The Paul Weiss Transformation: Profts-Per-Partner Hits $7.5 Million

 "Turnaround" is a 20th-century concept in business. Currently, in this new world order what's expected is "transformation." That is, an almost total retrofit of what had been.

At law firm Paul Weiss chair Brad Karp has pulled off a transformation. Through a hire-wire act of investing major money in global and domestic growth and revamping the culture Karp has been able to differentiate that business from the growing number of competitors. There's a compelling reason for prospects to have Paul Weiss handle their legal problems and for clients such as financial powerhouse Apollo to stick with it.

Law.com documents that Paul Weiss revenue has increased 32% and the all-important metric of Profits-Per-Equity-Partner has reached $7.5 million.

From way back in 2008, Karp has been a risk-taker. Among his hit-the-ground-running disruptions was extending services from litigation to transactional and having enough confidence in the future of the firm to not lay off young associates. About the latter, during the steep economic downturn other law firms such as Latham had been conducting massive RIFs. 

Although a "lifer" at Paul Weiss Karp has been able to transcend the inclination to preserve what had been an "institution." That sentimental attachment to a past identity had delayed change at institutions ranging from old-line Newsweek to Disney.  Henry Cloud's classic "Necessary Endings" warns about that. Therefore, one wonders when the firm will downsize on its website the long-form history. It was such a different time. 

In my career coaching the number-one challenge for clients is to let go of what had been success formulas for making a good living and getting a professional edge. Instead, the burden is on them to retrieve the emerging data points, connect the dots, take a bet on what really counts and experiment. Some of Paul Weiss' new policies such as the creation of the non-equity partner tier have been classified as pilot programs. 

Is the life you’ve known collapsing? As your intuitive career coach/tarot reader I guide you to what could be next. One door closes, another one can open. Free confidential consultation. If we work together, fees are what you can afford. To connect: Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com). In-person and remote.

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