Over-50

Boomers, Leon Black, 70, Is Us

So much media coverage. Yet none I have absorbed captures the Boomer in Leon Black. He was and is us. 

He was a first-generation American, yes, like so many of us. His father Eli was from Poland. The maternal side of my family was from there too. At home we spoke Polish. The paternal side, from Italy, had to pick up Polish, too. The society was female-dominated. That could have been the reason why too many of the men developed into drunks. 

Black's father, like so many of our immigrant relatives, seemed to have his demons. One day, in 1975, he jumped to his death from what had been the Manhattan Pam Am building. Now it's the MetLife building. Then and now it hovers over Grand Central. That's the gateway to American type success.

My mother also committed suicide. She lived long enough to know I was walking through that gateway, all the way from the mean streets of Jersey City, New Jersey.

There is the suffering we can see and the suffering we can't see. Or we don't want to, at least not then.

Like us, Black got into elite educational institutions. There was Dartmouth undergraduate and Harvard Business School. Math-challenged I only made it into Harvard Law School. That was after the University of Michigan. Education was cheap. It was good. It was open.

But then, when we all got released into the real world to go to work, the experience was so raw. Unlike school, it wasn't a meritocracy. 

At Lehman Brothers where Black had interviewed for a job they blew him off. He didn't have the brains or personality to make it on Wall Street, they told him. At a Southern-based energy corporation my performance review noted that I had talked too loud. I was assigned what was the equivalent of a coach back then. No, I never shook that off.

Then there were our own screw-ups. Most of ours supplied glee for a small number of enemies on our social and professional networks. Black's had made global news. They are still making global news.

Maybe he likes the attention. What we have learned during these 70-something years is that we really don't know anyone, do we.

That anyone includes ourselves. All that therapy and we still are clueless who the hell we are. Yes, that's even though we were America's first therapy generation.

The odds are Black will make it through this latest crisis. I made it through a whopper - finally - six months ago.

Maybe all those Hallmark television shows and singing "M-i-c-k-e-y ..." instilled in us hope. Black's father and my mother somehow didn't have access to that to grab onto. 

If Black wants to talk Boomer-to-Boomer, I am here (janegenova734@gmail.com). I know how to listen deeply. Meanwhile, we, of course, feel so bad for him. That's because we feel bad for ourselves. He is us. And, what Millennials and GenZers don't know is that it was quite difficult being us. It especially is now as we embrace aging.

Beware the Charismatic Founder - You Could Lose Your Job, Client, Business Partner, and/or Investment

There is still playing in media prime time the tragicomedy of Leon Black.

Yesterday The Wall Street Journal chronicled his latest legal move. Last week I had analyzed the implications of that in an article for O'Dwyer Public Relations. Add onto that Black's recent history of an association with late convicted pedophile Jeffrey Epstein and the mistress Guzel Ganieva who had turned on him. 

Among the possible negative results of Black's behavior on the firm he co-founded - Apollo - had been that the stock price hadn't matched those of competitors. Also the brand remains somewhat tarnished. Because of that fallout in the court of public opinion Black stepped down from the CEO and Chairman of the board positions. But there seems to be a long half life to the reputational damage on Apollo.

See, the guy is outsized. Some would label that as charisma. And its correlation with harm to the firm he founded should be a cautionary tale. No one knows what kind of runway the current Apollo head Marc Rowan can create for employees, business partners, and investors, 

Another example of what could be called The Dilemma of the Charismatic Founder is Theranos.

It had been the electric current of founder Elizabeth Holmes' persona which attracted investment funds, powerful leaders to join the board, and business partners. That was the Theranos platform for building the enterprise.

When the technology hadn't been panning out as promised, Holmes had the option to turn things over to professional management. Obviously the business guide she had hired Sunny Balwani wasn't providing a solution. But she didn't seek out a rational business solution. That force field of charisma kept her trapped inside herself. Her option, as a jury decided, had been fraud. Of course, when Theranos collapsed, employees were out on the street.

