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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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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Bloomberg Wants to Tell Us "The Most Important Business Stories of the Day" - That Can Kill Motivation/Creativity to Connect the Dots

"The most important business stories of the day. - Get Bloomberg's daily newsletter." - That appears on the media arm of Bloomberg.

 

All we have to do is provide our email.

 

But, wouldn't being transmitted others' (even if experts) assessment what are important stories kill off our own motivation and creativity to connect the dots?

 

For example, I hit a homerun in engagement and traffic on this blog today by connecting the dots. The two coordinates have been Mayer Brown's crisis in China and Paul Weiss Chairperson Brad Karp prediction that ESG (Environmental Social Governance) would impact law firms (not just law firms' corporate clients).

 

No, I don't get the Bloomberg daily newsletter. So I don't know if either or both of them were covered today as "important business stories."

 

Had they been presented to me that might have nudged me into boxes.

 

Boxes are the killer of thought leadership.  And, isn't thought leadership about original thinking? Not dumpster diving through others' boxes.

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More Dirt Dished about Bill Gates - Did WSJ Hold Story Until After His Daughter's Wedding?

"More than a decade earlier [than 2019 expose of inappropriate behavior], Microsoft executives discovered emails between Mr. Gates and a midlevel female employee at the company while Mr. Gates was still an employee at Microsoft and chairman of the board, according to people familiar with the matter. In the messages, the then-married Mr. Gates was flirtatious and propositioned the female employee, the people said." - The Wall Street Journal

That WSJ story by Emily Glazer was published today as an exlusive. Therefore, it is to be assumed that the research had been "in the can" before today. And maybe even a draft of the article composed and passed along through approval channes before today,

So, some of us ordinary people are wonding this: Was it in deference to a powerful, wealthy man that the article was not published unitl the man's daughter had celebrated her wedding?

Yesterday, a day before the article, Bill Gates and his former wife Melinda Gates walked Jennifer Gates down the aisle. It ws one of those billionaire special events. You bet, more dirt about Papa Bear could have marred the aura.

Of course, this is just speculation by an Everywoman.

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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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Best 6 Halloween Costumes for Law Firm Junior Lawyers

Halloween might be the most enjoyable holiday in Americana.

For most, it can be celebrated in a relative-free zone. No drunken embittered Uncle Bob. 

It's also the unique opportunity to comment through a costume, just like "SNL," on the way of the world. 

Just as much fun is to shop for a costume for one's four-legged soulmate. He or she will need one for the mandatory party at the vet. No show? Damned to be judged as a bad pet parent.

So, here we go with the best 6 costumes for law firm junior lawyers.

Michael Scott (played by Steve Carell) from "The Office." There has been such a dustup about returning to the office.

Unlike the leadership at PwC, the brass at so many large law firms are mandating a return to the office. Some, like Baker & Hosteller, are even nudging back associates into the office before the official reopening date. 

And maybe associates are too young to recall Jeremy Blackman's "Anonymous Lawyer" priceless satiric post. It was about the partner who gleefully announced hot chocolate will be served in the kitchen during certain hours, as long as the cold weather persists. Meanwhile, associates are dragging out of office post-all-nighter. Well, Kirkland & Ellis folds into its reopening announcement the notice of free eats. Like, who have time to eat. Anyway, it can make one sleepy.

Yeah, let them eat cake.

Elizabeth Holmes and Sunny Balwani. The costume should be dated for when Cupid was still shooting arrows. Those texts from that time, read during the trial of "US v Elizabeth Holmes," showcase the Theranos founder's poetic ethos.

In prison, former Donald Trump lawyer Michael Cohen penned his best-selling book "Disloyal." If she is convicted and could serve up to 20 years Holmes can produce books of poetry. Maybe even teach poetry workshops. 

Class of 2024, Carrying "Hire me" sign. 55% of law school IL classes are overenrolled. Do the math. It will be tough, maybe even impossible, to land that first job.

Could there be another Lost Generation of JDs, as had played out in 2008 -2009? Not unthinkable.  

The Regulatory Sandbox. Recently in Arizona's regulatory sandbox, LegalZoom had been approved as an Alternate Business Structure. It will not only be permitted to provide legal services in the state. It also can hire lawyers as employees. Before that it could only operate with contract lawyers.

So this is the new non-law firm law firm. Maybe there should be a contest open to marketing communications players like myself to name this new entity. 

Karen Dunn, Best Poach done recently. Pulled off by Paul Weiss. And poaching is what brings the unique kind of prestige to a law firm. Media outlets make it big news, like they're announcing an award.

Those law firms which have been raided will lay low. It's a: Mirror, Mirror on the wall, I'm the most shameful of them all.

The law, like most lines of work, is a gossipy profession. There is endless speculation why the law firm lost a star or a group of stars.

Recently Dunn won for Uber, in an antitrust case brought by the Boston Taxi Conglomerate, its biggest legal victory so far. 

The young Tony Soprano, played in "The Many Saints of Newark" by Michael Gandolfini."  The genius of that portrayal was capturing the pain.

Remember the middle-aged Tony had been in psychotherapy. Yeah, that mother of his. 

