Paul, Weiss: Poaching Is the Most Critical Metric for Sizing Up a Law Firm

The late Ed Koch used this signature phrase when NYC mayor: How'm I doin'? 

If law firms like Paul, Weiss are wondering that same thing, the answer comes in the form of high-profile poaching of star players. Those twinklers must be brilliantly recruited, then held on to and continually motivated. Those are the key assets of the firm. (AI could, of course, eventually change that.)

Way back in 2021, Paul, Weiss partner Brad Karp outlined that value reality in a Bloomberg Law interview. To begin with, a large law firm needed the huge war chest to invest in the sustained poaching. Those stars constitute the platform for growth. Without it, a law firm could actually go out of business. You know, the old grow or go.

See, clients purchase the services of individual brandname lawyers, not the law firm per se. All that law-firm branding is mere window dressing. The old joke is that no one ever decides to do business with a law firm because of its website. Or even its awards. They come and buy because of the track record of a Scott Barshay or Neel Sachdev, not the usual promotional fanfare. 

Well, the latest conquest for Paul, Weiss has been Rachel Phillips who had spent two decades at Ropes & Gray. Phillips will be a partner in the Paul, Weiss' New York capital markets group. The firm supplies this background:

"Phillips advises public companies, private equity sponsors and underwriters on a range of capital markets transactions, including initial public offerings (IPOs), follow-on offerings, and mergers and acquisitions."

As long as a large law firm is poaching it's sized up as a formidable presence in a sector totally dependent on new business development. 

Careers. Forget all that. It’s about earning a good living, no matter what.

Complimentary consultation with Jane Genova, StreetSmart Coaching (janegenova374@gmail.com)


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