In addition, there had been WeWork. It had been unable to pull off an IPO on its first attempt. What played out had been that the passive board had allowed charismatic founder Adam Neumann to do whatever the hell he proposed. Only after he had been pushed out could WeWork retool for an IPO. Meanwhile, so many employees had lost their jobs. 

In contrast, of course, had been Apple. It had been able to navigate the death of founder Steve Jobs. In fact, it has thrived through the leadership of The Next. That is Tim Cook.

Clearly, there are no absolutes about the risk/reward of the charismatic founder.

But the examples from Apollo, Theranos, and WeWork should make boards cautious. The focus on governance as part of the ESG (Environmental Social Governance) movement could make this kind of negative dynamic an anachronism in business history. 

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Overwork & Stress - What We Boomers Experienced Way Back When (and no posse road in to help)

Amid all the lousy news about investments - traditional and crypto - is coverage of the compensation issue in large law firms. 

MATCH GAME, ALONG WITH DEVIATIONS FROM THE NORM

The latest law firm to match Milbank's 2022 salary boost is West Coast firm Irell.

Meanwhile, there is plenty of runway for New York firms (that's the big story) to report in on doing a match.

Or, how juicy: They could be exceeding the match of $10k for junior lawyers and $20k for more seasoned ones.

After all, deviations from the norm are what generate plenty of space on the digital front pages of legal media.

Some of us recall how much attention Paul Weiss received when its Chairperson Brad Karp had announced special bonuses (pre-seasonal) for associates who have demontrated committed performance.

Since Mintz had been the only firm to follow that, Paul Weiss held onto the traction in media.  In addition, not soon after it delivered on matching seasonal bonuses at the number reset by Davis Polk. That had been after Cravath ran out onto the playing field first- and then ran back there matching Davis Polk. 

That was all good for Paul Weiss. No surprise, Law360 Pulse selected it as among the Top 10 for prestige in 2021. All the right moves.

THE PHRASE "THROWING MONEY AT" 

However, the phrase "throwing money" at recruiting, retenting, and motivating human assets in large law firms has become standard.

It's no great insight that both discretionary bonuses and the fixed item in expenses salary increases constitute have reached the point of diminishing returns. That is its ineffectiveness in addressing the major human resources issues in large law firms. Of course, those are bigger than designing the overall compensation package.

THE PHRASE "SOUL SUCK"

The Reuters Legal article describing "soul suck"among both partners and associates is sticky. It showcases the underlying suffering which dominates their professional life. Additional money doesn't relieve the two flashpoints setting in motion that chronic pain: Overwork and stress.

WELL-INTENTIONED IDEAS (but so tired-out)

So far most of the non-monetary ideas for solutions seem so tired-out. Well-intentioned, though.

Orrick Herrington initiatated an unplugged week off, in addition to the usual vacation time. Essentially that means recharging a battery that will be required to operate frantically after that week is over.  

What was supposed to be smart maybe, upon reflection, isn't so smart. Kirkland & Ellis received lots of attention when, to retain talent, it cut the career path to partnership from 10 years to nine.

The eating pie joke ...

But increasingly we are hearing that joke about becoming partner is like winning a pie-eating contest. That means you have to eat more pie. Actually often lots more. Partners have the additional burden of committee tasks. Like it isn't enough doing their high-pressure work directly related to practicing law per se. Sidley partner Gabe MacConaill had to juggle both overseeing the firm's summers and managing the complex Matress Firm bankruptcy. In the law firm parking lot he killed himself. 

Also maybe not brilliant is the Sidley professional development program for midlevel associates. They have access to MBA-type training both internally and at elite graduate business schools. In addition, there are opportunities within the firm to broaden their mangerial expertise.

But would a more effective approach be to structure assignments to require fewer hours and impose less stress? Do those Sidley midlevels have the energy to participate in such as program?

When I was a full-time employee at a major energy corporation during the second oil embargo there were myriad development opportunities. Actually there was pressure to take advantage of them. But, of course, most of us were already working seven days a week from dawn to 9:00 P.M. Yes, we resented that seemingly well-meaning gesture to improve our skills.

