"Mad Men" and Big Law - From Lucky Strike to (declining) M&A Demand

Influencer Vanity Fair draws parallels between the ethos of AMC blockbuster series "Mad Men" and what continues to shape our work and our lives.

At the top of the list in our collective memory bank, which probably has hardened in the years leading up to this 15th anniversary of "Mad Men," are the suicides in each. Oh, suicide is pervasive in the 21st century. But, what made them emotionally grabbers was this: Both were enacted in or near the workplaces. 

At Sterling Cooper ad agency, Lane Pryce hung himself in the office. In the parking lot of law firm Sidley Austin Gabe MacConaill shot himself to death. The layers of that messaging keep resonating. The question is: Can work really destroy us? Didn’t Mom tell us: It’s only a job.

Another commonality is the vulnerability created by dependence on a lucrative account. At Sterling Cooper it was Lucky Strike. When that ended, at first the firm was in despair. But then the creative Don Draper conjured up a strategy to attract anti-tobacco accounts. 

With the global slowdown in various forms of dealmaking, Big Law could also experience the threat of catastrophe. That is, if their practices aren't diversified and their Profits Per Equity Partner had been locked in with M&A. 

Some, too clever by half, had plowed too many resources into expanding practices narrowly related to dealmaking.

Paul Weiss is among those law firms which could dodge that bullet. Back in 2008, when Brad Karp became the leader at Paul Weiss, he made it his strategic mission to diversify. It had been a litigation firm for Wall Street. Law firm Redgrave, which essentially is a one-trick pony, already has laid off. 

Another potential peril shared by "Mad Men" and Big Law is that perfection is the standard. The penalty is severe for anything less. 

On the one hand, that accounts for the brilliance of what Draper produced. His Kodak Carousel Nostalgia ad campaign still leaves us mesmerized. What Karp pulled off for Citigroup, Charles Harder for Hulk Hogan, and Paul Clement for Second Amendment rights is the price of entry for branding in Big Law. And like all professional services it operates on branding. 

On the other hand, not everyone is cut out for that. They may not have the talent. Or perhaps their interior wiring keeps blinking on stress overload, preventing them from giving their all.

Of course, there has to be an overlay of cliches to mask the emotional, social, and moral undertow in lines of work such as advertising and practicing law. Those range from "pursuit of excellence" to "innovation" to "in the public interest."

In addition, the leadership and the employees have to believe they are special enough to keep doing all that is required. Just like Tom Brady said about football, both advertising and Big Law are games that played in the mind. 

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