Law And More

Apollo Continues Pivot into Sustainability - Focus on Transition to Non-Fossil Sources of Energy and Game Theory

Recently, Apollo Global Management had announced it was creating the function of Chief Sustainability Officer.

The mission has been to review all investments in terms of its compliance with ESG criteria for Environment, Social and Governance principles. This Law and More article analyses the rewards and risks of that move.

On Friday, October 22nd, the financial giant expanded its reach and branding in sustainability. As it details in its press release it has bet big money on the energy transition to non-fossil sources. Here is the financialese:

"Apollo (NYSE: APO) today announced that funds managed by its affiliates (the “Apollo Funds”) have agreed to invest $824 million in a convertible equity portfolio financing agreement with NextEra Energy Partners, LP (NYSE: NEP) in a 2.5 GW renewable energy generation portfolio (the “Portfolio”). The Apollo Funds committed to the investment as part of the sale of 50% of the Portfolio from NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE) to NextEra Energy Partners."

That portfolio contains 13 utility-scale wind and solar assets. Of those, three facilitate battery storage. 

The transaction had been handled by law firms Allen & Overy and Paul Weiss. 

What does this mean?

Well. to begin with, it's a kind of what's called "virtue signaling." That is, the message is: We are on the right side of global values. Salvation for mankind entails the battery's replacing gasoline.

In addition, Apollo is leveraging its influence to confirm the importance of energy transition. That includes how investors should make their choices. Yes, investors, non-fossil fuels are the horse to bet on.

And, Apollo is positioning and packaging itself as being in the front lines of a business philosophy that goes by the umbrella term "ESG." Apollo publishes an annual report "The Apollo ESG Effect." Here you can read it. 

The stars are aligned that Apollo will impact the energy sector in a major way.

In the global corridors of influence what moves the dial on getting things done are the connections among the movers and shakers. Journalist Hedrick Smith explained those dynamics in his book "The Power Game."

It is interesting to note in Apollo's journey toward being the player in sustainability its long-time legal counsel has been law firm Paul Weiss. Yes, that firm oversaw this most recent transaction. 

The Paul Weiss Chairperson Brad Karp has been a first-mover in the law firm sector's embrace of ESG values. For example, it established the first ESG practice.

Also, on personal level, Karp has mobilized collective action throughout law firms to support causes associated with ESG values. They include push-back against suppression of voters' rights. Those initiatives reinforced Paul Weiss' presence for being a force field in social justice. That fits nicely where Apollo is heading. 

It also can be useful to observe that Apollo's actions may be based on a version of game theory. The genius John Nash brought the erudite discipline mainstream. Recently I have created material for a client on the implications of game theory for the crypto market. 

Essentially, game theory strategy is about optimizing outcomes through ensuring cooperation among those in the loop. That seems to be underlying how Apollo is going about sustainability. The self-interest of all the players is brilliantly locked in. 

Game theory is becoming an increasingly useful lens for assessing investing initiatives. Meanwhile, green is good. It's in the public interest. 

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U.S. House Votes to Hold Steve Bannon in Criminal Contempt - The "Evil Genius" Atypical among Trump's Followers

The vote by the U.S. House was 229 to 202 to hold prominent Donald Trump ally Steve Bannon in criminal contempt. That was for not complying when subpoenaed to testify about the January 6th riot against the U.S. Government.

Liz Cheney had been among the GOP members of the House who voted for criminal contempt. She is carving up a brand identity about opposing what she perceives as the worst of conservatism.

Called an "evil genius," Bannon is one of the most interesting players to have surrounded Trump. He has an almost surreal sense of independence. So many of other followers seemed to be the typical sycophants who would do metaphorical backflips for proximity to power.

In his brisk-selling book "Disloyal," former Trump lawyer Michael Cohen admits how swept up he had been in the force field Trump had been able to conjure up.

The seduction of power can be greater than the lure to acquire lots of wealth.

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Big Law as Big Business, as Paul Hastings Chair Seth Zachery Hammered - Should Law Firms Hang onto Their Legacies?

Quite candid.

That's what Paul Hastings Chairman Seth Zachery had been in his interview with Reuters Legal.