Michael is, yes, James Gandolfini's actual son. He was with the father when he died. That pain could serve him well in his artistic career. There is an anecdote floating around that Jon Hamm had been hired to play Don Draper in "Mad Men" because those screening actors saw the pain in his eyes. 

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The Great Firing & Suspected Leaks: Will This Shut Faucet Gush to Media and Other Reflections on Turbulent Times

What may have begun is The Great Firing associated with alleged leaking to the media.

Consequently, media outlets could find that the usual insider tipsters might go silent.

Legal tabloids like Abovethelaw in the U.S. and RollonFriday in the UK had developed their brand and business from leaks from internal sources. If those go kaput so could lots of their traffic.

Simultaneously, employers could establish more effective detection systems to identify leakers. 

At Netflix, the black pregnant leader of the trans resource group has been fired, reports The Verge. That's because of a supsicion of an unauthorized transmission of confidential data to Bloomberg. It had been allegedly related to how much Netflix paid for Dave Cahppelle's "The Closer" and the audience reach. The group had planned a walkout on October 20. Usually Netflix is a transparent player which encourages candid conversations. This development may be atypical. Or it could signal a shift in the culture.

Earlier, Ashley Gjovik, a former senior engineering program manager, was terminated in relation to Apple's antileak stance, reports 365NewsChannel. The specifics of this had been vague at the time of her termination.

But a week after that on September 15, a letter arrived fom law firm O'Melveny & Myers. Its spelled out details of intellectual property she had been accused of leaking.

However, she is in her final year of law school and asserts that the antileak employee policy as well as the strict employee handbook is illegal. Prior to her termination she had been outspoken in her criticisms of Apple. One beef had been about its association with alleged toxic chemicals.

Accusations about leaking, particularly data related with trade secrets, could be the legal tool employers leverage to tame activist employees.

Meanwhile, as the Rock Center for Coporate Governance at Stanford found in its research, that worker unrest is a major concern to the general counsel. Here is my article on such an issue published in O'Dwyer Public Relations. 

Both corporations, including its in-house legal department, and the employees are swept up in the chaos of changing values related to capitalism.

The Milton Friedman orthodoxy of the primacy of shareholder value is breaking down. There are growing demands for a broader focus. That is, there should be accountability for stakeholders ranging from employees to planet earth. Those frequently are summed up under the umbrella term "ESG,' that is, Environmental Social Governance.

Among the many understandings of “ESG” Investopedia’s is the most user-friendly. Essentially, it classifies ESG as a set of criteria for producing metrics on:

• The company's environmental imprint on planet earth.
• Its accountability for the needs of all stakeholders.
• The rules for operating the macro affairs of the corporation. That is, governance. (Be it WeWork or Theranos the alleged lack of proper govenance has become high profile.)

This confusion and its legal, political, stock price, branding, employee relations, and community implications have set in play a new kind of practice in large law firms. The shorthand title for it is "ESG."

The first in that niche had been Paul Weiss. That had been way back in April 2020. Its chairperson Brad Karp picked up on the perfect storm brewing. Here is how Paul Weiss had configured its ESG practice:

"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."

During an interview with Bloomberg Law, Karp added that ESG was not only impacting corporations. It was also going to be a force field in law firms. He noted: "'ESG is going to affect every aspect of the law firm world, law firm operations, and the interaction with their clients going forward,' Karp said. 'The law firm community hasn’t picked up on how profound that will be.'”

A sign of this upheaval about the purpose of a corporation, my recent article in ST Magazine on sustainabiity is receiving  considerable attention. 

Another aspect of employee unrest is striking.

In a very open manner - not through supposed stealth leaking - workers again are resorting to walkouts. Those, such as at Deere, are stragetically timed for the worst time for the employers. This is the season of harvest for Deere customers and they could be left out there without the parts their equipment needs.

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Big Law - Some Rashomon Moments

From the time of Jeremy Blackman's satiric blog "Anonymous Lawyer" to current best-seller "The Caesars Palace Coup" Big Law has been vilified. That's the way it has been.

The partners are depicted as feudal lords.

Law firms defending the likes of Harvey Weinstein become fodder in media such as The New Yorker. 

The up and out system which results in only about one out of 10 associates making it to partner is interpreted as a destroyer of souls. There is no type of Greek Chorus chanting: Hey, you knew the deal when you looped in. 

Netflix is having a 10-part series derived from the novel "Partner Track." Negative, of course. 

And media sites such as RollonFriday and Abovethelaw which accept insider leaking from law firms are on side of the angels.

But that dark lens for viewing large law firms is only one. And Big Law isn't doing such as hot job pushing back on it through pro bono assignments, social justice outreach, and public-interest op-eds in The New York Times and The National Law Journal.

What those firms haven't unleashed is The Rashomon Factor.

As the Japanese film "Rashomon" showcased, there are myriad perspectives for interpreting just about everything. In that movie about a murder and a rape, the takeaway is how differently a number of people experienced it.

More recently, the film about flawed justice  in the 14th century "The Last Duel" also uses the Rashomon style. What is claimed to have happened - a rape - and the background events are configured into a variety of scenes of the same events. The story, incidentally, is true. 