ALL PROFESSIONAL SERVICES

Yes, get it: As the Reuters Legal coverage of soul-suck notes, law is just one of the professional services in which we can become undone. At the end of the 1980s, to make my communications career path more doable, I launched a startup. Since I could apply the Pareto Rule - that is, choose clients based on their percentage of revenue for the boutique - that went well for decades.

Then the world of business went crazy and I found myself overwhelmed by the expectations of the new kinds of clients. What helped me regain control has been developing a new specialization in what I do. Self-employment provides that option. But being an entrepreneur isn't open to everyone in professional services. 

INNOVATIVE THINKING (and already some implemention in regulatory sandbox)

Meanwhile, there really are fresh kinds of ideas floating around to zero in on and resolve the systemic problems of a law firm.

They range from ditching the partnership structure for a corporate one to restructuring as a diamond instead of the current pyramid. In the latter the bottom is top-heavy with relatively inexperienced associates.

Also, what is already available in some of the regulatory sandbox states such as Arizona is ownership of law firms by non-lawyers and delivery of legal services by non law firms such as Legal Zoom.

SO, HERE WE ARE

Some of those who provide legal services and other kinds of professional services will embrace new ideas. Others could be labeled "bad actors" for continuing the suffering, 

Reflection: Is it schoolgirlish to expect the posse to ride in and help us out in the chaotic 2022?

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"Sing 2" - Right Out of Ethos of Mickey Rooney - Judy Garland Show to Save Pop's Store

We Boomers grew up with the wild optimism of the Mickey Rooney - Judy Garland movies. Together they could solve any problem. One film that especially hangs on in our memory bank is the time that the "kids" put on a show to save Pop's store. 

That same extreme self-confidence and persistence are what the current film "Sing 2" is all about.

It's a computer-animated musical comedy with animals as the performers. Producer of their acting group - Buster Moon - is hoping for the big big time. He had already made it from near-foreclosure in "Sing 1" to a sustainable success. His shot at the next level comes when talent scout Suki is in the audience. 

Total deflation: Suki leaves before the second act. When pressed by Moon she tells him straight that the performers don't have what it takes to make it to the Promised Land of Redshore City.

SPOILER ALERT: But Moom persists, rallying the team. The ways he does it provide accessible lessons for all of us who have been told we don't got it. 

They make it to the big time, a position that's sustainable. Along the way they bring back into the musical game wounded rock star Clay Calloway. He had lost his wife and withdrew for 15 years. Ash's empathy reawakens his love of music. 

This is an inspiring film for both leaders and team members.

It's also for anyone who has suffered a severe setback, such as those failing the bar exam or not making partner. It is possible to overcome the external world's assessment.

Marketing communications for blockchain, cryptocurrencies, NFTs, and much much more (including waterproofing, roofing, and shipping containers). You want results. And that’s exactly what you get partnering with Genova Communications. Fees customized for your unique budget. Complimentary consultation - janegenova374@gmail.com.

 

Real Money - What Career Counselors Never Told Lawyers and More

The latest installment of the money game among lawyers is this: the 2022 salary boosts.

Milbank kicked it off. So far there have only been matches.

But soon enough there could be the law firm which will beat those numbers.

The legal media, ranging from Bloomberg Law to Abovethelaw, will give that development lots of attention. The chairperson of that particular firm likely will feel he or she pulled off a coup. Resumes could flow in from talent. Internally, joy fills the corridors. 

But when it comes to what is known as "real money," many lawyers, even the brandnames, don't qualify.

From their day jobs, maybe they're pulling down $10 million or somewhat more. Then there are the investments. Since many have Wall Street clients they know what they're doing to earn passive income.

But the lifestyle required in their line of work eats up a lot of that. After all they're locked into pricey metro areas, need a getaway to facilitate new business development, and their offspring are in private schools. Add on the alimony or multiple ones. They really don't have significant discretionary income. 

In contrast are the professionals in other lines of work with real money.

