Over-50

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.

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.