Law And More

Lawyers, Looks Like You Won't Be Retiring - What You Must Know

In the June edition of ST Magazine I publish an article about non-retirement as well as unretirement. Here you can find out what you need to know. That includes what your rmonthly Medicare payment will be if you earn beyond a certain threshold. 

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps businesses conjure up magic in their storytelling. One client said, "She makes shipping containers ‘sexy.’"

Controversial Georgetown U Law School Lecturer Ilya Shapiro Steps Down - What I Got Down Cold Growing Up in Hague Political Machine

"Ilya Shapiro, a senior lecturer at Georgetown University Law School, resigned on Monday after the school conducted an investigation into a controversial tweet he posted about President Biden’s Supreme Court pick." - The Hill, June 6, 2022

As has become the new usual in these kinds of developments Shapiro posted an op-ed in The Wall Street Journal today. As expected, he alludes to a "progressive mob." That has become the current buzzphrase.

Overall the guy tends to be a contrarain in his public opinions. For example, in circles which support abortion, he opposes it. That would be analogous to my pontificating liberal positions here in a conservative town in the southwest. 

The tweet that got Shapiro in such hot water was his opinion that the Black woman selected by President Biden for SCOTUS was not up to snuff. Instead he proposed Sri Srivivason. 

Freedom of speech issues aside, there is common sense we tend to embrace from the get-go of our first paid source of income.

Since the age of 16, I have been employed in retail, telecommunications, academia, law enforcement, state senate, Fortune 50, security, and, as a consultant, including for law firms. You bet, I didn't buck the prevailing ideologies. That has included my recent freelance assignments for defense law firm Paul Weiss. Way back when I struggled to understand the essence of plaintiff firms such as Marler Clark. They are unique.

In pitching for a ghostwriting assignment with an international leader, I was asked my opinion on an issue. My answer: "It is irrelevant what I think. What matters is communicating effectively what you think." 

I got down cold that mindset growing up in the vestiges of the Frank Hague political machine in Jersey City, New Jersey. The penalty for not conforming with the party line could be broad-based.

However, no, we weren't crushed by the system. Instead there was enormous freedom of options in exchange for not being mouthy. For example, like so many of us boomers from immigrant families in Jersey City, I had my choice of full-tuition scholarships from both an in-state and out-of-state universities. My grandfathers and uncles all got steady work. When my father was dying my mother was able to access all the needed services. 

Reflection: Was that a different time? Or an era rooted in the need to be smart - about a lot of things? 

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps businesses conjure up magic in their storytelling. One client said, "She makes shipping containers ‘sexy.’"

 

Remote Work - Will It Become Paradise Lost?

"A growing number of corporate executives want to put an end to the work-from-home revolution. But workers have gotten used to the flexibility, and they have the leverage to demand it." - Axios, June 5, 2022.

WFH - SO MUCH IS CHANGING

If a downturn starts to gain traction, that leverage can go poof, of course. 

In tech, which lost 16,000 jobs in May, Elon Musk went on record requiring RTO for at least 40 hours a week. There was also a warning to managers to be a more in-person visible presence. Other tech businesses could piggyback on that kind of requirement. In fact, with so many tech corporations such as Meta so troubled, the brass could panic and pull everyone back to the office. That could establish the model also in non-tech.

NEGATIVE IMPACTS ON PRODUCTIVITY

Meanwhile, what's being cited in research sucks the euphoria out of WFH.

For example, the University of Chicago Becker Friedman Institute research headed by Michael Gibbs found that remote workers put in more hours but were less productive. Yes, employers can lure employees to RTO by explaining to them they will be spending fewer hours a week on tasks than if they had been operating remote. 

In the legal sector, Quinn Emanuel made news by developing a permanent WFH policy. Most law firm have hybrid policies.

LONG LEGACY OF IMPORTANCE OF FACE TIME

However, it has always been a not-well-kept-secret that junior lawyers who wanted to get ahead (and maybe even just hold onto their jobs) would make it their business to do lots of face time. Law firms made it known in the height of the pandemic when offices were officially closed that that employees were still welcome to come to the office if they preferred to operate in-person. 

If associates become jittery about the possibility of recession hitting their particular firm they essentially could cancel out hybrid, showing up in-person not only five days a week but weekends too. 

The importance of in-person face time has a long tradition.

