Law And More

Lateral Market - Wrong Hiring Could Sink Leadership's Credibility During COVID-19

What's obvious is that in many law firms partners are suffering.

There have been delays and cuts on draw.

Also, as is well known, there are myriad tactics to force partners out.

In turn, those partners know that there is a currently a target on their back if they are not pulling in the billable hours and new business.

So, in general, the law firm environment is not welcoming to the risk of hiring a high-priced lateral.

Often the expectation on the brandname's part is for a guaranteed lucrative compensation for a number of years. Few law firms can afford to take on that kind of financial commitment in The Time of Coronavirus.

Yes, as Roy Strom points out in Bloomberg, there have been some high-profile lateral hires. The one which has received the most attention has been Wilkie Farr & Gallagher hiring former Jenner & Block chairman Craig Martin (along with five partners). That was to establish a Chicago office. 

Aside from that, most lateral hiring presents a risk for both the financials of a the law firm and the branding/careers of the leadership. If the ROI for the hire doesn't pan out, the trouble so many law firms are encountering right now can be worsened exponentially. 

Another obstacle is that the hiring process has to be virtual. Nuances of chemistry might not be able to be picked up. So those in charge of hiring are, in essence, flying blind on the social fundamentals of the deal. In-person, it would be immediately obvious through vibrations if X or Y could fit with the culture and work effectively with others in that practice.

The deals which had been started before the world economic slowdown, then COVID-19 have closed or will be closing. But not many new ones have been put in play.

One elephant in the room about the lateral market is what David Lat will encounter when fully recovered from his near-death experience with COVID-15.

That has been a major media event, even being featured on "Nightline." Several months ago, Lat took the leap from his career in media to joining Lateral Link as a recruiter and managing director of its New York office. 

Before that, Lat's brand had been that he had founded the out-of-the-box legal news site Abovethelaw.com. Its edge was its sources. Junior lawyers and law students continually sent along anonymous tips. Therefore the site could break news. Within that niche, Lat became a star.

That was then.

One wonders how he can develop a brand in lateral recruiting when:

1) The publicity for his battle with COVID-19 hammers his media background, that is, as founder of ATL. A hardened brand identity can interfere with the launch of a new one. Incidentally, multiple branding identities have presented problems for those with side hustles. Here is my article published on what I labeled "mutt branding."

2) He is missing out on the dynamics of the changing legal market because, as "Nightline" communicated, his road to recovery is slow. Chronicling his saga in the media may or may not be a plus. Future prospects and others in the loop may or may not perceive this development as what they want to be associated with. 

3) On a dime, the lateral market has changed. When Lat parachuted in, it was strong. Now it isn't. And now is what brings in the income to pay the bills.

Meanwhile, right now covering the legal sector is a boom business for both journalists and bloggers. There is so much material that it is difficult to choose what to include in the day's wrap-up. One especially useful source has been Pin Hawk Law Firm Marketing Brief. It is published by Joseph Lamport. 

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

Legal Marketers/Brandname Lawyers - Assessing ROI on Blogging In Challenging Financial Times

Thank you readers for sticking with my communications blog since April 2005. 

The communications blog came into being this way. I had read in The New York Times Magazine about the influence of Gawker blogger Ana Marie Cox. She was its "Wonkette."

Heck, I thought, I can do that. And that I did.

As an early adopter, fame and riches came fast. The first major assignment was blogging a major class action state trial. The exposure generated many other legal-oriented assignments.

Like everything, the world of digital influence mutated. Blogging, which essentially is long-form, became a mature medium.

That brings me to the number-one issue associated with blogging.

Legal marketers and brandname lawyers ask: Does all the work it requires generate enough of a return on investment? Or, should marketers and thought leaders in these challenging times in the legal sector opt for other kinds of tools?

Here's what I have experienced:

Google rewards long-form. Blogging is a long-form platform. Here is my article published on recent changes in Google search. 

Blog posts are useful links to attach on LinkedIn, Twitter, and Facebook. The trick is to put a catchy headline on the social network. That will motivate readers to click on your link. Getting attention, in general, has become a dog fight. You have to have down cold what will attract eyeballs and make it their self-interest to return for more.

Connecticut lawyer Norm Pattis (Fotis Dulos defense) is a master of this. I recommend to clients that they study this model and adopt it for their own brand voice. Here is Pattis' blog.

The blogging game is about outbound and inbound links. In itself, that dynamic is a wonderful networking tool. Through blogging, without leaving my home office for networking, I have put together an amazing list of contacts.