Maybe that's because sharing of a point of view was his swan song. He will be stepping down from leadership, then a bit later retiring from the law firm, and next could be a shift to the public sector focusing on tax and voters rights.

What Zachery hammered was that practicing law is no longer a profession. 

It's strictly business.

So much so that even seemingly satisfied successful partners could and do leave for a better deal. That's what you do in business, isn't it. 

Partners who aren't continuing to bring in significant revenue can't count on the security of seniority any more.

No longer is the firm so top-down. Like any business, it has to allow into the power structure new young talent, even if they are not partners. Here is Law and More's analysis of Zachery's assessment of the law firm as business entity.

The implications are huge.

For example,  will all those noble words about the legacies of law firms on their websites seem irrelevant? 

And eventually will they be dropped by younger leadership of the firm?

Zachery predicts he may be the last chairperson to be in such a job for 22 years. The focus is not on continuity. It's on results created today.

Therefore, the expectation is that leaders, like more and more corporate executives, will have a shorter and shorter time in that job. According to Equilar, the average tenure for chief executive officers is five years. That's down from six in 2013.

But how so many law firms are presenting themselves is through the lens of another time. Yet, as lawyers they should know better. A classic defense in the courtroom is, of course: That was another time. 

On its website, Cravath proudly presents its legacy. That kicks off:

"Our story began on the 22nd day of March in 1819, when Richard Blatchford established a law office at 140 Water Street in New York City. Four years later, his lifelong colleague and friend, William Seward, began a partnership with Elijah Miller in Auburn. In 1854, the New York and Auburn offices formally combined. These two great families of lawyers, the Blatchfords and the Sewards, were the foundation of our Firm. During the Civil War, Richard Blatchford and William Seward each served President Lincoln. Clarence Seward, our third Presiding Partner, would go on to become a Justice of the United States Supreme Court."

But, like who cares? Probably among the non-carers are the partners focused on their PPP and associates wondering how much more of themselves should they invest in taking a shot at partner. It's a business.

Skadden makes that circling back in time to its legacy a bit more engaging:

"Founded by Marshall Skadden, Les Arps and John Slate on April Fools’ Day in 1948, Skadden began as a scrappy upstart among a sea of established 'white shoe' law firms in New York. Joe Flom was hired as the firm’s first associate later that year, and litigator Bill Meagher, the fifth partner to lend his name to the firm’s letterhead as it appears today, joined in 1959."

But it's still legacy stuff. Not the business of business, that is, what happens right now. 

For those of us ethnics who have endured bias by the WASP establishment, Paul Weiss' legacy does resonate:

"Our firm’s very founding represented a frontal challenge of prevailing bigotry in the profession; Jewish lawyers who entered the profession in New York City a century ago struggled to be hired by non-Jewish firms and found it impossible to become partners. Louis Weiss and John Wharton, who founded Paul, Weiss predecessor firm Weiss & Wharton in 1923, were determined to build a firm that aggressively disregarded the the unspoken rule that Jews and Gentiles neither practiced together nor attracted clients of their respective creeds--ultimately helping transform the then-cultural norms of the New York legal community."

But will being aware of that historical touchpoint prevent a brandname partner from being poached or a Big Tech corporation from hiring another law firm in Silicon Valley? Paul Weiss recently launched an office in Northern California. 

That's unlikely.

Throughout myriad lines of business, what counts are recent results. Not a laundry list of prestigious clients we have served in the past.

That's why I coach job applicants to get to the chase: Say, this is what I can get done for you. Better, faster, and probably less expensive than others applying for this opportunity. Most receive a job offer. 

Intuitive guidance about your career. Drop your story line from the past and open to extreme possibility. Sliding Scale Fees. Please make an appointment for a complimentary consultation at janegenova374@gmail.com.

Law Firms - Of Course, You'll Need a Chief Metaverse Officer

The metaverse is already a reality. Here is Law and More's introduction to it.

Its platform is the videogame. And, as The Wall Street Journal reports, businesses focused on getting into the metaverse or expanding their reach will likely be acquiring videogame enterprises. Already Microsoft this year acquired Zendi Max Media for $7.5 billion. That means law firm's M&A practices will have to be geared up to handle these kinds of deals.