We boomers in the Fortune 100 had it hammered by both career experts (they weren't called coaches back then) and unofficial mentors within our organiztion to do up face time big. That included swinging by the office on Saturdays.

You bet, that generated plenty of jokes about being visible. But we all did it. It would have been career suicide not to. If there had been a threat of a Reduction-in-Force we got it to put in even more face time but keep our heads down. 

AFTER-HOURS SOCIAL MUSTS

Equally critical was a presence at all those after-official-hours social events. A Fox producer I had assisted with communications wound up on medical leave. He contended those required activities had been the tipping point. He loved the real work which consumed long hours. What did him in were the non-stop scheduled galas after his exhausting day. 

Exposes ranging from "Untouchable" about Harvery Weinsten to "Dropout" about Elizabeth Holmes document the critical need for after-hours in-person networking. In the former, commonplace in the film industry in New York City was a party every evening. You had to figure out how to get invitations to them. 

Those are the realities.

TRADEOFFS FROM SETTING UP IN THE KITCHEN AT HOME

I was well aware that when I opted to set up my communications boutique in my kitchen (that's where we do it in the New York Metro area versus in the garage in Silicon Valley) that I was trading off much. But, to me who had been worn out by the social demands of the office, it has been worth it. Over the years I have turned down offers for full-time, in-office jobs. 

EDGE OF IN-PERSON MENTORING

Meanwhile, the ambitious in law should have read between the lines in a seminal article in The Wall Street Journal back in August 2021. That was about how WFH during the pandemic was upending law firm culture.

Yes, one message in the article was that traditional whatevers were being blown up.

Another, though, came from a reflection by Brad Karp. Chairman of Paul Weiss he noted this: As a junior lawyer he gained the learning edge by sitting in-person in real time next to partners doing conference calls with clients. They would make explicit to him why they handled X or Y in that manner.

AMBITION, STILL IN THE CLOSET

There is also, the elephant in the room - to use that cliche. So much of the media coverage and informal jaw-jawing about remote leaves out the still-verboten subject of ambition. Like power, so much of that is still in the closet.

But anyone who is savvy about how careers operate understands the overlay of ambition on how they make professional decisions. Way back in 2011, as the US economy was recovering from The Great Recession, I published on the AOL platform what turned out to be a high-profile article on ambition. However, apparently that didn't shake loose open discussions about ambition. Instead the euphemisms ranging from passion to purpose dominate professional narratives. The storyline goes that we are willing to drop our weekend plans and do an emergency assignment because of our passion about such-and-such a matter. 

MANAGEMENT/LABOR CONTRACT IN FLUX

So, here we are on remote. Likely it will be re-thought. No, it won't disappear. But the consequences of WFH would surface as a major issue for both employers and employees. Again, the management-labor contract is being renegotiated. Professionals will be more aware of the tradeoffs they are making if they choose WFH. 

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps businesses conjure up magic in their storytelling. One client said, "She makes shipping containers ‘sexy.’"

 

Wild Optimism During "The Social Network" - Now Both Mark Zuckerberg and Winklevoss Twins Losing Ground

"The crypto platform Gemini, led by co-founders and twin brothers Cameron and Tyler Winklevoss, laid off 10% of its staff due to 'turbulent market conditions that are likely to persist for some time.'" - TechCrunch, June 3, 2022.

The Winklevoss Twins were only one party in the legal dispute captured in the iconic film "The Social Network." That was back in the heady times of the beginning of digital as a necessary platform for not only socializing but also business. Those who knew how to be early adopters were going to be become billionaires. So would their funding sources such as venture capitalists.

In addition to The Twins there was Mark Zuckerberg, who was turning Facebook into a global institution. His signature phrase - Move Fast and Break Things - became a revered guideline for entrepreneurial playbooks. And everyone wanted to do a startup. Corporate manaagers were mandated to operate their divisions "like a startup."

Now, Zuckerberg can't catch a break on any front. There is a cottage industry in the media, as with this analysis by RT, to chronicle in great detail his problems. 

At the top of the list is the stock price. At the close of the market on Friday, it was at 190.78 (down 8.08 or 4.06%). The 52-week high had been 384.33.

The planned transition of the corporation from a social network platform whose primary revenue comes from advertising to the virtual reality of the metaverse isn't going well. The way Meta is approaching the metaverse has not been praised. Some observe the corporation no longer has the creative power of fresh ideas that it had in its earlier years. Its inititatives aren't grabbing the headlines. 

