Over-50

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 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.

Edge You Probably Have on Billionaires: Friends

According to Forbes, Leon Black's real time net worth is $10.4 billion. 

Of course, that kind of wealth attracts predators. And perhaps no friends. There's that wonderful line from the new film "Death on the Nile." It essentially says that when you are wealthy there are no friends.

That makes extreme wealth-builders like Black a wonderful gift for Big Law.

Lawyers simulate the attributes of friendship.

Since Black's former mistress Guzel Ganieva filed a lawsuit in June 2021 in the New York Supreme Court Black has become  the gift which keeps giving. That lawsuit is "Ganieva v Black," which you can read here. 

In it the plaintiff alleges sexual misconduct. Later she amended it to include the allegation that Black attempted to loop her into sex trafficking for Jeffrey Epstein. 

In response, through his team of Big Law lawyers Black countersued, alleging defamation and exhortion. Ganieva filed to dismiss that lawsuit. More work for Black's lawyers.

Last Tuesday, through his lawyers, he alleged a smear campaign, naming names and seeking out phone records. Here is my article on that latest legal development, published in O'Dwyer Public Relations.

Legal processes are slow-moving. All this will be going along for years. Big Law can enjoy this gift for a long time.

God bless those not on Forbes list of the most wealthy. We have friends.

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.

Legal Creep - Leon Black's Legal Drama Could Burst into High Public Relations Theatrics

For seemingly forever one-time high-flyer in the world of finance - Leon Black - has been ensnared in legal dramas. Both those inflicted on him and the legal actions he has filed.

Now, with a filing last Tuesday the saga has reached into the core of the integrity of the public relations industry.

Black alleges that Steven Rubenstein of the communications powerhouse Rubenstein Public Relations had been the source of "smear campaign" against him. Here is my summary of that, published today in O'Dwyer's Public Relations

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.

Raw Pragmatism: Taking on Protective Coloring So Not to Be Targeted for Being "Too Jewish"

Antisemitism, like many versions of discrimination, has its own unique contours.

One, as an essay in The Wall Street Journal points out, is that kind of bias has been targeted at those who "do the Jewish thing." An example would be attending a high-profile Jewish place of worship. There is walking rather than driving on the Sabbath. Another would be navigating the city in dress-up attire on a Jewish holiday. 

At one time, that was described as being "Too Jewish."

Think about it: Victims of recent antisemitic attacks in the U.S. were obviously "Too Jewish." Those occurred in Fort Worth, Texas, Jersey City, New Jersey, and Pittsburgh, Pennsylvania. 

Those in the front lines of battling antisemitism, such as the elite law firm Paul Weiss, might shift from noble abstractions to raw pragmatism.

Instead of denouncing that bias as so wrong, they might issue practical guides for how to neutralize the perception of being "Too Jewish." That might be labeled "assimilation."

I learned that hard lesson, first slowly and then very quickly, after I relocated from the New York Metro Area in 2014. Digital technology allowed me to transport my communications boutiques to where the cost of doing business would be lower.

Growing up in Jersey City, where there is a large Jewish population, I had a fluid ethnic identity. No, I am not Jewish. But I might have been. By socializing, going to school together, and helping each other in crisis, we first-generation Americans picked up each other signature traits.

Yes, my friends developed my ethnic gestures.

I regularly slipped into Yiddish.

On Friday nights if my Jewish bros came over I lit a sabbath candle. 

Therefore, I was totally unprepared for being harassed once outside that zone of ethnic seamlessness. Turns out I was way "Too Jewish."

One night a neighbor in Tucson, Arizona, got drunk. That's when I was informed I was not welcome in my adopted hometown. He told me straight: "We don't like Jews here." 

What was and is "Too Jewish?"

Part of the answer is:

• Using Yiddish.
• Attending cultural events at the Jewish reform temple.
• Talking what was experienced as talking too much about my business. And, it turns out, talking too much. And what was assessed as talking too loud.
• And what I couldn't help was: the deep New York accent, Eastern European body style/facial features, thick brown hair, and dark complexion. 

Of course, I cut out what I could of "Too Jewish."

Also I "gave them what 'they' wanted." That is, I tell them that I am half Jewish. Mother's side (my last name is Italian). Interestingly, that admission of Jewishness often will halt much of the aggressive interrogation about supposed Jewish culture such as "pushing the kids to excel academically" and "not turning on the lights on the Sabbath." Smirk. Smirk.

That has been my problem-solving. It seemed to make me less of a target. 

Of course, absolutists might object to taking on such protective coloring. They should be informed that if they continue to be "Too Jewish," they put their communities in danger. Not just themselves. Read William Shakespeare. Human nature is not sweetness and light.

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.

Geriatric Industry: Big Banking

From Dealbreaker to Law and More one-time influential GoldMan Sachs (along with other farts in Big Banking) is being derided as being operated by aging and fading professionals. Like, increasingly out-of-sync with The Changing Everything.