In the recent chaos in the stock market, founder of Amazon Jeff Bezos lost $20 billion. Likely lawyers might have lost $1 million, if that.

Today, in real time, financial player Leon Black, according to Forbes, is worth $10.3 billion.

For 2021, Apple head Tim Cook pulled in $98.7 million in compensation.

That Ah-Ha moment could happen to lawyers focused one-dimensionally on money: More of it is to be had outside practicing law per se.

The attrition law firm chairpersons fear could be not to other law firms in a lateral but to other career paths where making real money is possible. That's where the magic of the real money is happening.

Or, they can return to formal education. Black did the MBA. That was at Harvard Business School.

If the heat gets turned up too high on his legal and public relations problems in the US, Black can take a long break at his mansion in London.

The guy likes culture - he had headed the board at the Museum of Modern Art - so he can take in lots of Shakespearean theatre while across the ocean. Also he can shop around for more original art - that's not in the metaverse. He already owns "The Scream."

But, could most lawyers and ambitious members of GenZ who are focused on real money get into MBA programs? And, if there, make it through? That's the rub.

The old joke is that they wound up at Harvard Law School instead of Harvard Business School because they are totally math-challenged. (That's my story.) It isn't just scoring high on the GMAT math section. Much of business school training has gone quantitative. 

So, what is a lawyer or youth determined to be a billionaire or better to do? The answer might just be: Be willing to think beyond the alluring practicing-law box. Not easy. 

The field is intellectually stimulating.

Big Law has increasing power.

You get to advocate the right thing to do in op-eds in The New York Times.

Clients really need you, at least during a certain timeframe. 

Buuuuuut, in the money game practicing law can be falling behind. And, after demand normalizes and both associates and partners aren't so needed, there could be stealth layoffs and reductions-in-force. The game, although it usually doesn't make billionaires, is brutal. Even partners pull all-nighters and are stuck with committee work. 

Likely it will come to this: Lawyers asking themselves how to make the real money and actually talking with those in the real money how they can get in. That could be a step in the right direction.

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

We Boomers Had Seen That Show - Smirk

This is nothing new: All those CEO departures happening, with the explanation of their wanting to spend more time with the family or to attend to other pursuits.

According to a study by Exechange, 52% of those exits represent being forced out. That charade has been going on since I had been an executive communications scribe for the Fortune 50 in the late 1970s. Here today, then poof. No real explanation. Don't dare ask. 

Usually members of the board of directors want to prevent bad publicity for themselves. After all they hired that leader. Then some things went very wrong.

However, this ritual of secrecy may go the way of the rotary phone. That is because of the increased focus on corporate governance. That is part of the ESG (Environmental Social Governance) movement. 

Scrutiny of board behavior has been surging.

When WeWork couldn't pull off the IPO not long ago, there was attention paid to the passivity of the board.

There are accusations floating around that the passive members of the board at collapsed Theranos should have been hauled into court.

Recently the board at Activision Blizzard, before the announcement of the proposed acquisition by Microsoft, had been vilified for supporting CEO Bobby Kotick. 

Obviously, boards will have to learn to navigate the growing demand for transparency. In itself that could create brisk business for law firms with ESG practices and public relations agencies skilled in reputation management. 

However, there have been boards which had been straight with constituencies. Those include Apollo's as the Jeffrey Epstein scandal engulfed its co-founder and CEO Leon Black. Board members had an internal investigation by law firm Dechert. Here you can read it. 

Soon enough Black stepped down as CEO. For a bit he remained as Chairperson of the board of directors. But then later he also stepped down from that leadership role on the board. 

Apollo's quick recovery from that scandal may provide the template for other businesses needing their CEOs to exit.

The takeaway is: Don't attempt to spin the mess. Consult with the lawyers what is legal to say. Polish the wording with the public relations experts. Yes, board members should admit errors of judgment, maybe offer to step down themselves. Then the business moves rapidly on.

Feedspot selected Law and More as one of The Top 100 Legal Blogs.

