TransformingYourCareerTransformingYourself

  "Private-equity firm  Apollo  Global Management Inc. is in talks to acquire aerospace-parts maker  Arconic  Corp. ...  Apollo submitted a bid in February and has debt financing in place [sources indicated]." -  The Wall Street Journal , February 28, 2023 This signals that there is life in the private equity. Recently dealmaking in that niche has fallen off the cliff. Hit with it have been the businesses of law firms and financial institutions. If the acquisition is a go happiness can fill the land.   There are so many reasons for the downturn in private equity. But essentially there are two major drivers. One is the lack of financing which, if available, has become expensive. Apollo can  bypass the impediment with its massive credit arm. Because of that it has control over structuring the financing. The other is the inability of buyers and sellers to come together on price. Intuitive career coaching about your present and your next. Sh...

  Was it the need to take on the fight against the far-right's threats to the US Constitution? The numbers put out there about the Kirkland & Ellis equity partners pulling down $12 million? Or did it seem a solid investment in a career path?  Probably it was a confluence of all of those and more which drove youth to attend law school. The result is not pretty for the JD Class of 2024. As  Reuters Legal  reports, those law-school graduates who will look for entry-level jobs number 12%  more than what made up the JD Class of 2022. Meanwhile, the slowed-down law-firm sector has cut its summer offers 2%. Law firms also are toughing its performance reviews, making it harder, once in, to stay in. The terminated are creating a glut of very junior lawyers. Of course, it usually has been difficult for new law graduates to get their first “real” job practicing law. In 3 years the JD graduating class, which swells with 12% more students than earlier, will likely ...

 It's another dark day in the Big Law niche.  Perkins Coie, as Law.com reports, announced the layoff of 58 business professionals.The internal memo trotted out the usual reasons for positionng and packaging that as a prudent move. But what continues to really irk both the junior lawyers and the many watchers, especially on professional anonymous networks such as Reddit and Fishbowl, is this: Perkins Coie not only boosted the number of billable hours for full bonus from 1950 to 2,000. It made that apply to this year, although it had been implemented after the year was already underway. Therefore, there are lawyers who will struggle to catch up to where they "should be" in 2023 to earn their full bonus.  Obviously, both staff and lawyers are being squeezed in a number of Big Law firms. Perkins Coie is now among them, probably in a brand-tarnishing way. Partners are not untouchable. This post on Reddit Big Law flags us that an equity partner at an unnamed law firm was give...

Vanguard is the global number-one or number-two in asset management. Therefore, its investment strategies and actual decisions can establish trends. One of those being set in play could be a rethinking of ESG everything. No longer would it necessarily be on the side of the angels.  Vanguard could be kicking that off with the move to pull its funds out of the $59 trillion Net Zero Asset Management Initiative. That is focused on the Paris Agreement about emissions and is part of the UN-affiliated Glasgow Financial Alliance for Net Zero. The decider in this is Vanguard head Tim Buckley. In  The Wall Street Journal  opinion piece, Terrence Keeley, author of "Sustainable Investing: Moving Beyond ESG to Impact Investing," salutes that decision. Buckley's rational is based on an investment fundamental: What's the return? He documents that ESG investing does not have any advantage in broad-based investing.  The implications are huge. Money is the loudest voice in the room, g...

 Working remotely creates opportunities for alleged mischief.  Yesterday plaintiff law firm Napoli Shkolnik filed a lawsuit against one of its own lawyers Heather Palmore and her law firm Palmore. Abovethelaw makes available a copy of the complaint "Napoli Shkolnik v Heather Palmore & Palmore." Essentially, represented by Offit Kurman, the plaintiff alleges that the lawyer neglected her duties - that is, quiet quitting - to operate her own law firm from her remote setting. Also, she allegedly competed with her employer's firm. The accusations range from unjust enrichment to breach of contract.  In response the defendant, represented by Wigdor law firm (the same one representing "Guzel Ganieva v. Leon Black" and "Brian Flores v NFL"), contends this: It is retaliation in anticipation of her public contention of discrimination. She is planning to file her own lawsuit.  Meanwhile, there is the old busness issue of employers' negative assessment of ...

