Your Legacy Is in Permanent Play -Time Is a Wild Card (Bob Iger, Jack Welch, Stephen Brogan, Tim Cook, Brad Karp)

 Today on CNBC Jim Cramer delivered a hard blow to the legacy of former Disney CEO Bob Iger. What Cramer pontificates moves markets and makes and breaks personal brands.

Bob Iger Disney Fox Acquisition

Cramer classified the part of Fox acquired during Iger's tenure as the worst-ever acquisition.. Moreover, Cramer assessed the current CEO Bob Chapek, who in branding has been in Iger's shadow, as having been dealt a bad hand. Of course, that implies other mistakes Iger might have made. 

Fortunately for Iger he is already getting media coverage of his new professional directions, ranging from the metaverse to venture capital. Those distance him from Disney Past.

Should Chapek reset Disney in ways that transcend ongoing economic volatility, the Iger legacy, still primarily positive, opens to major negative revisionism. Yes, a legacy is always a work in progress. Smirk - just consider the current media hatchet job on the SCOTUS Justice Ruth Bader Ginsburg who wouldn't win one for the progressive Gipper and retire. She had been once been canonized as a saint for oh, so many reasons.

The Wobbly House Jack Welch Had Built

An old story by now is the total blow up of the legacy of the late Jack Welch as the greatest corporate leader. Documented over and over again is how his policies, including the rage for growth through acquisitions, doomed GE. That includes the May 2022 book "The Man Who Broke Capitalism" by David Gelles. On Amazon that expose still ranks high - 14,267 - and has attracted 557 customer reviews. 

Welch isn't here to defend himself. His third wife Suzy, much younger than he was, might try. But since their marriage involved scandal and there had been enormous sympathy for second wife Jane any Suzy intervention might not work too well. Also, she might have hurt the Welch brand in other ways. For example, once married they seemed to present themselves as the lovebirds. For their column in BusinessWeek Suzy has had hand placed on Jack's shoulder. All too cute.

Stephen Brogan and The Damned

Currently, already in play is the legacy of long-time managing director of major law firm Jones Day Stephen Brogan. Age 70, he will probably retire soon.

On the one hand, Brogan's signature is expanding what had primarily been a regional firm into one with global operations. Also, he created a powerhouse presence inside the beltway. Jones Day’s clients range from large corporations such as IBM to political leaders such as former US President Donald Trump. 

On the other hand, the newly published expose on large law firms "Servants of the Damned" by David Enrich is critical of Brogan's overseeing the firm’s migration into far-right politics.

“Servants” message is this: Jones Day, as well as other conservative and progressive Big Law firms, are alleged to be abusing power and in the process corrupting the American justice system. On Amazon, the book ranks quite high - 2,548. However, it has received only 41 customer reviews. That could be because, given the wealth and influence of those large laws, there is caution about putting a knock on them in public.

Tim Cook and the iPhone 14 Pro

Then there are those who seem in the catbird seat about their legacy when they retire their leadership positions. They range from head of Apple Tim Cook to chairperson of law firm Paul Weiss Brad Karp. That is, up to now. Both tech and Big Law are facing headwinds. 

Should the economy continue to worsen the stock price of Apple could continue to decline. Sales of its new premium iPhone 14 Pro aren't brisk. If Cook can't turn around that and more his personal branding could sour. As Shakespeare hammered in his history plays, the crowd is fickle. In business you are only as good as your last achievement. And even if that is major it can be wiped out by a more recent negative that the leader retired before having time to fix.

Brad Karp, Golden Boy

Then there is Karp who transformed a Wall Street litigation firm into one which also included prominent transactional-law practices. Even before that he has been and still is the Golden Boy in the dusty corridors of Big Law. His persona is youthful and his signature is innovation. That has included the first-ever in the legal sector ESG practice. More recently he made Paul Weiss an early adopter in the racial audits practice niche. Amazon is a client for that service. In 2021, the firm's Profits Per Equity Partner (PEP) exceeded market-maker Cravath's.

All that is jolly fine. If Karp decides not to renew his contract in May 2023, his legacy would be a salute to his accomplishments, right. But with the slowing global and US economies, some large law firms are experiencing declining demand. If Paul Weiss turns out to be among them and PEP takes a hit, it could the night of the long knives. Partners are the stars. If they flee because of a PEP haircut the firm's brandname would lose its aura. Right now, though, where myriad other law firms are most vulnerable – M&A – Paul Weiss is in a position of strength.

Time as Wild Card

When it comes to legacies, obviously time is a wild card.

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