Also there is the government scrutiny. The FTC, under the aggressive Chairperson Lina Khan, had refiled the antitrust lawsuit against it that had been initially rejected for lack of specificity. The new version is moving forward. 

In addition, Zuckerberg is not likable. Or interesting. 

Well, neither are the Winklevoss Twins.

That means that there likely is smug rejoicing at how currently both are stuck. There is also skepticism that they could find their way back to dominance in their niches. The torch for that is being passed to a new generation - GenZ.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps businesses conjure up magic in their storytelling. One client said, "She makes shipping containers ‘sexy.’"

 

"Investomania" - OMG, Is the SEC Auditioning for a Spot on Late Night Talk Shows?

Is the SEC having a kind of emotional collapse? 

As Bloomberg reports, it has conjured up the supposedly funny public service announcement "Investomania." Featured on YouTube it simulates a game-show format to deliver the message that investors must research before deciding to purchase entities such as meme stocks. 

Few are laughing. Actually there is outrage about the SEC's deriding any niche in investing. 

So we in corporate work are wondering what's the approval process at the SEC for designing, creating, and distributing such messaging? Didn't anyone in the loop speak up and scream: This is so offensive. And misleading. 

I have a hunch SEC head Gary Gensler won't be invited to sit on the couch of a late night talk show and be funny. 

Actually, using humor has always been risky. That's because the comic is subjective. What's a barrel of laughs to X might be reason for Y to file a lawsuit for defamation.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps businesses tell their unique stories. Complimentary consultations. 

Let's Think About Outrage - "Molotov Cocktail" Lawyers Plead to More Charges, Will Lose Thier Licenses

"Urooj Rahman, 33, and Colinford Mattis, 34, had pleaded guilty last October to possessing a destructive device and expressed regret ... Under revised agreements, the defendants were charged with conspiracy to commit arson and possess an explosive device, with prosecutors recommending sentences of 18 to 24 months." - Reuters Legal, June 2, 2022.

The game is about getting a reduced sentence. However, they will still lose their licenses to practice law. They will appear before US District Judge Brian Cogan in Brooklyn. 

Many watchers of this saga of the "Molotov Cocktail" Lawyers, which dates back to the protests generated by the death of George Floyd, felt empathy for the two activists. In New York City they threw the Molotov Cocktail at an empty police car. It's assumed their outrage got the better of them. 

In Forbes, Paul Weiss partner and man of color Ted Wells Jr. makes the observation that outrage can lead to change. That reflection had been on the second anniversary of Floyd's death. 

But outrage is tricky business, isn't it.

In the counterculture of the late 1960s and 1970s it also provoked violence. Most of that had been against property.

I vividly recall feeling conflicted as I walked the streets of university town Ann Arbor, Michigan, during that time. I was a doctoral student at the University of Michigan. 

Yes, I was also an activist and, yes, I had lost a part-time job because of striking for the rights of black students. But I couldn't get the correlation between power to the people and the smashed windows of the Ann Arbor Bank. However, I did understand the promotional tactic of Theatre in the Streets. Boarded-up windows provide great staging during a revolution. So, of course, so many of us were overwhelmed with inner turmoil. And we were dropping like flies into some form of psychotherapy. 

Gradually, in those three years of therapy, I began to question the consequences of outrage. 

That's why I feel deep sadness for where apparent outrage took Rahman and Mattis. Let's hope their supporters can help them find a way back  to what we consider "normalcy."

For me, it required years to "outgrow" the political ideologies of the counterculture. But that I did. And when blockchain was positioned and packaged as a new path to power to the people I didn't buy in.

Power is also a tricky entity.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She helps businesses tell their unique stories. Complimentary consultations.

We Hardened Corporate Types Have Heard This Sheryl Sandberg Announcement Before: Stepping Down for Family Reasons

"[Sheryl] Sandberg said she’s planning to get married this summer and hopes to spend more time with her kids and soon-to-be stepchildren. She also plans to work on advocacy for women’s issues -- a focus of her Lean In foundation -- and other philanthropy." - Bloomberg, June 1, 2022.

