Big Law Is Not Going Out of Business - Midlevel Lateral Market Strong, Firms Like Paul Weiss Still Landing Major M&A Deals

 Establishment media enthusiastically has been chronicling the slowly demand in Big Law as well as raised-the-bar performance reviews generating more layoffs. 

Simultaneously on professional anonymous networks such as Reddit Big Law and Fishbowl Big Law junior associates bleed out their angst about not making their billable hour quotas and assuming being cut from the firm.

And, of course, not-so-hot anymore Abovethelaw is clawing at any bad news for clickbait.

The takeaway should be: Big Law is a troubled industry, perhaps poised for some version of catastrophe. 

The reality is quite different.

For one thing, Big Law is no longer a monolith. Each firm has its own homeruns, fresh opportunities, and challenges. Within each of those firms different practices and different teams within each of the practices could be producing different results. It is ludicrous to generalize. 

Secondly, demand could and often does change on a dime. A deal may come in, then die. A deal may come in, be a do, and attract similar deals.

Yes, the employment situation of junior lawyers is not good. But their marketablity during the pandemic boom, with all that lateral activity, was an aberration. Part of that peculiar state of affairs was mass hiring. In a slowed-down environment that has created over-capacity. 

In contrast, the lateral market for midlevels remains strong. That's not new. Seasoned lawyers who continue to be productive have always been marketable. Some theorists about the future structure of law firms predict that the shape will mutate from the pyramid, with lots of junior lawyers at the bottom, to the diamond with lots of midlevels in the middle and a handful of partners at the top. 

Then there is the supposedly clobbered M&A niche. That's been the practice to focus on for doom and gloom. 

M&A hasn't gone away. For example, there is the Estee Lauder nice piece of business for Paul Weiss. BusinessWire reports:

"The Estée Lauder Companies Inc. (NYSE: EL) announced today that it has signed an agreement to acquire the TOM FORD brand, a global leader in luxury. The transformational deal will establish its longstanding partner, The Estée Lauder Companies (“ELC”), as the sole owner of the TOM FORD brand and all its intellectual property."

Here is how Paul Weiss tells that story.

Also it has been put out there that in the Bob Iger Return of the Hero Disney might sell itself to Apple. The deal could be in the $200 billion range by time it's formalized. 

Burnt-Out? In transition in your career? Need more income? Healing from a professional setback? I can help you through Intuitive career coaching.

“On the menu” of services are Tarot readings, both spreads and one-card pulls. In April 2021, The New York Times featured the Tarot as a useful tool for self-awareness and introspection.

Let’s talk a bit about where you are – no charge. Then, if you want to work together the fees are custom-made for your budget.

Please contact janegenova374@gmail.com or text 203-468-8579.