Marketing communications for blockchain, cryptocurrencies, NFTs, and much much more (including waterproofing, roofing, and shipping containers). You want results. And that’s exactly what you get partnering with Genova Communications. Fees customized for your unique budget. Complimentary consultation - janegenova374@gmail.com.

Boomers, Sure, Let's Stick with Our Enterprises Related to the New Crypto Economy

We shape reality through language. And the language being used to describe the current crypto global plunge in market value has turned grim.

The term used to be "crypto winter."

ICE AGE IN INVESTING

Now, reports Insider, the term "ice age" is being applied to the next several years for the whole crypto category.

There is little optimism about a turnaround in the near future.

The problem is that the era of easy money is over. The fed is backing off from low interest rates and buying a large amount of bonds. Bitcoin, for example, grew in value because of all the liquidity floating around.  

In addition, it's obvious that regulations are coming. 

It's predicted that investors will be spooked. Or, simply lose interest in crypto. 

That's the investing part.

THE CRYPTO ECONOMY FACILITATING NFTS, METAVERSE

Remember that crypto also is essentially the economy facilitating NFTs and the Metaverse. Those business enterprises continue to go gangbusters.

Sure, some of those who rushed out onto those playing fields are investors. However, much of what's going on in those two categories is happening under the umbrella of "promotions," in the broadest sense. Those range from sending a message or fundraising for a political campaign through NFTs to staging special events such a fashion show in the metaverse. 

BUSINESSES ASSOCIATED WITH DIGITAL ASSETS NOT OUT IN THE COLD

The crypto ice age for investors doesn't necessarily freeze out businesses related to digital assets. This weekend those businesses continue to contact me to discuss possible communications assignments. 

Law firms which had been early adopters in establishing formal crypto/blockchain practices aren't out in the cold either. There are the legalities. There always will be the legalities.

The focus could be on guiding clients to spot the opportunities in the current situation and exploit them. As the regulatory framework develops that also will take the shape of being in compliance - or providing a defense for an accusation of wrongdoing. 

MEANWHILE, HOW LEGALITIES ARE PLAYING OUT

Let's look at how this is already playing out. 

Cooley law firm is the defense firm for landmark lawsuit "SEC v Ripple Labs, et al." Here is a copy of the complaint. Essentially the SEC is accusing the defendants of raising funds for XRP by selling unregistered securities. That is violation of Section 5(a) and 5(c) of the Securities Act of 1933. 

What has to be determined is the legal classification of "crypto." Right now, it's on the books as property not a security. But that might not be for long. The lobbyists linked to this issue have been busy bees.

In general, there is huge spending by lobbyists associated with crypto issues and 2022 midterms as well as the usual donations to the elected officials PACs. Incidentally, more law firms are developing a lobbying arm.

 Back to the nuts and bolts of law, Paul Weiss has structured its crypto/blockchain practice to cover these categories:

" ... [It deals with] securities, broker-dealer regulation, commodities regulation, transactional intellectual property and technology, tax, company and fund formation, financing, token fundraising and alternative securities offering options (i.e., Reg A+, Reg D/506(c), Reg S, Equity Crowdfunding) ..  securities litigation, regulatory enforcement, economic sanctions and anti-money laundering, and cybersecurity-focused practices."

Note that the Paul Weiss approach is multi-disciplinary. The expertise required means parachuting in, for instance, the IP and tax lawyers.

Large law firms have that advantage in the crypto space: sophisticated experience in all aspects of how digital assets are used. 

"ICE AGE" SEXY BUT NOT ACCURATE

There is a shift in the entire crypto space. But the dynamics triggered by a new economy based on digital assets are not locked in, frozen.

The language of the "ice age" is misleading. Call it, yes, "disruption."

Marketing communications for blockchain, cryptocurrencies, NFTs, and much much more (including waterproofing, roofing, and shipping containers). You want results. And that’s exactly what you get partnering with Genova Communications. Fees customized for your unique budget. Complimentary consultation - janegenova374@gmail.com.

Boomers Remember the Patty Hearst Trial - Is McDonald's USA Making Some Strategic Mistake in Choice of Defense Lawyer?