There are bound to be plenty of them, given the metaverse's potential for transforming how human beings work, shop, attend events, and socialize. It's the post-internet.

Of course, over at the FTC and Department of Justice the antitrust folks will be watching. They could even halt the deals for a review. Law firms will have to know exactly what they are doing in this relatively new category of business.

In addition, as Reed Smith's white paper "Reed Smith's Guide to the Metaverse Universe" details, the virtual realities introduce new legal complexities. Here is an excerpt:

"The metaverse will challenge these [traditional legal] 
principles and ask questions such as whether its
information landscape and virtual creations qualify for
legal protection and ownership at all; where content built
on underlying layers of third-party information falls within
existing notions of modified or derivative works; and how
exceptions to copyright protection such as quotation or
private copying may be applied."

What should be obvious is that eventually law firms will need a Chief Metaverse Officer. That could be a partner or an associate. Likely the latter is better since that age demographic is more comfortable with digital technology. They might have grown up with videogames.

Doing that right now will provide the law firm with the early-adopter advantage. Sure, because the metaverse is hot there will be the buzz and aura branding. Nice. But, being in the front of all this could also create a new form of value for that particular law firm. 

Example of that kind of edge had been Paul Weiss' April 2020 creation of its then-unique ESG (Environment Social Governance) practice. Yes, there were the usual benefits of being first in a market. In the process, though, the Paul Weiss Chairperson Brad Karp also picked up insight about how ESG would not only upend corporate clients. In addition, as with the Mayer Brown crisis in China, it would immerse law firms in their own pile-up of trouble. As came out in this Bloomberg Law interview, Karp has proven himself a visionary. 

Law firm leaders early in this game of creating the the function of Chief Metaverse Office could also be saluted as a visionary. And, in tech. It doesn't get better for branding than that. Also, notice how much attention Reed Smith has received through its metaverse white paper published last May.

Beyond facilitating how clients are served in what they need to do in the metaverse universe, the Chief Metaverse Officer can establish metaverses for the law firm itself.

It's the the superior way for collaboration. So much so that the leadership of the law firm could, like PwC, opt for working anywhere. 

Also, in this era of stiff competition for talent, there could be one of those virtual reality walled gardens custom-made for recruiting associates and poaching partners.

The law firm can treat them to complimentary virtual visits to museums and provide them with the funds to purchase Non-Fungible Assets (NFA). Within the garden there would be a challenging video game operating on IP law.

Since interaction is quite special in the metaverse, they can also meet up with avatars of the chairperson, partners, associates, and even clients. And, if there are an application for a job and an offer extended/extended, in that metaverse that new member of the law firm can be fitted for the proper attire for court. 

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Apollo - New Line of Business, Glam of Taking on Blackstone Put Scandals in Rear View Mirror

"Apollo Global Management Inc. APO +7.04% said it expects its assets under management to double to about $1 trillion by 2026, setting up a race with fellow investment behemoth Blackstone Inc., which has set the same lofty target." - Miriam Gottfried, The Wall Street Journal, October 19, 2021

Brilliantly, new head of Apollo Marc Rowan has been shifting attention away from recent scandals to the heady topics of building a new line of business (credit) and being a determined competitor to Blackstone. That began with Apollo's acquiring the part of insurance corporation Athene which it hadn't owned. Paul Weiss handled that $11 billion transaction.

The new force field created is for the media to track both the growth of the credit focus and the competitive tactics. Regarding the latter, Rowan could take on the aura of a Tom Brady in financial circles. 

Not so long ago Apollo had to find its way through and out of two dark patches.

One was the relationship its former leader Leon Black had had with convicted pedophile Jeffrey Epstein. Black had been cleared of any criminal activity. But he couldn't shake off the stink. As a result he stepped down from leadership. By now, the long tail of the Epstein saga is getting shorter. Like, who cares (except maybe The Royals about Prince Andrew's legal challenges).

The other cloud had been created by the expose "The Caesars Palace Coup" by Sujeet Indap and Max Frumes. In it, not only Apollo and Rowan came across badly. So did all of Wall Street. A takeaway is: You don't want your kid to work on Wall Street.

