Post-Milbank - Will Paul, Weiss, The New Big Kahuna, Be Out There Next?





"Paul, Weiss is next and everyone else will follow."

This observation is in response to posting on Fishbowl Big Law, November 26, 2023, about what Big Law firm (not boutique) will be first out there post-Milbank for raises and bonuses. Tomorrow is the beginning of the business week when such announcements are made. 

Not all the comments on Fishbowl agree with this opinion of Paul, Weiss as Next. However, the fact that it's posted on that influential professional anonymous network (It seems to have more reach than Reddit.) signals the growing presence of Paul, Weiss. It's become the Big Law firm to watch for trends. 

Recently, after being chair since 2008 Brad Karp renewed his contract last May. Boom, then there have been seismic developments. Among them had been three bold raids on Kirkland and Ellis talent in London. Also, it has grabbed major pieces of M&A business in what is a shrinking market. It helps its branding that it's hiring when other firms aren't and it maintains its track record of no Reductions in Force. Its Job Portal has become high-traffic territory.

If Cravath doesn't make a move soon and a significant one Paul, Weiss could replace it as market-maker. It is not hyperbolic to envision that Paul, Weiss is taking over the game. 

If Paul Weiss goes with creating the NonEquity Partner tier that could reduce the stigma of such a job classification. The existence of NEP in Kirkland and Ellis has showcased how less-than those in that slot can be and how vulnerable they are to being forced out. Paul, Weiss can make NEP cool. 

Meanwhile the legacy of current chair Karp can be up there with the giants in the history of the firm such as Judge Simon H. Rifkind.


Although Karp's track record is excellent, he could be among the wild-card late-bloomers such as Clint Eastwood. Think about it: In his youth the Eastwood of  "Play Misty for Me" could never have given us "Million Dollar Baby" and "Unforgiven." 

At age 63, Karp is the youngest of the boomers. The future could also involve another differnt career path. 

Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 203-468-8579, janegenova374@gmail.com).


Comments

Post a Comment

Popular posts from this blog

Akin Gump Julia Ghahramani's March 2021 Cocaine+ Death - So?

   It had been way back more than a year ago that first-year associate at law firm Akin Gump Julia Ghahramani died from cocaine laced with fentanyl. Yet that story keeps resurfacing.  This week  RollonFriday  revisits it. And  Reddit Big Law  considers the issue if the energy from cocaine is what's making possible those 2,500 hours billed in law firms.  Is what's keeping this on the radar the hunch that use of the illegal substance cocaine is common among those practicing law? After all, in addition to being an energy-booster, it provides a nice reward for such hard-working lawyers. Also, they have the earnings to afford it. Most of the rest of gunners have to stick with boozing. So, why not?  The reality might be setting in that the death could simply have been an aberration. Think about it this way: Ghahramani had bad luck in her alleged choice of dealers. Others might be able to exert more scrutiny in overseeing the content of the illegal drugs they sold. The message c
Read more

Up-or-Out: McKinsey Raises the Pressure, In Contrast Some Law Firms Ease It through Nonequity Partner Tier

" McKinsey & Co.  warned some US consultants last week they are running out of time to win promotion, raising the 'up or out' pressure on staff as the global consulting industry struggles." - Abovethefold Article in Bloomberg , March 27, 2024 This is yet another sign that once-iconic McKinsey is a professional services firm in trouble. One challenge is overcapacity of manpower. It has also warned about 3,000 consultants about "concerns" regarding their performance.  In addition to the overall slowdown in management consulting, McKinsey faces scrutiny from myriad sources about its client list including assignments with China and Saudi Arabia. There also has been that hatchet-job book "When McKinsey Comes to Town." The most damning aspect of the expose is that former employees dump on it. Posts on the professional anonymous network Fishbowl Consulting aren't optimistic about a turnaround at McKinsey or at other players in that sector. In cont
Read more

Down Memory Lane - There Was Actually a Time in When $70k for New JDs Was Big Money

  Let's cut to the chase. The year was 1987.  On a Monday in October the stock market crashed.  Corporate downsizing, made an art at GE by Jack Welch, was purging the system of middle-aged middle managers. Staples caught the wave of accidental entrepreneurs forced out of corporate careers. It created the new category of office supplies for small business. We the purged agonized at Staples about what color business stationary.  It was the worst of economic times, at least since The Great Depression.  Meanwhile, large law firms were getting a lot of attention because they were paying inexperienced law-school graduates starting salaries of up to $70k.  Cravath got the ball rolling on that. The phenomenon was enough to attract a major article by The Washington Post.   The kicker was this: The money wasn't enough for young lawyers to stay with those jobs which they found long in the hours and short on stimulating assignments. Often they were locked into proofreading documents at the
Read more