"The old benchmark $100,000 salary that put baby boomers into the category of “rich” is coming up short, according to a recent survey by PYMNTS. The survey found that about 70% of millennials are still  living paycheck to paycheck , while the median salary remains at about $70,000 for Americans."  -  Yahoo Finance , February 27, 2023 No, reaching $100k in salary is no longer "making it." Likely, at least if you are tethered to a pricey metro area for work or have a family, it's relative peanuts. Even with the recent decrease in rent, according to Zumper the median rent for a one-bedroom in Manhattan is $3,595. If you have a family, with the challenges public education faces, private school seems almost a necessity.And what about fitting in requires sticking with popular brands. More and more of my clients for career coaching feel pulled to strategically plan to migrate into a higher salary bracket. The $100k is neither paying the bills nor moving the dial clos...

"Goldman Sachs has lost its way" -  Financial Times , February 27, 2023 Influential FT is hard on Goldman Sachs. Today investors probably will be equally harsh when they meet with Goldman Sachs head David Solomon. Investors have lots to push back on. Obvious is the  stock price . Right now it's at about 364 and trending for the year in the 60s. In 2022, the high had been about 397. In 2021 about 410.  Morgan Stanley has grabbed the spotlight for its performance. Meanwhile, Solomon's strategic positioning is not panning out. That includes the emphasis on dealmaking and trading. As with Morgan Stanley, investors want more focus on asset and wealth management with the more predictable returns. Instead, Solomon continues to focus too much on investment banking which has lost its branding glam and connection with investors. And it is a fact that the guy has no talent in consumer banking. The credit unit was a resource-eating failure. Pile on that the lack of likabi...

"...  the way this society is set up, you have to work." -  Excerpt from the comments on Reddit Career Guidance, February 2023. Here is the  thread. So what does "the way this society is set up" mean for this responder to a post about a professional feeling like a "loser" because they don't want to chase money? Essentially it refers to the financial pressure having a family, mortgage, and the build-up of debt imposes on those in America as they go about our lives.  Before that we could pick up work, mostly low-paying here and there, and feel okay about ourselves.  How I loved the contract job I had as a security guard in an inner-city big box. At the door I verified the correlation between what was on the receipt and what was in the bag.  There was no work to bring work home.  There was no competition among other security guards.  There was solidarity. When management tried to stick me with too many hours, a co-worker stuck up for me. Never had th...

" Forget ‘advice to my younger self’ articles. What would older me want to know? " -  Financial Times , February 26, 2023 In America, the land of youth, what is perceived as "aging" could kick in during the 40s or 50s. More likely, though, that identity is grafted onto those in their 60s. The Last Half Century of a Life That means, given the more we know about healthy lifestyles which increase longevity, we could be in that process for up to half a century. The timeframe could include continuing to earn income from work. A growing number of my intuitive coaching clients are in their 70s and tell me this: "We see what happens to people who retire. They stick a lawn chair in front of their door and sit and sit and sit until one day they are no longer there." As long as their health holds out those clients are pushing to keep the doors to employment and business ownership open.  Obviously a shift has taken place. Aging has transformed from a relativ...

"Being short used to be bad for longevity, but the pendulum has swung in the opposite direction" -  CNBC , February 25, 2023 I faced it long ago: Being from a genetic background of Italian-Americans short was a negative. For instance, I didn't have Princess Di's long long legs.  It has been a struggle to keep weight down since I could not consume as many calories as taller folks.  Good luck trying to find proper-fitting clothes.  When I do they are priced premium. And I have to be a pest asking for help to reach the popcorn on the top shelf in Walmart. That's the female version of short.  It's worse, lots, for males. My late father had been 5'2." He and other Italian workers on the old Pennsy RR were the butt of jokes by WASP society. Dad was not a happy man. Napoleon complex, too. Disney head Bob Iger is 6'1." Financial tycoon Leon Black is 6'5". (Unfortunately he blew the branding part of his success.) The ave...

