Bloomberg Law - Will Its Influence Go the Way of US News & World Report?

 Legacy media, as the grim description goes, is in "freefall." That can include the trade news source for the legal sector Bloomberg Law. According to the New York Post, online (and that's where we go for data and insight) X (which used to be known as "Twitter") is the number one source of news in the world. That's where the players who shape the news hang out.  For example, on X we followed the H-1B visa controversy. 

Online we watchers of the legal sector access X, as well as Bluesky, LinkedIn, professional anonymous networks such as Reddit and Fishbowl. In-person we pump the grapevines for not only intel but also the mood about whatevers.

Meanwhile, Bloomberg Law News seems to be struggling for page views by becoming the rater of who's up and who's down. Today Bloomberg Law ranks the players in dealmaking:

"The M&A powerhouse [Kirkland & Ellis] guided global deals worth about $427 billion, according to Bloomberg Law’s league tables. Kirkland topped rivals Latham & Watkins ($367 billion), Skadden Arps Slate Meagher & Flom ($361 billion), Freshfields ($264 billion), and Paul Weiss Rifkind Wharton & Garrison ($262 billion).

Since the game is about developing new business, one wonders how much these kinds of legacy media reports move the dial on landing new accounts or more assignments from current accounts. Much else determines purchasing decisions. 

And much else determines major factors about law firm operations such as culture. For example, the knock is really being put on the non-equity partner tier in professional anonymous networks. Here is a snippet from Reddit Big Law reflecting on why those NEP partners are fleeing after about two years:

"Tiered Partnership. With most firms now having a non-equity tier (and promoting mostly into that tier absent special circumstances), partnership isn’t what it used to be at the early stages. You’ve got all the headaches of being a K1 employee (eg, paying your own taxes and healthcare) but aren’t sharing in the firm’s profits."

The NEPs destination is either smaller law firms or into industry positions which are business, not legally, oriented.

At one time law school deans feared the ratings of US News & World Report. Then that kind of influence went poof. So could the publishing of rankings by Bloomberg Law. 

In coaching lawyers I find that what goes on in the firm (politics is everything) and in the grapevines counts the most in their anxieties about their careers, including building a book of business. Anyway, usually by time the legacy media publishes there's a lag. It tends already to be out there in the grapevine. 

Affordable Career Coach Jane Genova provides end-to-end career services, ranging from diagnosis of the challenges and fix-it strategies to preparation of resume/cover letters/LinkedIn profiles and how to gain control of an interview. I specialize in over-50 work issues. My edge is a background in marketing communications. For a confidential complimentary consultation please text/phone 203-468-8579 or email janegenova374@gmail.com. Remote and in-person.

 


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