“'This case is about revenue, not race,' [Loretta Lynch, a lawyer for McDonald’s USA] said in a statement. 'We believe there is no evidence supporting this meritless case.'” -

That, as Bloomberg reports, is what McDonald's USA contends through its team of lawyers.

LAWSUITS CONTENDING BIAS AGAINST BLACKS

A lead defense lawyer on this as well as for the alleged racial discrimination one "Christine Crawford, et al. v McDonald's USA"is Loretta Lynch.

A former US Attorrney General Lynch is a woman of color who had become a partner at Paul Weiss.

Here is Lynch's profile on the Paul Weiss website.

Here is a copy of the "Crawford" complaint.

This case, which is allowed to move forward, is "Entertainment Studios Networks Inc., et al. v McDonald's USA." Here is a copy of the complaint.

LITIGATION ON, FOR NOW

As Bloomberg notes, federal Judge Fernando Olguin refused to dismiss the lawsuit and ruled that the defendant had until January 27, 2022 to refile. McDonald's USA indicated that it would. The McDonald’s USA motion was denied “for improperly referencing materials outside the pleadings." 

Orginally the plaintiff Byron Allen had his lawsuit rejected. This is his third amended version.

ISSUE OF THE ADVERTISING BUDGET

Allen contends systemtic discrimination against his weather channel. McDonald's USA advertises, he claims, only with the white ones. In his lawsuit he provides his documentation that of the fast food giant's ad budget of $1.6 billion, only 0.03% is spent with black media companies. He is requesting $10 billion in damages. 

Lynch argues that there are legitimate business reasons for not investing in advertising in Allen's enterprise.

CHALLENGES OF OPERATING A FRANCHISE

The larger and higher profile black bias lawsuit is "Crawford." Over 50 former black franchisees allege it was discriminatory practices which resulted in their business failures.

However, owning a franchise requires broad and complex management skills. Here is my article on that, published in ST Magazine. 

In addition, purchasing a franchise involves contract law. My recommendation is: For that, bring a lawyer along.

In an argument to dismiss "Crawford," Lynch made the point that there was nothing in the franchee contract guaranteeing success.

Also, she argued that it was in McDonald's commercial self-interest to help the owners of the franchises succeed in their business. 

TROUBLED HISTORY BETWEEN BLACKS AND McDONALD'S USA 

In the book "Franchise: The Golden Arches in Black America," Marcia Chatelain chronicles the troubled history of blacks and McDonald's USA. The had begun as a form of The American Dream. Problems developed early. 

WOMAN OF COLOR AS THE DEFENSE LAWYER

In covering, on this syndicated blog, the allegations of black bias against McDonald's USA I have continually raised this issue: Is it a plus or a minus to have as the defense lawyer a woman of color?

On the one hand, it could showcase that she is being objective.

On the other hand, it could be perceived that she is not being loyal to her people.

OPTICS OF HAVING ELITE LAW FIRM IN BLACK BIAS LAWSUITS

In addition, is McDonald's USA making an optics error in having an elite law firm such as Paul Weiss representing it in black bias lawsuits? Should it have chosen a capable law firm without a national reputation? 

Recall how it was assessed as an error to have brandname F. Lee Bailey represent Patty Hearst? She wound up being convicted and serving time in prison. 

Feedspot selected Law and More as one of The Top 100 Legal Blogs.

Marketing communications for blockchain, cryptocurrencies, NFTs, and much much more (including waterproofing, roofing, and shipping containers). You want results. And that’s exactly what you get partnering with Genova Communications. Fees customized for your unique budget. Complimentary consultation - janegenova374@gmail.com.

Circling Back to Counterculture Ethos of Enoughness

Already, McDermott Will and Cadwalader in the law firm niche had matched the Milbank scale for salary raises for 2022.

Essentially that had been a $10k boost for very junior lawyers and a $20k one for more experienced ones.

Now, as Bloomberg Law reports, Fried Frank has also bellied up to that reality in the war for talent. It is matching Milbank.

