Don't Become a Target: Paul Weiss Learns the Worst Lesson in Its 150-Year Existence
"They" are at it again. That is, members of the media taking the easy route of pounding beaten-down scapegoat in the ongoing saga of the Trump's administration attack on law firms. The all-too-convenient target is Paul Weiss.
This time the example of lazy journalism is produced by Daniel Barnes at Politico. In his long-form criticism of Paul Weiss' decision to cut a deal with the administration he travels the same old territory. No contentions are new.
Yeah, we know all about Karen Dunn's forming her own boutique. And, yeah, more partners could be exiting, post-profit payout. So? Overall, the current market in large law firms is characterized by star partners' leaving to land more money and power. It's a sellers' market for proven-out talent.
In a sense Paul Weiss' only "sin" is that it is a very high-profile business which was an early adopter in making nice with the new order of things. Since then so many other businesses have done the same. A sign of that is the abrupt elimination in much of the Fortune 100 of DEI programs.
In addition, Barnes seems out-of-touch with shifts in Big Law. Like those nuns in old-line Catholic schools he seems to delight in issuing a stern warning. That is this: Paul Weiss could lose its reputation as a top litigation firm.
The reality is that much of Big Law is moving away from litigation because that's not where the money is. Litigation is flowing to boutiques. What remains of litigation at Big Law will be what's provided as a service to major clients. The M&A transaction client needs a response to a lawsuit. Sure, Paul Weiss will handle that, as a service.
The lesson here is a public relations one: When making strategic decisions, factor in the risk of becoming some kind of target. In my coaching I am straight with clients who have become targets at work. The odds of overcoming that are not good, I inform them. My advice: Start new elsewhere or launch your own business.
My advice to Paul Weiss: Develop fresh narratives to make the kind Barnes trots out of absolutely no interest.
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