Organizations hiring talent give a plus to those with blogs. That sends the signal that you know your way around digital and how to build a community. The court of public opinion often has more impact than the court of law. Clients and prospects know this. Among what they know is digital influence is everything. 

In addition, just being out there on a blog is a relatively low-cost new business development tool. In good economic times and bad, my communications blog brings in about 30% of new assignments. 

Another question legal marketers and brandname lawyers ask me is this: Would I be starting a blog in 2020?

The answer is "yes."

But it would be for a very narrow niche such as protecting a brand during a recall. That establishes a clear identity amid the communications glut.

Incidentally, the genius in that specific type of crisis is kglobal partner Gene Grabowski. The strategies and tactics he applied during the Blue Bell ice cream recall have become best practices. PR Week presents them. Grabowski has handled over 150 recalls. Defense lawyers in food contamination should beware of Grabowski's approaches to that specific form of personal injury. 

For the blog I launched in 2020, I would use the WordPress platform (that hadn't been available in 2005). And I would leverage that WordPress platform as a possible build-out. If the blog took off, then I could add on the platform a newsletter. For law firms and solo lawyers, newsletters can be a power marketing tool. 

In essence, blogging is like any other medium. It's what you do with it that generates the ROI. In itself, any medium is a blank check. At best, it could be hot, as blogging had initially been, for a brief time. Then the burden of generating ROI from it is on you. 

My other syndicated blog is Law and More.

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

LOST! 701,000 Jobs - Implications for Law Schools

The March numbers for the U.S. Bureau of Labor show this: 701,000 nonfarm jobs were lost. Essentially that does not factor in the full extent of the carnage to the job market from COVID-19.

That could have negative implications for law schools. 

Gen Z, their target market, has already felt the economic dislocation. In professional mobility, the traction they have lost they may never regain. The bottom line issue: Given this darkening of optimism about their careers, will they be willing to invest the big money required to finance an education in law? Confidence in the economy has been shaken to the core. 

Meanwhile, if Gen Z is following the media, its members bear witness to the loss of the large salaries and job security in the legal sector. Since COVID-19 is not going away any time soon, that carnage could get lots worse. Yes, large reductions in force could become the norm.

Since practicing law is a very narrow specialization, it's hard for displaced lawyers to reimagine how they can make a living. Back in 2008 -2009, Abovethelaw made its signature describing that suffering. 

At this time, it looks like the JD Class of 2020 could have a difficult career launch. Those who land jobs may not be able to hold onto them. Those who don't get jobs can be sidelined forever. By time there is a recovery, employers will be recruiting among new graduates from law school and established laterals.

Reflection: Heavy long-term investments in preparing for a career path seem a 20th century strategy. Law schools will have to retrofit their curriculum to accommodate that shift in mindset,

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

Curtis Cuts Associate Salary 25% - Ripple Effects in Coronavirus Economy

Cutting salaries is the politically correct way to manage law firm financials during the era of what could be called the Coronavirus Economy. Layoffs have become politically taboo. They can tarnish the law firm's brand.

Abovethelaw reports that Curtis Mallet-Prevost has made a deep cut. For associates that's a 25% haircut on their salary. 

Good for Curtis for dodging layoffs. But that's not good for the overall and the local economy. 

Let's play out the potential ripple effects. 

Say, the senior associate had had a salary of $250,000. After the haircut, that is downsized by $62,000. 

That means there could be $62,000 less on the table for decision-making about replacing the clunker car, buying a first home or a second one such as a getaway, investing in a new wardrobe, or what to tip local service workers.

The children might not be going to sleep-over camp this summer.

Private schools? Although they position themselves as competitive to get into, they could take an enrollment hit. After all, many equity and non-equity partners are also getting haircuts. 

Metro areas depending on the lifestyles of lawyers should be braced for hard economic times.

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

Feuds, Ranging from Farrow/Allen to Dershowitz/Boies: Refuge from Exhaustion of COVID-19

Cain and Able

Families of Romeo and Juliet

Jack O'Dwyer and the PRSA

Harry/Meghan and The Firm

And, the Farrow Clan and Woody Allen.

Feuds are a mainstay of civilization. In difficult times they are solid platforms for gossip. Nice distraction.

In this era of COVID-19, we need lots more of that. Less Netflix. Less following the news and emails from marketers about the pandemic. Less  losing trust in leadership (with the exception of Andrew Cuomo and where is Joe Biden). 

