Wall Street, Big Law, and More - Ditch Magical Thinking about M&A

"Merger and acquisition (M&A) activity globally fell well short of the high-water mark set last year as debt financing markets collapsed and stock market volatility decimated valuations, with dealmakers predicting a slow path to recovery in 2023." - Reuters Legal, December 21, 2022

The latest headwind in the M&A space is this. As Bloomberg Law reports, a group of gamers have sued Microsoft in federal court about its proposed combination with Activision. The litigation is "DeMartini v Microsoft." Activision is not named as a defendant. This is the second antitrust lawsuit. The first had been filed by the FTC. 

Already the falloff in M&A has resulted in direct and indirect losses of jobs, ranging from Wall Street to Main Street. 

It's human to be optimistic and some with those in good jobs which haven't been shut down yet are envisioning an uptick in M&A in Q2 of 2023. But that seems increasingly unlikely. Because of that there could be blood baths, beginning in January 2023. The layoffs which have already taken place at the financial giants could be small stuff compared to how the ax could swing after the holidays.

Right now, for example, at some law firms, this is going on:

"M&A mid-level with about 25 hours billed this month 😬. How slow is everyone else right now?"

Here is the thread from Fishbowl Big Law. 

There is some work but not enough to reassure lawyers they won't be forced out. Most of the terminations which have taken place are positioned and packaged as performance-related but that could mutate into formal Reductions-in-Force. 

According to Dealroom, here are the top M&A law firms:

1. Cravath, Swaine, & Moore LLP
2. Davis Polk & Wardwell LLP
3. Kirkland & Ellis LLP
4. Latham & Watkins LLP
5. Paul, Weiss, Rifkind, Wharton, & Garrison LLP
6. Simpson, Thatcher & Bartlett LLP
7. Skadden, Arps, Slate, Meagher & Flom LLP
8. Cleary Gottlieb Steen & Hamilton
9. Debevoise & Plimpton LLP
10. Shearman & Sterling LLP

At those could be the most magical thinking. After all, the stakes are so high. 

Those who come to me for intuitive career coaching are primarily focused on adding income as a hedge if they lose their jobs. So, they are scooping up gig assignments and launching mini enterprises. 

Fewer in number are those with big jobs who fear losing them. They tend to have the sense of being "special." Consequently they have to be nudged to create additional sources of income. If the global downturn is steep they might not be able to bounce back into their industries. The market could have passed them by. Overdue is exploring alternate career paths.

Intuitive career coaching, with the option to use the Tarot, about your present and your next. Step back from that committee in your head and open to possibility.  Sliding Scale Fees. Please make an appointment for a complimentary consultation at janegenova374@gmail.com.