to media. Influencers, who replaced media, only have about eight years to shape the culture. And along the way they can and often do self-destruct. Never again will there be a forever revered media presence like Edward R. Murrow or Walter Cronkite.  Gonzo, at least for now, is also the reach of law firms in defining a time. Consider the intersection of: Fierce escalating global competition in the sector The absolute power of the Trump administration  The threat to their business clients from tariffs and More. Erased is their ability to reset values. Law firms, ranging from Paul Weiss to Motley Rice, once change agents, are just a business. They have to be. Their focus primarily has to be "sticking to the knitting" - a conce...

Story Shifts to Economic Survival, Pivots from Mau-Mauing

Liberation Day was to be the time of clarity, when business could size up the economic impact of the Trump administration tariffs. There has certainly been plenty of clarity. At times, this day after, the Dow plunged 1,500 points.  How bad will this get for their nest eggs, Boomers and Gen Xers ask, horrified. Sure, they can consider unretiring. But, come on, even those low-paying gigs are harder and harder to land. New college graduates, shut out from entry-level knowledge work, are grabbing them.  Those still with jobs have even more reason to fret if those will hold up. Today auto corporation Stellantis announced the temporary layoff of 900. What other businesses will make such announcements - and soon?  Abruptly over could be those plans to take that vacation, have that baby or, yes, buy a new car. Of course, in an economy driven by consumer purchases, that's a dangerous trend. Yeah, things could get that bad. So, this shift to brute survival means that legacy media ...

Dow Bloodbath - Boomer/Gen X Horror

  When it comes to Boomer/Gen X nest eggs, the question is: How much worse can this get? 40,803.72 USD ▼  -1,421.60 (-3.37%) today April 3, 11:20 AM EDT  ·  Market Open UPDATE:   40,545.93 USD ▼  -1,679.39 (-3.98%) today April 3, 4:20 PM EDT  ·  Market Closed Yes, it got worse. There's a massive psychic shift in how Boomers/Gen Xers see their world and the future. Need help sorting out how to make a living? Complimentary consultation with intuitive coach Jane Genova (text 203-468-8579, email janegenova374@gmail.com).

Delusion: Amy and Nina Rifkind Know Exactly How Grandpa Would Size Up Paul Weiss' Dealmaking with Trump Administration

  In family conflicts inevitable is this: One or more members pipe up with "Grandpa/Grandma would be turning in their graves if they found out you made that decision." That's usually pure staging. But if they really believe that those who had passed over decades ago would object strenuously to a whatever in the present they are delusional. The raw reality is that everything changes. The world changes. The family changes. The individual members change. And if the deceased were alive today they probably would have undergone many a psychic shift as well as transformations in how they used to behave. So, it's a stunner that the granddaughters of the late Judge Simon Rifkind - Amy and Nina - are absolutely certain how that revered figure would size up the deal that current Paul Weiss chair Brad Karp made with the Trump administration.  The two have been busy. They sent a letter  to Karp, essentially saying that, yes, Judge Rifkind would be turning over in his grave. That...