Cravath & More - Will Their Moves on Salary/Bonuses Trigger "Norma Rae" Moment?
It's usually on a Monday or Tuesday in November that market-maker Cravath sets off the compensation/bonus war for large law firms. This year November 27th or 28th could be the date.
If those Cravath numbers, as well as the ones put out there by Kirkland & Ellis, Paul Hastings, Paul, Weiss and more, disappoint associates there could be a "Norma Rae" phenomenon. That is, an open advocacy for unionization.
The rumblings about taking collective action and the snippets of satisfaction in already doing so in white-collar fields have gotten louder and more strident. Those realities have popped up in everything from establishment publishing (Conde Nast) to banking (Wells Fargo).
It is not far-fetched to envision unionized junior lawyers threatening a walk-out before a high-profile trial or M&A transaction. Currently, in this slowdown in demand, their power has eroded. But, hey, they can get some of that back. Maybe a lot of it back.
The lure of being upped to NonEquity Partner might not derail the unionizing momentum. That's a seminal message on professional anonymous networks as well in private conversations. The posters are putting the knock on NEP. Couldn't there be a better fit for a long-term career path in large law firms? Unionization could accelerate such a search.
UAW head Shawn Fain has transformed unionization from the refuge for blue collars to a sophisticated strategy for financial survival in earning income from your own labor.
In my coaching, the dominant emotion among clients is anxiety about both employment security and working conditions.
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Tarot reader Jane Genova (text 203-468-8579, janegenova374@gmail.com).
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