MONEY NOT SUSTAINABLE SOLUTION

However, watchers of the war are not optimistic that throwing money around is a sustainable solution for recruiting, retaining, and motiving human assets in the law firm niche.

The counterforce is being called "soul suck."

Here is my analysis of that force field which is driving lawyers, both associates and partners, out of the practicing law and onto new career paths. The latter range from retraining for hands-on healthcare to opening a bed-and-breakfast. 

Soul suck is being experienced in not only the legal sector. It also has been overtaking all of professional services. 

MINIMALISM

The flight out of law and other professional services usually entails lower income.

However, that can be embraced through adopting a minimalist lifestyle.

Smirk, just look at what Leon Black's $10.4 billion got him. His mistress turned on him and his former partner allegedly orchestrated a smear campaign. 

Chasing after maximizing income, through work and passively, could become the new very uncool.

The ethos could circle back to counterculture having-just-enough. At that time the economic system of the coops was: Take what you need, leave behind what you don't. Free clinics provided comprehensive healthcare including psychotherapy.

Marketing communications for blockchain, cryptocurrencies, NFTs, and much much more (including waterproofing, roofing, and shipping containers). You want results. And that’s exactly what you get partnering with Genova Communications. Fees customized for your unique budget. Complimentary consultation - janegenova374@gmail.com.

Professional Services & Career Shifts - Getting Back the Pieces of Ourselves That We Had Lost

According to the American Bar Association, 24% of those who passed the bar in 2000 were not practicing law in 2012.

SALARY WAR OF 2022

Meanwhile, the Salary War of 2022 has kicked in with the Milbank boosts. Already there has been a match by McDermott Will.

But likely that game of throwing money at lawyers has already reached the point of diminishing returns. And, sure, the PPP is increasing in most elite firms but that is no guarantee that they will not only not stay but even remain in the legal profession. Yes, partners are also doing career changes. 

SOUL SUCK

In Reuters Legal, Jenna Greene describes the "soul suck" which has been a force field disappearing lawyers from law to other ways of making a living. Those range from retraining for being hands-on in medicine to operating an inn. The chief two motivators for the exit are: impossible workload and stress. 

To many, reaching the goal of making partner worsens those two. The gallows humor about that is winning a pie-eating contest and then being forced to continue proving oneself by eating the pie. The pie could be the pile-on of time-consuming committee tasks. Yes, you could be overseeing the summer program and then be evaluated by the participants. That could have been the flashpoint for Sidley partner Gabe MacConaill when he was managing the complex Mattress Firm bankruptcy. He committed suicide in the Sidley parking lot. 

THE AMBIGUITY OF PROFESSIONAL SERVICES

Law isn't alone in soul suck. Professional services, documents the Bureau of Labor Statistics, has a higher level of those who leave that career path than other lines of work.

Obviously, all professional services are open-ended in their demands. Clients define the contours of the work situation.

Yes, get on the plane at 6 A.M. to have the client tell us what he or she "really wants" in a speech or for an opinion-editorial for The Wall Street Journal. The mood is usually tense. The first time around that client hadn't invested enough time in deciding what was the message. The first draft bombs badly. We communications consultants are shattered. 

NO MORE IMPOSSIBLE CLIENTS

About 18 months ago, I pivoted to fewer of those kinds of assignments for my marketing communications boutique and more in industrial trades. The owners and managers in the latter know, from the get-go, what they want and they tell me that. 

What helped me get there had been this: Paul Weiss Chairperson Brad Karp had taken an interest in my writing. The pieces of myself which I had lost came back together again. I am whole.

LESS MONEY (and that's okay)

As plays out for most of the lawyers who leave law, my shift from "impossible" clients has reduced my income. But there is that Ah-Ha moment: We can downsize expenses. It's nice to sleep through a whole night. And do that on a regular basis.

Marketing communications for blockchain, cryptocurrencies, NFTs, and much much more (including waterproofing, roofing, and shipping containers). You want results. And that’s exactly what you get partnering with Genova Communications. Fees customized for your unique budget. Complimentary consultation - janegenova374@gmail.com.