Big Law has the resources to conjure up its own engaging Rashomon moments.

Do a 24/7 TikTok video of what goes on in law firms. Sure, block the confidential. And let the world decide if that's so bad. Viewers could be enchanted by the analogue of Tom Brady-type strategic planning and actual plays.

Follow a summer from the law office, back to law school, and back to the law office. Pan in on the struggles. Public opinion can assess the values of that world. The interesting part could be the shaping of a legal mind and resistance. Are humans wired not to think like lawyers? Add on a public interest tutorial on how do just that: Think like a lawyer.

Humor also is back in marketing communications. It's always been a power tool in messaging. Some will recall how presidential candidate Ronald Reagan blew up the age issue with a quip about Walter Mondale's "youth and inexperience." Here is a clip of that game-changer in the campaign.

Perfect would be an action-figure comic book. Let the world become engaged in how a chairperson like Larry Sonsini at Wilson Sonsini protects startups or Brad Karp at Paul Weiss mobilizes thousands of lawyers from law firms throughout America to work free on behalf of the victims of COVID. It's not only a prosecutor such as Jack McCoy from "Law & Order" who fights the good fight. 

And, yes, contract with designers (hopefully on a pro bono basis) to create video games about the weapons defense lawyers carry into combat. Empower players to make genius moves. Selling those games can provide funding for scholarships to law school for diverse students. 

Marketing communications. It’s about results. Not quantity. Not clickbait. Not even influence. Together we will get those results. Clients range from American Express to industrial accounts. Fees customized for your unique budget. Complimentary consultation - janegenova374@gmail.com.

 

Politico, Under Alex Springer Ownership, Putting Up Paywall, Expanding - And Other Shifts in the Influence Game

Large law firms are not only inherently highly political. Those making partner have had to master the politics. 

They also usually officially or unofficially are engaged in lobbying. On its website, Squire Patton Boggs positions itself this way: Global Connections, Global Influence. 

Therefore, it should matter to them that Politico will be changing in two major ways.

The Wall Street Journal reports that after Alex Springer completes its $1 billion acquisition there will be a paywall and also expanded coverage. Regarding the latter, it will be increasing its manpower by 10%.

The paywall could be the tipping point cutting out some of the constituencies law firms have targeted for influence. They will have to research what the readership, post-paywall, consists of. 

And, more news provides an opportunity to expand their reach. They can pitch more content and opinion pieces. 

On the other hand, The Hill remains without a paywall. Getting material into it can be a powerful placement. What had resonated for months in the worst of times for America had been Dentons global head Joe Andrew's op-ed on how many low-income had no choice but to go into the workplace when COVID began. That was in April 2020.

Like everything else, the influence game keeps changing.

Big Law, especially those with Wall Street clients, has to rethink its dependence on establishment media, ranging from The New York Times and The Wall Street Journal. Instead it has to figure out the right tone and content for sites such as Reddit and TikTok. Most firms also don't know how to get attention on the professional social network LinkedIn. When they post they rarely engage readers. 

In addition, are the progressive players in Big Law preaching to the choir?

So much of their outreach is to like-minded progressives. Not enough bridges are being built with conservatives. Yet, that force field is growing in power and reach. They have their messaging down cold. Also, there's no counting out former U.S. President Donald Trump for 2024. The Harvard CAPS - Harris poll found that 58% of those surveyed would vote to return him to the White House. 

Yes, Big Law has funds to invest in advancing its and its clients' points of view. But there is so much money floating around. In itself the money is simply the price of entry. It has to do more than just put up the bucks. 

Of course, the midterm elections are already being written off as a disaster for progressives. But so also could be 2024 and beyond.

Yes, conservative messaging is winning out.  "Woke Inc.," which contends liberalism is destroying democracy, is a best-seller: 734 ranking on Amazon. Authored by successful entrepreneur and first-generation American Vivek Ramaswamy it argues persuasively against just about every manifestation of the current social justice movement.

Yet, as Bloomberg Law points out, many law firms are competing to pile on more and more social justice cred. Again, they might seek more common ground with those who support Ramaswamy's reform of not only politics but also business. As for the latter, he wants business to return to all-business and away from stakeholder capitalism or ESG.

Meanwhile, the very notion of what's in the public interest is in play. 

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UK Also Becomes Land of Second Chances - But Can Screwups Become Unscrewups

"A Quinn Emmanuel partner [Mark Hastings] who was sacked after allegations of "inappropriate behaviour" has resurfaced with a new firm Quillon Law]. Mark Hastings was 'expelled with immediate effect and without compensation' in 2018 after Alison Levitt QC of Mishcon de Reya investigated allegations made by two members of staff." - Jamie Hamilton, RollonFriday, October 15, 2021.

So, even the UK has evolved into where screwups can have another shot at success. However, there's another issue: Can those screwups shake off their darkness?

Already there has been a glitch in Hastings' new career path. He and his partners didn't perform due diligence about the name of their law firm. It turns out that in India there is a law firm called Quillon Partners. So, Hastings probably will have to duke it out on google and other search engines with that law firm.

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