NOISY OLD MEN

It's interesting to note that as its brand shrinks the geriatrics at Goldman Sachs had kept posting more and more predictions.

Remember the one about bitcoin hitting $100,000 this year? In the midset of what feels like another global crypto winter bitcoin is at 41,735.28 today. Meanwhile, other coins such as Ether are reducing bitcoin's market dominance. $100,000? Not proable. 

WALL STREET LAW FIRMS AND PRESTIGE

So, here we are. Prestige is important in the law firm sector. It has been a big deal to have been selected by Law360 Pulse as among the year's Top 10 Most Prestigious law firms.

So, it has to become a growing issue for law firm chairpersons - who really are The Chief Prestige Officer - to consider replacing Goldman Sachs as a client with one with what is considerd current cool. This should be a major matter for Wall Street law firms. 

TROUBLED CRYPTO PLAYERS (so much fun)

There are plenty of replacements, especially in the digital assets box. Many of them such as Crypto.com are entering regulatory headwinds. How interesting - and prestigious - to assist them.

TOO LATE FOR BIG BANKING

Can Big Banking grab itself back from The Fade?

Unlikely.

The leadership is a closed system. They are clueless how to change. Soon enough, the media outlets will ignore them. 

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.

We Could All Be Andre Leon Talley - "Too Old, Too Overweight, Too Uncool"

The world now is looking closely at how a giant in the fashion world - Andre Leon Talley - had been forced out. Daily Mail chronicles the raw reality that aging can undo even a powerful brandname.  

Talley, who died recently, reportedly had been tossed out of high-fashion paradise by its High Priestess Anna Wintour. His "sin" was becoming:

Too Old

Too Overweight, and

Too Uncool.

Before being perceived that way he had been editor-at-large at Vogue. 

Sure, we can try to change the world. The American version is biased against aging. The law tries to remedy some of that. Plaintiff employment law attorneys such as David Sanford of Sanford Heisler are in the front lines of that. 

And, we can figure out how not to "come across as old." In my coaching I have found that once over-50, professionals tend to shoot themselves in the foot. Explicitly or implicitly they "apologize" for aging. 

But, the consequences of aging are happening. Some can bypass some of that. Those range from Warren Buffett, 91, to the late Betty White.

It's smart to recognize what's probably happening. And conjure up strategies to redirect a career, given those realities.

In 2014, I relocated from the extreme age-consciousness of the New York Metro area to a pocket of the southwest where the median age was relatively high. Immediately, there was less of the stigma of aging hovering over my professional life.

Meanwhile, let's salute the wisdom of Talley. He didn't turn bitter or against those who drove him out of the kingdom of style. May he rest in peace.

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.

 

As We Boomers Know, It's Not Age Per Se - When Leaders Get Stuck "Acting Old"

As with JPMorgan, Goldman Sachs is having its financial performance dragged down by the surging expense for recruiting and retaining star power, reports Bloomberg.

UP 33% 

For Goldman, that expense, mostly for compensation and benefits, rose by 33%. Without having to pony up so much for what it takes in Big Banking to hold onto talent, expenses would have gone down 9%. That's because less is going out for litigation and regulation. 

AGING LEADERSHIP

David Solomon, Goldman's CEO, is 60. Recall how he resisted WFH.

Jamie Dimon, JPMorgan's head, is 65. Of course, we remember how he sized up bitcoin as a "fraud."

These are old men who are acting old. Age itself is not the problem. It's failing to be in sync with a rapidly changing everything. 

In contrast, those in fintech and some non-banking large financial players don't behave old. And those niches are attracting talent from Big Banking. 

NO COOL FACTOR

Much of Big Banking lags in the cool factor. The farts at Morgan Stanley, ranging from CEO James Gorman to head of legal Eric Grossman, pontificated on what was very very wrong with remote work. Smirk.

Later, Gorman did apologize. But, had that 63-year-old leader been aligned with what-is he never would have railed against the post-office way of work. 

PARACHUTING IN MILLENNIALS (and some GenZers)

With so much push-back from investors about the expenses and so much competition from fintech and non-banking players such as The Blackstone Group, Big Banking boards might consider nudging the current leadership to step down. Sure, for instance, Dimon is on long-time contract. But, he can decide he wants to smell the roses. 

In their place could be the Cool Kids. Young. Totally linked into distruptions. No loyalties to legacies whatever. Fun. They might be willing to receive less compensation. Or not continually be lobbying for more and more money. There could be a cap.

LAW ALSO SO UNCOOL

A similiar dynamic could take place in law firms, where expenses for talent will soon enough eat into PPP. That could stop. 

Put a 40-year-old lawyer in charge. And/or non-lawyer managers. Make the place electric as a business hub. Fun, maybe that too.