But that's now so yesterday. Apollo is the g0-to. That ranges from making big money to following an amazing story.

What helps the good press is that Rowan is known to be charming. Yes, the ethos of For He's A Jolly Good Fellow could become sticky. Expect Rowan to become the new cheerleader for the American brand of capitalism. 

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Books & Comebacks - Should David Boies Try That, Like Katie Couric, Huma Abedin?

Today on "Today" former television personality Katie Couric had been a busy bee.

She dished the dirt on her former co-host Matt Lauer. That's one of the ways she is trying to promote her book "Going There." And also she is trying, of course, for a comeback. Obviously she wants career runway. She is only in her 60s. Clint Eastwood is in his 90s and still very much out there. His most recent production has been "Cry Macho."

Also, struggling to find a place for herself again in attention game is former Hillary Clinton aide Huma Abedin. Yes, she too is leveraging a book - "Both/And" to circle back into the spotlight. It will be excerpted in Vogue.

Exposure, though, is simply that: exposure. It doesn't necessarily convert into rebranding and a sustainable comeback.

See, even if the books sell briskly, those two may not achieve their real obective: regaining relevance in a world of sharp elbows for having, holding, and growing star power.

The twinkle twinkle little star game is brutal. In fact, a compassionate observer might do a Greek Chorus like chant: Let us not praise famous men - and women.

There is also that possibility that the books might not sell well. Those dismal numbers on Amazon could create a dark corridor of shame.

Take Bob Dilenschneider's "Decisions."

This morning it ranks in Amazon hell: 1,002,216. That public affair representative had had as a client Roger Ailes. The relationship bit Dilenschneider in the brand. That was when the Ailes' career went into a tailspin through allegations of sexual misconduct. Dilenschneider seemed to go the book route for regaining star power. I don't discern any twinkles.

So, it's a gamble - and a high-profile one - for former powerhouses in the branding box to bet on a book. There is not only the investment of time. There is also the risk of being Nowhere on Amazon.

But, once celebrity in litigation David Boies might try it. A mind is a terrible thing to waste. His is brilliant. Call him the Tom Brady of legal strategy and running that across the field of law.

Here's the current danger: Boies could encounter lots more bad press if he is actually called to testify at "US v Elizabeth Holmes." He had not only been on the board of startup Theranos. He also had been its legal counsel. Incidentally, in his book "Guilt by Accusation," Alan Dershowitz (who could also go in pursuit of a comeback) labeled that dual role a conflict of interest.

In the Holmes trial, the defense by Williams & Connolly is searching for others to blame for the unraveling of Theranos. It makes sense to target Boies. Therefore, he could really use a book, right.

Are there alternates to books for comebacks? Sure.

But currently the memoir is the way to go.

Former Donald Trump lawyer Michael Cohen looks like he hit a homerun with "Disloyal." The public values what he shares, both about the Trump ethos and his own tragic flaws. He admits he was swept up in the chaos, action, and proximity to power of assisting Trump. Father Forgive Me, I Have Sinned. The memoir ranks 9,895 on Amazon.

The Cohen star could wind up twinkling brighter than before.

The model for that had been the comeback of fianncial player who also had gone to prison: Michael Milkin. Prison can be a platform for reimagining a career. 

And, what about a book by professionals whose stars keep ascending? Actually, publishing a book might be expected.

For instance, Paul Weiss Chairperson Brad Karp has expanded his huge brand to include "visionary." 

As I document in this Law and More article, Karp anticipated the perfect storm corporations would be entering because of ESG (Environmental Social Governance). Paul Weiss was the first to customize an ESG practice. That was way back in April 2020.

More recently, Karp had predicted that not only corporations but also the law firms themselves would be pulled into that force field. That has been the reality of Mayer Brown's crisis in China.

Law firms have begun to embody that phenomenon articulated in the W.B. Yeats' poem "Among School Children":

"How can we know the dancer from the dance?" 

The answer is: No longer can we. And all the constituencies looped into the U.S. legal system have to understand the implications of that. That could be a development Karp might sort out for both law firms and the public interest. What should society expect from its law firms?

