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Hiring: Raw Ironies at Paul, Weiss, Goldman Sachs and More

Hiring is a high-risk decision.  Part of that is this:  Almost 50 percent will fail within 18 months in succeeding at what they were onboarded to accomplish.  But there are plenty of other risks, as former chair of Paul, Weiss Brad Karp found out this week. A "prize" hire back in 2016 - Scott Barshay - participated in the internal coup. Barshay now has Karp's job. The Wall Street Journal sizes up that hire a decade ago as among Karp's leadership milestone achievements: "Key to Karp’s success as a firm leader was bringing in Barshay. Karp had spent years publicly retelling the story of how he fought to poach Barshay in 2016 from rival firm Key Cravath to build Paul Weiss’s then-fledging mergers and acquisitions practice."  The WSJ adds that Barshay had told partners over and over again that he had no desire to be chair. Should that the "lady does protest too much, methinks" have been a red flag about ambition? Obviously leaders have to factor in th...
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The Great Exodus to LCOL: Raw Necessity

In most fields, we learn the most from our clients/customers.  What I am learning is that the economy is currently bifurcated. There are those doing well and there are those struggling to make ends meet. Most recently many in the latter category have felt "forced" to uproot from HCOL (high cost of living) areas to LCOL (low cost of living) ones. Already well-known is the migration from California. During 2024, 661,000 hit the exits. The popular LCOL destinations were mainly in the south and the southwest. They include South Carolina, Idaho and Tennessee. One client just opted for the extremely low rent in Little Rock, Arkansas. This need to relocate, though, has been a necessity for a while with the aging of the workforce. The HCOL areas, such as most of California and the New York Metro area, have extreme ageism. In 2014, it was obvious to me that I had "aged out" of the NYC market. Somehow I conjured up the strength to move to Arizona where there is less age bias....
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Waking Up in the Morning to World Reset by Epstein Files: Maybe Worse than UK Profumo Scandal, US Watergate

  Boomers lived through both the British John Profumo scandal - national security at risk, government tumbled - and witnessing the system work after the Watergate break-in - presidential power curbed.  What's playing out daily after the release of the Epstein files could be even more disruptive, at least for the time being. Over in the UK, we all know that former Prince Andrew is finished. In addition, the rest of the royals are suffering residual backlash. Also finished is former Ambassador to the US Peter Mandelson who is being investigated for sharing confidential market-sensitive information with Epstein. Prime Minister Keir Stamer , who appointed Mandelson, might have to step down. Yes, it's all that ugly. Expect more ripple effects. Across the ocean, here in the US the fallout is reshaping everything from reputations/legacies to careers to institutions. One-time Sun God in the field of linguistics Noam Chomsky  has been rebranded from owning the territory to Friend ...
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BoomerVille: My, My, What Do We Have Here

Dow Jones Industrial Average INDEXDJX: .DJI 49,739.07 +830.35 (1.70%)today Feb 6, 10:13   AM EST  •    CNBC sizes this up as: "Stocks rose on Friday, positioning the market for a positive end to a volatile week that saw investors disappointed over tech stocks and fearing a cryptocurrency collapse." Some of us Boomers view this as hope that we over-80 won't have to take work we don't want. I am still working. It's what I love. And, with my investments, not a pressing have-to. At least, not yet. Success is a mental game. Failure comes from being done in by the “committee” in your head. Together, we liberate your thinking. Then we change your story. And, unleash success. Meanwhile, we focus on bringing in income. That puts you in a position of strength. Intuitive Coaching. Special expertise with transitions, becoming a solopreneur and aging. Psychic/tarot readings, upon request. Complimentary consultation with Jane Genova (Text 203-468-8579,  janegenova374...
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To Answer You Posters on Reddit: Yes, Paralegal Jobs Are Targeted in AI/Cost-Efficiency Layoffs

On Reddit Big Law and a range of job-related subreddits the question keeps popping up: Should the poster train to be a paralegal or is that going to be on the chopping block because of the double whammy of AI and the cost-efficiency mandates? Well, in the UK, documents Brit legal tabloid RollonFriday , that's already happening. For example, Freshfields and Irwin Michell laid off paralegals. And in the broader category of service employees in the legal sector: " Baker McKenzie  is laying off up to a tenth of its global business services workforce as part of a reorganisation [UK Spelling] driven in part by its increased use of AI." Back in November Clifford Chance did a similar 10% cut on support staff. Here in the US there's more focus on the security of lawyer jobs.  Paul, Weiss  and  Sullivan and Cromwell  sketched out how career paths in the legal sector could and probably will implode. Because of AI, demand will plummet for junior lawyers. Also because of AI...
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BoomerVille: Another Bad Day Friday?

  Futures don't look too good: Dow Futures 48,818.00 Fair Value 48,986.22 Change - 180.00   0.37%   Implied Open - 168.22
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End of an Era: Brad Karp Steps Down as Chair at Paul Weiss (2008 -2026), Returns to Lawyering

  Some of us who follow the legal sector remember this anecdote: When partner at elite law firm Paul, Weiss Brad Karp was voted in as chair in 2008, he and his mother cried together. Although his mother had operated a law firm with her late husband this kind of success in the practice of law was probably never envisioned. Immediately Karp rolled up his sleeves - and disrupted. That included expanding the firm from Wall Street litigation to broad-scope transactional. He was so confident in his growth vision that he didn't, as did many other law firms in The Great Recession, lay off first-year associates. More recently he transformed the London office into a powerhouse by multiple talent raids on global Goliath Kirkland & Ellis. From 2008 until 2024 during his leadership Profits Per Equity Partner increased 183%.  Today the era of his leadership ends. As this press release from Paul, Weiss announces, Karp is stepping down from being the chair. Scott Barshay, who had headed ...
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