Those of us who have done our time as full-time employees in the Fortune 100 are quite familiar with the wording of such announcements. The executive, without another job lined up or a business startup, is reported to be leaving a big job for family reasons. It was verboten to question that in public. At a major energy corporation, we in executive communications were explicitly told by our direct manager "not to speculate." 

Of course, Sandberg does not need another job. But doesn't she need the stimulation, power, and influence of a C-Suite position? Soon enough after she leaves Meta, it will truly be a ride into the sunset. That's how it goes. 

There are some, such as Bill Gates, who can make something out of philanthropy. But even with that presence, Gates seems to be trying too hard. It's dubious if Sandberg can spin her own philantrophy focus into a platform for a Next. 

For those not employed at Meta there could be endless speculation about why Sandberg is stepping down when Meta is struggling on so many fronts. 

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com.

Here's Johnny - Will Win Reset Depp's Career Path?

"The seven-member jury found Mr. Depp proved all three counts of defamation against his former spouse in an op-ed she wrote for the Washington Post in 2018, awarding him $15 million. The jury also found Ms. Heard was able to prove one of three counts of defamation against Mr. Depp, based on statements made by one of his attorneys. The jury awarded her $2 million in compensatory damages." - The Wall Street Journal, June 1, 2022

A rising tide lifts all boats. 

The lawyers at Brown Rudnick representing Depp are stars. Among the big twinklers are Ben Chew and Camille Vasquez.

But how far will the Depp's career boat be lifted? That probably depends on how he can script the next act. A public relations representative likely would recommend that he not crow about this victory. Be civil. Make generic statements commending the US legal system. In general, lay low.

Eventually when the media coverage halts (jurors' names are sealed for a year) it can be a Here's Johnny, like the nightly introduction to the Johnny Carson Show.

Of course, Depp can blow it. As a fan, I hope he doesn't.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com

There Will Be the First Law Firms to Lay Off and Those Which Got the Work - How That Story (if it happens) Will Play Out

"Soros' Money Manager [Dawn Fitzpatrick] Warns Recession 'Inevitable.'" - Bloomberg, May 31, 2022.

Left out there for speculation: So, how severe will the downturn be and how long will it hang on? 

LAW FIRMS MOST IN DANGER

The most vulnerable law firms during a downturn? They include:

• One-trick ponies. At the top of the list are those which invested heavily in beefing up their M&A practices over the past five years.

• Litigation practices, which were beginning to rebound, could have a setback. Corporations tend to put on hold "elective" litigation. Remember, also, last year litigation funder Burford Capital had a net loss of $56.4 million.

• Big Law firms which haven't diversified beyond lawyering. The Wall Street Journal warns that becoming a full-service business vendor and launching other kinds of profit centers such as consulting about risk management are now necessary. That can help meet the competition from the Big Four. Among those which have moved in that direction are Dentons and Ropes & Gray.

• Those without the financial reserves to keep paying that nosebleed associate compensation. Even before any downturn they were wobbly.

THE NEW MEMES

Of course, that is where the lay offs will start. And the two-year-plus narrative about the boom will shift to what it takes for a law firm to survive and even have a shot at growth amid a down economy. 

The story will develop myriad memes.

At the top of the list will be the peril, which associates should have factored in, of skyrocketing compensation. They were sitting ducks to be purged.

Other themes will be, yes, how the tradition-bound legal sector has to reset. The recession will be positioned and packaged as the tipping point for that.

There will also be the usual one: No job security in the law firm niche. Not anymore. Partners could be forced out. That kicked in at Kirkland & Ellis in 2009. Back then, it affected non-equity partners. It could seep into the equity ranks. 

Of course, reductions-in-force are clickbait. So expect for legal media and social networks to make hay with the subject. Abovethelaw, RollonFriday, and Subreddit Big Law will be busy bees.

LOST SLEEP FOR LAW SCHOOL DEANS 

The implications for law schools are staggering. Will new graduates, like new hires at Meta and Twitter, find themselves experiencing snatched-back offers? Law school deans will have plenty of explaining to do about their job-placement.

Also, bring back the age-old story line of the defense of the financial investment and the student loan debt involved. According to the American Bar Association the average debt is $165k. Early versions of the Biden Administration proposal for student loan forgiveness rule out that for professional education such as law and medicine. 

SO, WHO'S GOT THE WORK

Meanwhile, a subcategory of memes will be law firms which don't have to resort to RIFs. The opportunity for brand enhancement for them is profound.

