Leon Black, Paul, Weiss and More: Can't Shake Off the Decline Narrative (at least for now)

 Legacy media players, ranging from The Wall Street Journal to The New York Times, are holding on. That's despite the perfect storm, including AI, roaring through the sector.

One powerhouse strategy, at least for now, is what's known as the "decline narrative." 

"The decline narrative ... (often coupled with a 'fall from grace' or 'downfall' framing) is a structural storytelling blueprint used to keep a long-running news story 'sticky' ..." 

How the human species derives great joy and comfort from such reversals of fortune! Or what is made to appear like that. 

So, it's irrelevant that the coverage primarily recycles old news, positioned and packaged with a topical perspective. Predictably the rehash generates the results which are critical for commercial survival. Those range from page views to repostings to buzz.

Today, The Wall Street Journal revisited the saga of how Apollo co-founder and billionaire Leon Black got into a real pickle of reputational problems. Those included the fallout from the Epstein relationship, litigation by and against a mistress and his own noisy allegations about a conspiracy against him. 

You can bet that other Black decline narratives are likely to be published, both in the WSJ and other major media outlets. That's despite the reality that Black's fortunes haven't been in decline. Get it: Reputational whatever can be unbundled from the realities of power, influence and wealth. 

Black remains prominent in finance and art. His family office is successful. His worth is still in the billions. 

The same dynamic of an expose remixing old facts applies to law firm Paul. Weiss. Does it ever. 

Recently The New York Times traveled down memory lane with all the "sins" of this prestigious institution and its leaders, present and past. That is, Scott Barshay and Brad Karp. The only new disclosures included the details about how trans lawyer Lex Korberg was forced out. 

Meanwhile, sure, Paul, Weiss continues with the residue of reputational hits such as the Trump dealmaking and Epstein buddy-buddy. Also, there are serious questions if Barshay is the leader the firm requires now. But the critical metrics are sound. There is no client flight. Barshay is able to poach stars. The financial performance is outstanding. 

Given the effectiveness of the decline narrative, though, expect Paul. Weiss to get whacked again - and again.

The same pattern of repetitive coverage of "sin" has applied to Goldman Sachs, Harvard, the Roman Catholic Church and Elon Musk. 

The risk in this strategy is, of course, that it will become less sticky. There's the old saying in business: Nothing fails like success. That's because of the tendency to rely on the same success formulas while not paying attention to lessening effectiveness. 

In addition, the decline narrative can trigger backlash. Not unthinkable is sympathy for those "sinners." They could evolve into underdogs. 

In coaching, I guide clients to review their strategies. Do course correction before you need to. For journalists that might entail overhauling the old device of marching sinners through town in sackcloths and ashes. After all, shame is dying out as a value in current society.

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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