Along the way, feuds can provide lucrative work for those in public relations and law. Those sectors, just like most of professional services during the pandemic, need the business. The Ford mechanic in my residential complex is among the very few currently making a good living. (I have been saved by those taking out sponsored content on my three syndicated blogs.)

What is most titillating about feuds is this: Entities such as the New York Post take sides, with great passion. That's lots of fun. I had enjoyed supporting O'Dwyer against the PRSA. Most of us who drift into the loop have fairly boring lives. 

Usually both those sides claim they have the upper hand. 

But in the latest round between the Farrows and Allen, the latter might be winning. Not only did he get his memoir "Apropos of Nothing" published. Most know the story of how Hachette backed out and Arcade rode to the rescue. 

In addition, the book is doing well. On Amazon, it ranks a wonderful high: #529. Of the 66 reviews, 76% give it a 5. Only 4% give it a 1.

Most importantly, it allows Allen to raise questions about Saint Mia, supposedly Mother Earth and Global Do-Gooder.

That mirrors how Christopher Hitchens was able to raise questions about Mother Teresa. Many recall his iconoclastic book "The Missionary Position."

No, that didn't destroy Mother Teresa. But it performed enough brand deflation that when she died, around the same time as Princess Diana, the world didn't kick into universal mourning. Interestingly, when Hitchens himself died there was universal mourning.

In the U.S., Allen might be, to borrow that term from "John Wick 3," excommunicado.

 But his work is doing well enough in Europe.

He did extricate himself from Mia. Anyone from what might be a dysfunctional family system understands how difficult that is. I  broke away twice, only to go back, with great regrets. The bonds can be the jaws of spiritual death.

His marriage seems stable.

He can continue to do what he loves: Make films.

And, he made it to age 85. No self-destruction through the usual suspects.

The peril to the new front line of the Farrow faction - investigative reporter Ronan Farrow - is that the dynamics can become all-too-consuming.

The attention shifts from work per se to maintaining the feud.

The branding becomes cartoonish as it tends to do in so many human conflicts. Think about one-time superlawyers Alan Dershowitz and David Boies. They duke it out like out-of-shape former prize fighters. 

Sad, also.

Talented Ronan can wind up that way. 

Smart global ghostwriting, with SEO and social networking know-how. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Law Firms, If COVID-19 Hangs On Too Long: Equality of Sacrifice

Consultants on the business of law are already playing out what-if scenarios if COVID-19 hangs on and on. And, having been through 2008-2009, law firms are reviewing what should be on the table for surviving the worst of times. 

On Reddit's r/LawSchool, members of the JD Class of 2020 anonymously share their angst. There could be a circling back to the rescinded job offers and the delayed start dates during The Great Recession. Those w/o offers sense they could be staring into hell. By time there's a bounce-back from the carnage of COVID-19, they could be yesterday. Law firms could restrict recruiting to new graduates and brandname laterals.

Given remote operations - which could go on for months and months - staff isn't needed. 

In the past, the response of law firms to financial distress had been brutal. Not only had there been large reductions in force. There had been stealth layoffs. Those terminated were made to believe their performance was subpar. 

This new disease could introduce some humanity. And, doing good can mean doing well.

The model for that was how the Lee Iacocca turnaround team saved the hundreds of thousands of jobs inside and linked to auto company Chrysler. The meme was: the equality of sacrifice. 

Everyone in the loop, ranging from federal government and shareholders to executives/employees and vendors, agreed to suffer somewhat so that that they wouldn't have to suffer the loss of everything if the corporation collapsed. Iacocca's own salary was a buck a year.

In that same spirit in the legal sector in 2020 there has been the Coronavirus Relief Center.

It came into being through the vision of Paul Weiss Chairman Brad Karp. 

The Relief Center, built piece by piece by lawyers pulling all-nighters laboring pro-bono, eliminates the red tape for those caught in the coronavirus crisis. It's a kind of UX system, simplifying and streamlining everything needed to gain access to public assistance. Essentially Karp's mission was for members of the legal community to share in some of  that pain out there. Pain can mean unexpected gain.

How can law firms also embrace the equality of sacrifice?

Already there is chatter of types of across-the-board adjustments to compensation. That's a way of preventing layoffs. In America we are our jobs. 

Those haircuts can take the form of delaying equity partner draws.

There also could be a graduated pay cut, as planned at BuzzFeed. The CEO at BuzzFeed will receive no salary until the crisis is over. His mission is not to lay anyone off. 

