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NonEquity Partnership: Ramped-Up Incentive to Unionize Large Law Firms

The standard argument against unionizing non-equity-partners in large law firms was this: Most don't stay long enough to have the incentive to organize for compensation, terms and conditions of billable hours, job security, termination processes and more. That hesitation has held on even though professionals at a branch of Wells Fargo had formed a union. So much for the idea of knowledge work not being a fit for collective action.   Well, in the past few years enough has changed in large law firms to try out unionizing. The developments include creation of the Nonequity Partnership, the impact of AI on decline in demand for junior lawyers and the increase in demand for experienced ones and the need for most large firms to overhaul their systems and structure. About the latter, they have to come up with  a new model anyway so unions could be part of that. As is well-known, the NEP designation works well for equity partners. The model yields multi-dimensional benefits for...
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Parents of Nepo Babies: Are You THAT Bad?

1) I am not a Nepo Baby. And 2) I know you never know what goes on behind closed doors. So, I am clueless if parents of Nepo Babies merit the harsh punishment or embittered portrayal sometimes heaped on them by offspring.  Nick Reiner is accused of murdering his entertainment sector parents. Brooklyn Beckham claims mum and dad attempted to taint his name. And last year Molly Jong-Fast gave us the details of her mother Erica Jong's lifestyle and dementia that perhaps even her critics found to be disclosed in bad taste. That's in the memoir "How To Lose Your Mother."  Maybe it's all the dirt in the book and/or maybe it's well-written, but it continues to rank high on Amazon - 32,003. Those in the Westport, Connecticut region (where I attended a support group) likely are aware that Erica had a drinking problem. But what purpose was served to find out how, like a baby, she hung out in bed sucking on the bottle? There she lay, disconnected from her fat daughter wh...
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LCOL Might Not Be So Low Cost - Water, Electricity Expense

Parts of southern Arizona used to be frugal paradise.  For example, a 440-square-foot efficiency at Vista Montana , Tucson went for $400 a month. That was spring 2014. There was no cost for water, sewer and trash. The heat was bearable and the electricity for the air-conditioning in the summer was nothing you would notice. Just the usual. Now, that same studio apartment is listed at $732 to $747. Now, add on water, sewer and trash which could be $55 to $65 per month. I asked ChatGPT what the average electricity bill would be during a summer month as hot as this one. The estimate ranges from $60 to $160. If the air-conditioning unit is old it could be inefficient, driving up cost. Have pets? You might have to keep the air-conditioning on-high. Currently, LCOL remains a reality, though, throughout pockets of the midwest. However, that kind of relocation may for you lack the adventure and glam of going to AZ.  Locations in Texas, not including sophisticated urban areas such as Da...
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BoomerVille: Enjoying the Good Days

  Most of the time we worry about a crash. No, not a correction. We can handle 10% to 20% down. A crash could mean down 40%+. But the Dow is going our way today. Dow Jones Industrial Average Index Index: DJI Compare 52,149.06 USD ▲ +482.22 (+0.93%) today June 24, 12:29 PM EDT · Market Open
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Post-Capitalism, Post-Democratic Establishment, Post-Israel: How Much Will Big Law Donate to Socialist Candidates?

  "Democratic socialists just caused a political earthquake. Now they’re coming for 2028." Various versions of that Politico meme appear throughout media, social and ordinary conversations. The New York House primaries yesterday showcased the shift in the mindset of America. It's away from capitalism (employers overplayed their hands), old-guard liberal leadership, Israel and MAGA. Soon enough, major players such as Big Law will have to put their money where the power is landing. OpenSecrets  tracks and publishes those donations to politics, including the two major political parties as well as other groups such as "nonpartisan." Kirkland & Ellis and Paul, Weiss have been among the major law-firm contributors. The heavy hitters, either as individual contributors and/or fundraisers, include lawyers Brad Karp, Marc Elias, David Boies and John Morgan.  Now, experiencing the earthquake vibes, OpenSecrets might have to add a new category for where the money is g...
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Possible: Puzzling James Sprayregen Development at Paul, Weiss

  When I coached former Kirkland & Ellis employees a constant meme was the reverence for partner James Sprayregen. He had built the firm's powerhouse bankruptcy practice, including advising clients ranging from Toys R Us to Caesars Entertainment. One snippet was that when he walked into the country club for dinner a hush settled over the room. That was then. In 2024 he retired from K&E. Then, as FT reports: "Sprayregen joined Hilco Global, a bankruptcy adviser and distressed investor, as vice-chair charged with expanding its reach into new markets and areas as well as raising new capital. Last year, Hilco announced a minority investment from the US arm of Japanese financial services group Orix." In addition, FT also reports this today: Paul, Weiss, an intense competitor with K&E, plans to hire Sprayregen. However, that's still in the negotiation phase. On the Paul, Weiss website he is not yet listed as a partner.  If this actually happens, it seems somew...
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The Weekend (1934 - 2026): Grandpa, What Was "TGIF?"

 What it takes to oversee bots, no right to disconnect, client demands, especially in professional services such as law, startup culture and working multiple jobs. Here we are in what The Atlantic calls "The Infinite Workweek." Collapsing before its 100th anniversary is the concept of The Weekend.  When is the last time anyone has asked you, "What are you doing this weekend?" They know: You'll be working, some or most or all of the time. The euphoria building Friday afternoon - TGIF - as employees anticipated two days off will fade as among the emotional sets of a labor force. Some date the introduction of The Weekend to 1934, in Nottingham, England.  Chair of the Boots Corporation John Boot had achieved such efficiency gains that too much inventory was being produced. The solution he hit upon was to limit production to five days a week. But he kept the worker pay the same. Maybe that progressive measure was implemented because Boot noticed the workforce came i...
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