In the regulatory sandbox states such as Arizona those young non-lawyers could even own law firms. Or, as with LegalZoom they can deliver legal services w/o being a law firm. 

Hardened rituals like assigning partners committee tasks could be dumped. It might have been those mundane but time-consuming tasks which provided the stress tipping point for Sidley partner Gabe MacConaill. Consumed with the Mattress Firm bankruptcy, he seemed to not be able to hold it together any more. Gabe committed suicide.  

OF COURSE, NOT AGE PER SE

Big Banking and large law firms can have their Betty Whites. Age gave her new perspectives through which she had extended her career runway.

But in general those industries are no longer for old men and old women.

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.

From a Boomer Who Had Taught Freshman Comp ...

There should have been a plural verb for double subject "vulnerability/resiliency." "Experts say vulnerability and resiliency has helped her [Stacey Abrams] rise." Here is that article .

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.

We Boomers Have to Take Very Good Care of Ourselves

MODELS: 50,000-300,000 MORE DEAD IN USA BY SPRING...
1 million cases in CA -- in 1 week...
WHO chief says pandemic 'nowhere near over'...
Australia suffers its worst day...
Israel: Vax passports 'no longer relevant'...
Kansas will stop 'futile' contact tracing...
Some blocked from free tests in early website launch...
Police charge flight attendants for Hong Kong outbreak...
China orders overseas MAIL disinfection...
Twin Mutation Threat as Cases Rise Before Olympics...
Virus Hits Vatican... Pope's right-hand man positive...
Unusual warning sign in eyes...
W. BUSH PREDICTED IT ALL?

ISRAEL: 4 SHOTS STILL NOT ENOUGH

Investing in Crypto - Risks Dimming Dazzle of Rewards

Already insitutitional investors are wary of digital assets because of security concerns. That, Nickle Digital Asset Management found, overrode other issues such as regulations and price volatility.

Now, that concern has been proved to be spot on. 

CRYPTO.COM AND CYBERSECURITY CONCERNS

Bloomberg reports:

"Crypto.com said it stopped all deposits and withdrawals while it investigates 'unauthorized activity' on some accounts." 

That means that any intruder had been able to bypass the 2-factor authentication security protocol. 

This is a serious development because of Crypto.com's size and high profile. On Christmas Day it gained the right to be the signage for what had been Stables arena in Los Angeles. It will have a commercial during the February Super Bowl.

Investopedia identifies Crypto.com as:

"..  a cryptocurrency exchange that supports trading, investing, staking, wallets, NFTs, and more. This exchange offers more than 150 different currencies, reasonable fees, and discounts for those who hold a significant stake in Crypto.com Coin (CRO)."

In a public statement statement Crypto.com claims that no funds were lost. However, on social media users indicated that funds vanished from their accounts. For instance, crypto influencer Ben Baller stated that 4.28 Ether (valued at $14,000) was no longer in his account.

NO GOVERNMENT PROTECTIONS

As many know, digital assets don't have the usual government protections.

The Federal Trade Commission makes this very clear:

"Cryptocurrency accounts are not insured by a government like U.S. dollars deposited into a bank account. If you store cryptocurrency with a third-party company, and the company goes out of business or is hacked, the government has no obligation to step in and help get your money back." 

Should funds have been lost, then it will be up to the exchange whether to use its own resources to make those users whole. Last December crypto trading platform BitMart indicated it would compensate victims of a security breach. It put that at $150 million. Some observers estimated the loss at more like almost $200 million.

TECHNICAL ISSUES RESULTING IN POWER OUTAGES

In addition there have been more mundane technical issues resulting in outages. Those plague not only Crypto.com but also other crypto exchanges ranging from Coinbase to Binance. 

In trading timing could be everything for buying and selling transactions. One advantage of crypto is that the market operates 24/7. Or, is supposed to.

The power-outage risk can also deter institutional investors from entering the crypto niche in a big way.

LEGALITIES 

Meanwhile, all in the crypto loop, from exchanges to even amateur traders, should be recognizing the complex points of law involved in this new asset class. The phase of a euphoric high about crypto ROI possibilities should have matured into the embrace of a self-protective mindset and set of behaviors.

Already law firms have been proactive in establishing specialized practices to guide clients on how to navigate this territory and defend themselves if they allegedly run up against the laws already on the books - or, in the future, those expected to be enacted this year.

Those law firms with crypto practices include Cooley and Paul Weiss.

Cooley 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. 

Meanwhile, in play 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.

 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."

FUTURE/PRESENT 

Obviously there are urgent questions about how much prudent investors should allocate to crypto. Or, maybe they should pass up that opportunity totally for a less risky one.

Also those who have lost funds in hacks reflect on what smart lawyers as well as public relations/social media experts can do for them. 

Reality Time dawns in crypto.

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.