For legal staff making $75K or less that pay cut could be X percent of compensation. For associates Y percent. For non-equity partners Z percent.

Even though this is the age of extreme public relations, some law firms don't get how reductions in force tarnish the brand. Clients, prospects, potential merger partners, and lateral talent are spooked. 

Another approach can be investing more resources in cross-training. Why don't associates know how to develop new business?

Sure there are natural salespeople. But the skills involved can be learned. Consultants are hammering that cost-efficiency is not enough. Revenues have to also be maintained or increased to survive an economic downturn. When IBM was tanking and in came outsider Lou Gerstner, the culture became: We all sell. The equality of sacrifice is to share the power that comes from rainmaking in order that the firm remain out of financial distress. 

A third kind of sacrifice is to reimagine billing in order to help distressed clients have a better shot at success through restructuring. Again, that goes back to the old-line wisdom of doing well by doing good. Classic examples are the junior lawyers doing pro bono projects which wind up before SCOTUS. Big brandnames were made. Taking a haircut on a fee can generate lucrative new business.

The genius embedded in the equality of sacrifice concept is that it doesn't feel like a sacrifice. Instead it's experienced as a developmental exercise. Lawyers in the loop of the Coronavirus Relief Center can now leverage that management know-how in their practice of law. Alumni from the Iacocca turnaround were golden.

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Coaching on SEO and Ghostwriting for sponsored content also available. Sliding scale fees. Please take advantage of a complimentary consultation janegenova374@gmail.com.

 

Law Student Anonymous Angst-Sharing on Reddit (r/LawSchool)

It sure sounds like 2009 again.

On the subreddit r/LawSchool, law students are sharing not only their concerns about their own and their family's health. The undertow bringing them to the total point of overwhelm are matters relating to their career. That's what Karen Sloan reports on Law.com.

A major immediate issue is their law schools' policies on grading courses now being delivered online. Many, because of the upheaval, prefer pass/fail. Others are convinced that will reduce the edge they can gain from high grades.

But overall the focus is, as with 2009, on the new bumps on their career paths. For example:

•  Will job offers be rescinded? Or, will the start date simply be delayed?
•  What about internships for the summer?
•  Will more law firms drop the associate summer hiring process and say that they will be around in winter (which could mean not at all)?
•  Can the bar exam be taken before graduation?

The law student Reddit subsection, launched in 2009, has 98,000 users.

Meanwhile, here on Main Street, hysteria is the new normal. A neighbor ranted from her apartment balcony that her work hours had been cut to 15. I had a hunch if the balcony had been on the 20th floor, not the second, she would have jumped.

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Coaching on SEO and Ghostwriting for sponsored content also available. Sliding scale fees. Please take advantage of a complimentary consultation janegenova374@gmail.com.

Instead of Layoffs - BuzzFeed Model Law Firms Might Consider

Clouds are darkening over the global legal sector.

Robinson Borg, Goldberg Segalla, and Belkin Burden Goldman had already done layoffs. Across the ocean, UK-based Gateley is holding back the interim dividend. That could be a prelude to reducing manpower.

Could law firms consider an alternate to large layoffs?

That would be through pay cuts.

Belkin Burden might have conducted a larger reduction in force had it not also reduced by half the salary of some staff and lawyers. They still have their jobs. 

A version of pay cuts - graduated ones - is being planned by media outfit BuzzFeed.

BuzzFeed is experiencing financial challenges. In the media, the usual play-out in this Time of COVID-19 is that traffic is up but not necessarily revenues. Ad demand is down. 

The leadership at BuzzFeed, including Chief Executive Officer Jonah Peretti, doesn't want to have layoffs. The plan, which needs union approval, reports the Daily Beast, is to implement a graduated system of pay cuts. That would begin in April.

For example, those earning less than $65K would have a 5% cut. For executives, the pay cuts could reach 25%. Peretti indicates he would not accept a salary until the crisis is over.

This model is one other businesses, both in the media and other sectors such as law, could pilot. In addition to saving jobs that could enhance the brand. Reductions in force are not good for branding. Clients and prospects can get spooked.

In addition, losing a job is such a trauma. Some never really recover. Many of the Lost Generation of Displaced Lawyers of 2009 remain the Walking Wounded. 

Smart global ghostwriting, with SEO and social networking know-how. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Contract Document Reviewers - Unique Suffering in Time of COVID-19, How to Reimagine Career Path

As has long been suspected, there is a rigid caste system among document reviewers. 

