Paul, Weiss to Relocate to 1345 Avenue of the Americas: What 3 Messages Could This Be Sending?

"[Paul, Weiss] signed a 20-year lease for 765,000 square feet across 18 floors at 1345 Avenue of the Americas, the firm announced on Thursday. The firm is moving from its home at 1285 Avenue of the Americas, where it resided for nearly 30 years. Its lease was set to expire in 2026." - Bloomberg Law, December 21, 2023

In sizing up the move Paul, Weiss chair Brad Karp cites its interior design aesthetics, high-tech capabilities and meeting-space ambiance. 

GROWTH

However, one message this gives off is the confidence the law firm has in its ability to maintain its current go-go pace for both bringing in new business and overall growth. At a time when other firms have been laying off because of a falloff in demand, Paul, Weiss has been hiring. In addition, back to and including the post-9/11 recession it has refused to conduct a Reduction of Force. It always had the optimism that they would have enough work to assign. Karp became chair in 2008.

Should Paul, Weiss be able to poach the right lawyers to staff a Houston, Texas office specializing in energy dealmaking, it could also be busy leasing space there.

 Meanwhile, in London, where there are 16 lawyers in that office, Bloomberg Law's Roy Strom predicts that in 2024, the number will balloon to more than 24.

Obviously, the current game in large law firms is growth. 

RTO

Another message, of course, could be about the future of RTO at Paul, Weiss. Some predict that eventually most law firms will embrace a full-5-days RTO. One reason for that is their clients are pushing for that or have already implemented it. Many of Paul, Weiss' clients are financial firms which are pulling both rank and file and leadership back into the office. Currently Paul, Weiss mandates 3-days RTO, with Tuesdays and Thursdays as anchor days. 

TECH

A third message is the recognition that a law firm has to be aligned with how much its strategies and operations will be configured by tech. AI, for example, consumes lots of computing power. Financial Times reports that Allen & Overy just announced its AI contract negotiation tool. Increasingly the news media outlets headline with AI applications. 

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