  To some, it's so romantic: Giving it all up for love. For others, it seems a catastrophic and irreversible decision made in youth since those struck by Cupid’s bow can wind up irrelevant and bored. Wasn't it the latter how the lives of former king Edward VIII and Wallis Simpson turned out. Eventually former ABC stars T.J. Holmes and Amy Robach could wind up the same way. They might assess that they gave up too much for love. That could include glam positions in media. Currently the tabloids are keeping close watch on how the two frolic. They are in a young middle age. Then comes the beginning of old age. That doesn’t play out well in western society. Intuitive career coaching about your present and your next. Shut down the noise from that committee in your head and open to possibility.  In addition, Jane Genova is an award-winning writer on Human Resources issues. Whether you need guidance or that your organization’s story be told, please make an appointment for a com...

 It usually is a coup for a law firm to have its lawyers leap over to power positions in-house in businesses. That can even be the situation if an associate at a firm transitions to a junior in-house role. The joke is that the partners who might have tormented those associates are all sweetness and light as they head to the legal department of a corporation. Obviously, having former partners and associates in-house can give that law firm an edge in being considered for new business and for discouraging client churn. Those who come in-house know personally that firm's strengths.  Of course, the expectation is that they will be objective in assigning work to law firms.  However there still might be plenty of high-fives at Sullivan & Cromwell. As Reuters Legal details, its head of the invesment management practice - partner Whitney Chatterjee - wll join Apollo as General Counsel in early April, then take the role of Chief Legal Officer in January 2024. In the latter sh...

"For those [management consultants] facing the exit, finding a new job could prove more difficult in the current market."   -  Financial Times,  February 24, 2023 The termination of about 700 consultants at KPMG could be just the beginning of major job cuts in that industry. The usual big clients such as banks just aren't buying, at least not as much as they had. For example, both Credit Suisse and UBS have reduced their use of consultants.  FT reports that PwC is providing free services to some former clients in order to give consultants something to do. Professional anonymous network Fishbowl Consulting posts a question if PwC is conducting formal reductions-in-force and/or performance based cuts. Among the responses is that Deloitte might be embarking on swinging the ax. Here is the  thread. Most recently, a number of recruiters at EY have been put out in the cold. The hunt for talent has lost its pandemic heat. One of those former talent acquisition exp...

 Some recall that Meta head Mark Zuckerberg indicated there probably wouldn't be more layoffs after the 11,000 cuts the corporation had made.  That was then. The Washington Post has covered that Meta had consulted with a range of experts about a possible restructuring. Essentially that could flatten the organization by eliminating layers of middle management. That was a popular turnaround mechanism in the late 1980s, championed by corporate CEOs such as Lee Iaccoca and Jack Welch. My middle management position in a Fortune 100 went poof. Middle aged, I became part of the Accidental Entreprneurs who launched our own enterprises. We made Staples, the new office supply store for small business, a smashing success.  If Zuckerberg makes that move it could cut about 1,000 jobs. There will be a variety of ways to achieve that, not only through a reduction-in-force.  The terminations would primarily be in non-engineering functions. In addition, there would be a push to do m...

 You are back in the office. Probably not five days a week as in pre-COVID times. But back. When you are there you probably will be transitioning from the old-fashioned notion of having your own desk. Instead you probably will be desk-sharing or, as it is called, "hoteling." So, bring a sack to cart around your pens and the photo of your significant other.  Google is the most recent to announce desk-sharing, reports Yahoo Finance . Having your own desk is classified as "waste."  That's driven by the determination to reduce costs. Overall, corporations are reducing the expense of a large real estate footprint.  For those I coach apprehensive if their job will be eliminated, I recommend: Assess if the processes you're responsible for can be perceived by the C-Suite as redundant or, worse, simply waste. If so, dust off the resume. Here is my article, published in O'Dwyer's Public Relations , on how to use AI to increase the odds of not only getting a jo...

 Those supposedly in the know pontificated: podcasts. That was the sure thing for getting, holding, and growing attention - as well as revenue. Not so, it seems. New might only mean new.  That's the tough lesson non-profit NPR has learned. It embraced podcasting. That includes its popular "Fresh Air." But the strategy didn't pan out. As The Washington Post reports, the revenue from sponsorships hasn't come in, at least not enough of it.  That disappointment, along with other falloffs in advertising revenue, has generated a massive reduction-in-force at NPR. 10% of the workforce or 100 employees are being let go. They are being set loose in a glut market of others displaced by layoffs in media.  What I recommend to my career coaching clients is to be wary of the new. Its early success could peter out and/or it will soon enough bring up a growing number of competitors. Soon enough podcasting became oversaturated.  There is every reason to keep extracting influenc...