Those who are employees of a law firm may or may not be treated well. The odds are that if document review is just one among many tasks they will be treated okay. However they will likely be second-class citizens if that is their primary function. They are at the bottom of a food chain whose revenues come from strategy and interactive work such as courtroom trials and managing transactions.

Those who are not law firm employees but receive assignments on a contract basis from multiple outsourcing firms usually are treated poorly. That's just the way it is. They know it. They put up with it to earn the $28 to $33 an hour to pay their student loans, rent/mortgage, and food. 

But, as Staci Zaretsky reports in Abovethelaw, their suffering has become unique during the COVID-19 pandemic. Here are some of the problems:

•  Unlike law firm employees, they cannot work from home.
•  If they do accept an assignment, they have to do the tasks either in an open-space setting with seating close together or in a small space, with everyone on top of everyone else.
•  Most of the assignments are in major metro areas, that is, hotbeds of the virus.
•  There is no choice: Either do it that way or don't work. 

Those in this contingent force of document reviewers probably regret the investment they made of time, money, and hope to matriculate at a law school.

But there is an exit ramp. Yes, there really is. That's the growing field of influence. Two of its sectors are public relations and marketing communications. 

Talented people in both only needed an undergraduate degree to land a job in a brandname agency. They had to be smart, though, about having the right internships. These are hands-on fields.

Soon enough they were and are making lots more than $28 to $33 an hour. Those who specialize in media relations and go freelance can bill at about $300 an hour. 

How can current contract document reviews parachute into the influence game?

Do volunteer work for politicos, budget-strapped nonprofits, unemployed professionals, and/or struggling small businesses. Offer to get them the right exposure pro bono. Learn the marketing communications game from researching how-tos on the internet and checking out a ton of books on that at the public library. The key in another line of work is to get down cold the terminology. Become fluent in the languages of public relations and marketing communications. 

A free online read where you can immerse in those languages is the bible of public relations: Odwyerpr.com. The editor-in-chief Kevin McCauley is always ahead of the curve in emerging trends. So, you get an edge. 

Since this is the era of influence, most of the fundamentals of messaging have become intuitive. Audit yourself for what you already know. Then play with that in how you can leverage your know-how and insight to get results (the term for that is "Call to Action") for those who need votes, funding, business, a job, or public understanding of an issue. 

Eventually, the former contract document reviewers will have the knowledge base, portfolio, references, and confidence to apply for full-time positions at public relations and marketing communications firms. Currently there is a lot of employee churn. That means openings.

Craigslist - Sites, Mediabistro, Pro Blogger, and Blogging Pro are among the online help-wanted platforms for full-time and contract work. 

Twice my niches on the communications continuum were no longer in demand. I reimagined my career path within that general field by knocking on the doors of small businesses and nonprofits pitching free help. Of course, they listened. As soon as I got results for them, I was back in business. One, in fact, lined up my first client. I also published articles in Odwyerpr.com. The exposure I gained on Odwyerpr.com brought in business I hadn't chased after. 

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Coaching on SEO and Ghostwriting for sponsored content also available. Sliding scale fees. Please take advantage of a complimentary consultation janegenova374@gmail.com.

 

Perfect Storm of Oil Price War, COVID-19 - Implications for Legal Sector

On W. Alexis Avenue, Toledo, Ohio, unleaded gas goes for $1.60 a gallon.

U.S. Donald Trump's initiative to fill the Strategic Petroleum Reserve hasn't done much good.

The perfect storm of a global oil price war and decreased demand because of COVID-19 roars on. Energy experts predict enormous financial pain for the energy sector, reports E&E News. Already stock prices are down. 

So, what does that mean for Texas-based law firms such as Thompson & Knight? As Law.com notes, the encouraging news is this: That firm currently has a bankruptcy practice. 

Sure, traditional assignments in energy are down.

But bankruptcy, along with restructuring, is in demand. So is M&A, found Law.com. In addition, litigation is a growing practice. Some view litigation as recession-proof. And during a crisis, there is bound to be lots of entities suing one another. In fact, there are law firms with no earlier presence in the energy loop setting up business in those states in the loop. 

Meanwhile, lots of pain will be felt in terms of reductions in force, both in the U.S. and in Canada. 

Place your sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Coaching on SEO and Ghostwriting for sponsored content also available. Sliding scale fees. Please take advantage of a complimentary consultation janegenova374@gmail.com.