Books remain a powerful medium. That is why Cohen arose before dawn to pen in his prison cell "Disloyal" before other inmates awakened. He knew exactly what he was doing.

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Mayer Brown's China Crisis - Had Paul Weiss' Brad Karp Predicted This Sort of Development?

Mayer Brown faces a possible boycott from most or all of the organizations which had used or which might in the future use its legal services in China.

That crisis had been set in play by what could be interpreted as a political stance. That involved the existence of the "Pillar of Shame" monument.

As Bloomberg Law reports, Mayer Brown terminated Hong Kong University as a client. The client had wanted the statue pulled down. The law firm was responding to political nudges from Europe and the United States. Here is Law and More's analysis of that development.

In essence, it's not a stretch to posit that Mayer Brown got caught in a version of an ESG (Environmental Social Governance) conflict.

"Pillar of Shame" represented social values. That was the political playing field. In time case studies will deconstruct if Mayer Brown could have dodged that bullet. The current reality is that it didn't. There's no predicting the extent of the damage.

There are plenty of those kinds of disputes overwhelming the clients of Big Law. Coca-Cola is a classic example.

But now, as Paul Weiss Chairman Brad Karp had predicted, the clash of values has seeped into the decision-making and actual business of the law firm itself.

The gallows humor could be that law firms themselves need the guidance of an ESG practice. Had Mayer Brown been guided from the get-go on this from a sophisticated experienced ESG law practice there might not have been this global flashpoint - and the serious threat to a law firm's business.

In an interview with Bloomberg Law“ Karp had observed:

"ESG is going to affect every aspect of the law firm world, law firm operations, and the interaction with their clients going forward ... The law firm community hasn’t picked up on how profound that will be.”

Maybe now it has.

Actually, because progressive law firms have already adopted aggressive social justice positions and initiatives, they could be sitting ducks for being targeted for challenges ranging from bad press to boycotts. 

Karp also had been a visionary in picking up on how the ESG ethos could become the perfect storm for corporations. Paul Weiss created the first formal ESG practice. That was way back in April 2020.

Here is how it shaped that mission:

"Business leaders face greater pressure to increase their organizations’ resilience while simultaneously addressing social issues of importance to stakeholders. Our advisory practice helps companies navigate the legal, business and political ramifications of developing and implementing ESG initiatives. We advise on matters such as stakeholder engagement, corporate governance, crisis management, corporate social responsibility, sustainability, diversity and inclusion, ethics and compliance."

There is no predicting if ESG will be a game-changer in business values. Those include defining the purpose of a corporation. What is known now is that law firms themselves have to assume they are a direct part of that almost surreal force field.

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Mayer Brown: The Business of Politics

"Mayer Brown’s decision to step aside from a controversial representation in Hong Kong has led to a call for a 'China-wide boycott' after the law firm announced that it would no longer assist an effort to remove a monument commemorating the Tiananmen Square massacre." - Chris Opfer, Bloomberg Law, October 18, 2021.

The political situation, which involved pressure from those in Europe and the United States, has turned into a potential business crisis for that law firm.

This development should send a chill throughout the global law-firm sector. It should especially send a warning to progressive United States law firms committed to what they define as "social justice." In addition, corporations, which are increasingly taking social-justices stances, could also find themselves in a Mayer Brown like pickle.

Essentially what has gone down is that Mayer Brown caved to the international court of public opinion. That advocated that the law firm should not represent Hong Kong University's initiative to remove the "Pillar of Shame" monument. And that's what Mayer Brown did.

Now, former Hong Kong chief executive Chun-ying Leung responded. He went on social network Facebook and rallied both enterprises and non-commercial organizations to not conduct business with Mayer Brown. He summed up the situation as the law firm's being unreliable in its professional duties. That had been through abandoning its client Hong Kong University.

Obviously, this boycott tool could be used by other entities around the world to influence the behavior of law firms. Just like the businesses they represent during this time of questioning the purpose of a corporation law firms could also be targeted for retaliation for political stances. Currently law firms have aligned with causes ranging from voting rights to pro-choice in abortion. Can they stand up to extreme push-back against that politics?

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Mirror, Mirror on the Wall, Who Has the Most Prestigious Job of All? (let it be me, let it be me)

Yes, yes, yes. The extreme work culture, in service of the prestigious career path, is being questioned. 

