Posts

The Tragic Irony of Hiring Fewer Associates in Large Law Firm

Law firms' profit model operates very differently from that of public corporations. In the latter, reducing employee headcount can boost profits. And the stock price.  That's not how things go  in law firms. The leverage model , which had been forumulated by Paul Cravath,  is based on maximizing financial results for the firm based on the number of associates used on an assignment. Here's the game.  The more hours billed out for associate tasks, in addition to the hours billed out for the partner's strategic direction, the higher the leverage. That's exactly why law firms developed what seems to be an inefficient structure: the pyramid.  Simply put, a partner billing out solo can only generate so much reveue for the firm. When they add on the hours of worker-bee associates the increase produces the powerhouse earnings of firms such as Kirkland & Ellis. Last year that K&E revenue was a record $10.56 billioin. Overall, throughout large law firms, revenue ...

Roman Catholic Church, Marketing and First Televangelist Fulton Sheen

The Roman Catholic Church has never been a slouch in marketing. Around the world, documents Pew Research,  religion is "less important" to people. That means, of course, membership in religious institutions is in decline. However, globally Catholicism is growing. The Vatican  reports: "The global Catholic population increased by 1.15% ... rising from approximately 1.39 billion to 1.406 billion" During one of its biggest challenges when Martin Luther kicked off the Protestant Reformation , it effectively conjured up mysticism and mystery. Many back then preferred that other-worldy force field to the rationalism provided by Protestant ministers. At the world-famous Toledo Museum of Art there had been a special exhibit on the art from that era. Lots of looks of ecstasy. That was sticky. And powerful. Growing up in the 1950s I participated in myriad paranormal rituals associated with the local parish. For example, Jesus Christ was said to be fully present - not a symbol...

The Scott Barshay Era at Paul, Weiss: London Office Hit Again

  It's in a relatively small orbit that global private capital star lawyers travel.  This time two navigated in the London galaxy from Paul, Weiss to Clifford Chance. This is the second time Paul, Weiss' London operation recently had been poached. All that is happening on Scott Barshay's watch.  As many know, Barshay has been credited with helping make that sphere of influence a powerhouse. Although in existence since 2001, the London location was essentially small change. UK's Nonbillable reports: "Taner Hassan, most recently head of European leveraged finance at Paul Weiss, will join in London. Silvia Menendez, who left Clifford Chance as a senior associate in 2024 before becoming a partner at Paul Weiss, will return to the firm as a partner, working across London and Madrid." Meanwhile, last April, the head of Paul, Weiss' European M&A Will Aitken-Davies  lateraled to Kirkland & Ellis' London Office. His stay at Paul, Weiss was short. It wa...

Can't Disconnect from Work? Maybe That's What It Takes to Hold Your Plum Job (not browning out)

Many client problems are solved when taking a shower, working out in the gym or commuting on the George Washington Bridge. Not during normal business hours and not at a desk.  SuperLawyers documents that Paul, Weiss partner Brad Karp frequently develops the big conceptional breakthroughs on managing a case after midnight. Clients such as from Wall Street, who have ready access to him whenever, wonder if Karp ever sleeps. Some quip: The best time to reach Karp is 2 AM.  This continuum of work is known as the inability to disconnect. Most assume it's about the compulsion to always be checking emails and texts. But the reality is much more comprehensive than that in professional services. And, it may be a must to hold onto a job during these disruptive, cost-efficiency, AI-driven times.  Not being able to disconnect is epidemic in the legal sector.  Bloomberg Law reports that 70% of lawyers surveyed about the worsening of their recent well-being note that they can't or...

BoomerVille: The Good and the Scary

 Yes, today, go out there and fill up our gas tanks. Oil prices slide.  And we can feel a bit more secure about our nest eggs. Futures are up 400 points. But, the darkness creeping in is the rising expense of healthcare. Sure, we're blessed to have access to Medicare. But recently I have been notified by United Healthcare about alarming boosts in copays and cutbacks in benefits for my Medicare Advantage supplement.  For example, for an overnight in the hospital I will have to pony up about a hundred bucks more. The dental benefit has been cut in half. A visit to a specialist which in this zip code used to run about $35 will now set me back $60. The estimated Social Security COLA for 2027 won't absorb that. Me personally? I feel almost smug that I didn't stop working. Careers. Forget all that. It’s about earning a good living, no matter what. Complimentary consultation with Jane Genova, StreetSmart Coaching (janegenova374@gmail.com)

"Et Tu, Karl" - Even Before the Midterms, But Manifesting the Day Afterward

  Tyrant Julius Caesar, portrayed in Shakespeare's history play , looks up stunned at long-time ally Brutus. The latter is among those murdering him. The iconic line from that is: "Et Tu, Brutus." The theme is the need for the public interest to take priorty over personal loyalty. That drama was staged in 1599. And, in 2026, we have the same sort of staging, even before the midterms which is being described, as the "Twilight of the Don."  It takes the form of an "Et Tu, Karl (Rove)." Among his choices of the public interest over party loyalty Rove broadcasts that he's voting Democrat in Texas.  Yes, this is Mr. GOP, turning on what may be perceived as the analogue of Caesar. Meanwhile, there's plenty of manifesting of what America could become the day after the midterms. With the imperial presidency in retreat, so much of the toxic issues dominating since the 2024 election will dissolve into nothingness. Not even left will be much of a bad mem...

Casualties of Talent War: Will Weil Gotshal Have to Merge, What Law Firm Could Be Next?

It's come to this: Law firm Weil Gotshal has found itself on the wrong side of the global talent war. As a result, the buzz now is it could be exploring a merger with a rival. That should send a chill throughout the firm. Mergers generate redundancies. That can mean loss of jobs. Weil denies that it is in merger talks. Bloomberg Law,  in reporting on this, goes on to document: "Cravath Swaine & Moore is bringing on Aiello along with five other top Weil partners, including Matthew Gilroy, co-head of the firm’s mergers and acquisitions practice. Sullivan & Cromwell [is] … hiring David Avery-Gee, Weil’s co-managing partner in London, and Sarah Flaherty, a partner in Weil’s corporate group in the UK capital." Meanwhile, other law firms experiencing the exits of high-profile partners include Cadwalader, Paul, Weiss, Wachtell and Willkie Farr. Ironically, until recently, Cravath was being watched for partner flight. In the first few weeks of 2026, four partners had lef...