Skadden's in the Hot Seat - Some Relief for Paul Weiss (but business braces for Liberation Day)

There's the belief that only one entity can occupy a space at one time. The old joke is that in a psychiatric facility there can only be one Jesus Christ. Other patients will have to adopt the identity of a St. Peter or Michael the Archangel. 

Buy into that and this is predictable: Now that the spotlight in the legal sector has shifted to Skadden Everything - ranging from the dealmaking with the Trump administration to the exits of two associates to the alleged shutdown of the firm's email system - it would be the law firm enduring the lion's share of the heat. 

That could be a relief for Paul Weiss. Over there at its Mid-Manhattan headquarters there could be a collective exhale. The worse of what's being termed The Public Relations Nightmare could be over. Chair Brad Karp can turn again to producing thought leadership observations.

But most law firms, not only those which have been caught in the vortex of Executive Orders or which have headed off EOs, have been propelled into a very different force field than what was the business landscape in 2024. Those record revenues and Profits Per Equity Partners might only be sustainable for a handful of those top law firms.

You know what have become the usual suspects: uncertain global economy, tariffs, delay in the massive M&A bump expected, expense of retrofitting for generative AI and intensification of competition. Probably Liberation Day, when the tariffs kick in, will provide the data necessary for law firms to assess, to put it in raw terms, how bad it could get. And then figure out just-in-time and longer-term strategies. 

Meanwhile, those taking alternate career paths such as being an influencer (like Rachel Cohen) or doing a startup could have the edges in this turbulent global economy. 

Smirk. There has been a surge of applications to law school. However, will those in touch with the shifting landscapes in the practice of global law actually turn up at law school in the fall? Maybe, like Matt Drudge did in a cramped studio apartment, they should find a gap in what's needed/wanted and create something new. For those who decide to invest in chasing high grades in law school in the next three years, what will happen to them?

Need help sorting out how to make a living? Complimentary consultation with intuitive coach Jane Genova (text 203-468-8579, email janegenova374@gmail.com).

 


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