The cool meme is to damn all that:

" ...  the price you pay for a longer-term reward of power and prestige in big-name, big pay-cheque institutions." Meredith Turits, BBC, April 27, 2021.

"The desire for prestige and money is why we: 1) spend an outrageous sum of money on education, 2) kill ourselves at jobs we don’t like, 3) put up with colleagues and bosses we despise, 4) never pursue our dreams, 5) neglect our children, and 6) eventually fill our hearts with regret." - Financial Samurai, September 25, 2021.

In his book "Excellent Sheep," former Yale Professor William Deresiewicz captures how emotionally, socially, and cognitively paralyzed young people are by their pursuit of the prestigious career path.

However, there is no shortage of youth chasing after opportunities in businesses considered "prestigious." For instance, Bloomberg, a powerhouse brand, has received about 20,000 applications for a few hundred jobs in Europe. 

Also, 55% of law schools have overenrolled 1L classes. A JD could be the ticket to a a position at Skadden or Cravath. There could be tremendous ego satisfaction informing everyone that's where one works. 

And, although The Office has been vilified, associates are complying with mandates to return (at least right now). There may not be The Massive Attrition. Too much prestige is at stake.

Sure, in a Bloomberg Law interview, Paul Weiss Chairperson Brad Karp warns that the legal sector has to push the brakes on that whole always-on ethos.

But, come on, how many lawyers read that and said to themselves: Time to ease up, even if that limits upward mobility.

In my previous role as an academic counselor and currently in coaching I have found that the majority of talented human beings truly believe they can hold up and thrive, no matter how punishing the work demands.

On the other hand, there really is a You Only Live Once (YOLO) movement. Establishment media The New York Times describes how successful professionals in prestigious jobs are exiting the long, soul-crushing hours and pressure. Among them had been Brett Williams, a partner in a large law firm. He downshifted to a no-brand career path.

On Financial Panther, a lawyer who identifies himself as Kevin chronicles his journey from making all the right moves for a prestigious job in a large law firm to his current path. He is employed at a non-profit, making $70,000 less than he had in the prestige box.

No one, of course, can predict what value system about work will harden into the standard.

However, what I am noticing is this: Concrete results are counting more than brandnames.

Prospects for my marketing communications services don't seem to care that I had done assignments for the American Expresses and Edelmans. Their criteria for selecting a vendor are based on what had been achieved for other clients. And, how good would be the fit. 

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"US v Elizabeth Holmes" Might Not Have Happened - Suppose Theranos Founder Had Accepted Failure?

Did a startup founder simply panic when discovering the technology wasn't panning out? And then she tried to buy it more time by doing what she thought she had to in order to raise the funds to keep trying? 

Is that the real story of Elizabeth Holmes? In The Wall Street Journal opinion section Andy Kessler conjures up that possible scenario. 

Like so many bright, talented, and driven human beings, Holmes might not have been able to accept that what she was attempting could fail. If she could have embraced that failure was an option the trial "US v Elizabeth Holmes" might not be happening. If convicted she faces up to 20 years in prison. 

The possible explanation Kessler puts out there for Holmes' mindset and behavior is ironic. After all, Silicon Valley is where failure is standard. Most startups fail. Venture capitalists understand that. Their game is to keep betting on all kinds of horses, hoping one will win. And possibly be the next Google.

Meanwhile, the trial is going on - almost in Rashomon fashion. That's the Japanese film which showcases how diferent people experience an event in very different ways. That same technique had been used more recently in the film "The Last Duel," a true story. 

The prosecution is presenting a criminal. The defense is laying the foundation for ways to assess the entrepreneur as anything but that. Williams and Connolly raises the possibility that she could have simply been an inexperienced businsswoman who had made lots of mistakes, a leader served badly by subordinates, or even someone not in her right mind.

But the court of public opinion likely is not on Holmes' side. Driven males are interesting. We forgive their transgressions. Bill Clinton remains a loveable rascal.  Hillary Clinton's ambition had been off-putting. It seemed so raw. So obvious. Not an attractive game. 

And, another week begins in "US v Theranos." 

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