Politico puts it out there: Current US President Joe Biden might not run for a second term. Yes, he could become one of those damaged political brandnames who were one-termers. The legacy of Jimmy Carter and George Herbert Walker Bush alway carried that taint. The possibility of No-Joe throws into play the issue of  how those deep-pocketed progressive large law firms will "bet" their funds for the 2024 election. According to Blue Tent, among the top donors are: Paul Weiss Kirkland & Ellis Latham\ WilmerHale Akin Gump. Meanwhile, if Joe continues, Hamlet-like, to be paralyzed with the indecision of should-he-or-shouldn't-he, there will be a delay in other Democrats declaring themselves for the run. That is at a time when conservatives are already out there enhancing their name recognition and being evangelistic about their ideas. They include Vivek Ramaswam, Nikki Haley, and Donald Trump. The issue my over-50 career coaching clients are focused on is the future of So...

Not since the murder of a preacher by his wife - Mary Winkler - has a saga from the South so fascinated the world. This true crime story is about the five murders associated with the influentiql Murdaugh family of lawyers in South Carolina. Also thrown in are small-town life, power, alleged fraud, an alternate sexual orientation, and addiction. The setting has a signature watermelon festival. Now it is a three-part documentary on Netflix. Here is the review by Variety . The ethos is the control a prominent wealthy well-connected legal dynasty has over Hampton County, SC. Of course that seems to extend to the government officials who should be neutral and whose service should be to the overall community. The most poignant aspect is the death of a young beauty - Mallory - during a boating accident. Paul Murdaugh, operating at three times the legal limit of alchol, had been steering the vessel when it crashed. Mallory had been thrown overboard, hitting her head, and drowning. At the time ...

  Law firm Davidoff Hutcher & Citron partner Robert Costello had represented Donald Trump ally Stephen K. Bannon in several legal actions. One of them concerned the Congressional subpoena Bannon had ignored. It related to the January 6, 2021 insurrection in the Capitol. Bannon lost the case and had been sentenced to four months. That's on hold while he appeals. The gallows humor on that could be: According to Bannon's understanding of justice if the case is lost you don't have to pony up payment to the lawyers.  Well, the Davidoff firm is not laughing. In the collections lawsuit "Davidoff Hutcher & Citron v Stephen K. Bannon" it contends that the defendant did not fully pay for the services rendered. The number in the complaint is $480,000.  Here is a copy of the litigation. When a client attempts to stiff those of us in professional services the experience can be soul-withering. The tasks involved are usually complex. And, along the way, we frequent...

 "Judge allows Les Wexner subpoena by mail in Jeffrey Epstein lawsuit." -  Financial Times , February 21, 2023  In the documentary "Victoria's Secret: Angels and Demons" there were myriad questions about Wexner, then CEO, and an associatioin with Epstein.  Probably few relationships in business have had such an enduring negative impact on the careers and reputations of some of those in the loop. Among others who haven't been able to shake that off are Leon Black, Prince Andrew, and Jes Staley. Meanwhile Bill Gates continues to do mea culpas.  But Bill Clinton seems to have put that behind him. He also has put behind him the controversial meeting at the Phoenix, AZ airport tarmac with then US Attorney General Loretta Lynch. That was at the time when Bill's wife Hillary was under investigation by the Department of Justice. The public relations - and legal issue here - is: Why do some public figures get so damaged and others can bounce back quickly? Could t...

"Companies can no longer offer severance agreements that prevent employees from making disparaging remarks about their former employer, the  National Labor Relations Board  ruled Tuesday." - Axios , February 21, 2023. That, the NLRB determined, is a violation of the National Labor Relations Act. It had been standard that severance comes with a muzzle.  Usually those terminated don't have the luxury of turning down the money and any benefits. The latter, as in large law firms, could include continuing to have their profile on the website for several months. That creates the illusion that they still have a job, which makes it easier to get another job. Given all that, most workers have to cave to the silence mandate. Such a process has protected the brand of the organization at a time when cutting personnel tends to invite media attention and generate buzz on social networks. Yes, they become targets. In addition, the NLRB ruled, those dismissed can disclose the contents of...