Those who got the work will include the law firms which are diversified. 

Another kind will be those flush with cash from boom times. They can afford to keep making those expensive lateral hires. The presence of those brandnames will be doing all the heavy lifting in landing those plum assignments. In professional services clients come for the stars, not the name of the firm. They want X wunderkind to handle their business, not the firm itself.  

Of course, there will also be those with an edge because they have the big names in restructuring and bankruptcy practices. An example is Paul Weiss which makes it its business to attract, retain, and motivate the leaders in a niche. That includes its restructuring practice.

Recently Lawdragon recognized 13 of Paul Weiss' partners in the "500 Leading Bankruptcy and Restructuring Law for 2022."

In addition two of its partners Alan Kornberg and Elizabeth McColm published the USA chapter in the International Comparative Legal Guide (CLG) to Restructuring & Insolvency Laws & Regulations 2021-2022. Here is that chapter, available to be read, at no charge. On LinkedIn, where I presented the chapter's highlights, that particular post is receiving heavy traffic. You bet, restructuring is hot. 

In addition Paul Weiss is diversified, both in its transactional and litigation practices. It has also gone beyond traditional lawyering services. That includes its ESG and Law Institute. 

MEANWHILE, LAW FIRMS BULLISH ON THEMSELVES (at least that's the story being signaled)

Doom and gloom - that's always a good story in itself. But the reality is that the law firm sector might not be overwhelmed with a dramatic falloff in demand.

In fact, there are signs that law firms will continue their success, only adjusted for more normal demand. For example, the large number of summers hired screams the optimism of law firms, as Law.com chronicles. 

The reality is that in this volatile global and US economy there are emerging new kinds of opportunities and Black Swans. No business, including the business of law, really knows what's around the corner. 

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. Now and then she does freelance assignments for professional services firms such as law. Those include Paul Weiss. 

OMG, TechVille Vaporizes - Return to Business Fundamentals, Professional Decorum

"The tech titans of Silicon Valley are in serious trouble — and they're going to take the rest of the stock market down with them" - Linette Lopez, Insider, May 30, 2022

Anointed geniuses such as Elon Musk are looking more and more like clowns.

Has Musk, for example, been too distracted with Twitter and tweeting that he didn't notice the severe competition from established vehicle players in the EV niche. Ford, for example, has quite the lineup such as the F-150 Lightning. Meanwhile, as Yahoo Finance reports, Tesla short-sellers made $8.2 billion this year betting against genius. 

Musk is just the tip of the iceberg in the exploding disenchantment with tech's supposed wonderkinds. The shift now is to demand concrete data about revenue and profits. Skip the hype about growth. Talk like a "real" business, such as McDonald's or Goldman Sachs.

Also skip the platitudes about the public good. Was it part of the public good for Meta to snatch back a job as a recruiter a few days before the professional was to start? A lease had been signed. The same thing happened at Twitter. A lease had been signed. And with all the tech layoffs those two will have a tough time finding comparable work. Yes, Meta and Twitter were purpose-driven to make the world a better place. 

Clearly the movement right now is this: a return to old-fashioned business fundamentals. Also, it's about welcoming back leaders and managers who don't suck up all the oxygen. Remember the centered presence of Bob Iger when he was head of Disney? So impressive. So successful. 

I recall with such pain ghostwriting a book on entrepreneurship for one-time tech high-flyer Andrew Bachman. He put himself out there as larger than life and louder.  Techli described him as "borderline arrogant and albeit boisterous." No surprise, he had been honored at the White House. That was baked into the startup game. Entrepreneur as hero of the times. Yes, he created a $50K scholarship for his alma mater Babson.

Soon enough Bachman became entangled with the FTC and had to surrender the usual tech bling like designer cars and watches.

Things got worse. According to an official government announcement, he took a guilty plea in connection with a mobile-cramming fraud. Wiley backed off from publishing that book. The Babson scholarship went poof. (Also, one can imagine a hit to the Babson Brand.)

No, not every high-profile tech founder pushes legal boundaries. But most did push against the boundaries of prudent business practices and professional decorum. 

Will the next era of tech entrepreneurship be more quiet? And, data-heavy about financial performance? And, with humility among the players? 

Even before the current tech crash, when I sized up a prospective client as "Another Bachman," I headed out of that force field. The compensation wasn't worth it. 

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com.