Zohran Mamdani Won More Than Just an Election - And Elite Paul, Weiss, JP Morgan and More Aren't Fleeing NYC

 It's palpable, even among establishment players like Bill de Blasio who also had been a NYC mayor and who endorsed Zohran Mamdani. That is, the return of hope. Ironically the leader who promised us that hope wasn't audacious - Barack Obama - snubbed Mamdani. Were Obama's political instincts off? Or, is he getting old?

Just as when JFK was elected US president, with the Mamdani win the torch has been passed to another generation. The new generation could blow it, as some claim we Boomers did. But at least they're willing to veer from the status quo. Note that status quo Andrew Cuomo lost. 

That veering might also happen for some progressive law firms.You know, the ones which negotiated with the Trump administration to lift the Executive Orders. The EOs, the firms argued, could have shuttered their businesses. Paul,Weiss was among the dealmakers. Actually it was the first to make a deal with the White House. The law firm's business was saved. In fact, it's thriving. 

Since then, though, there seems to have a loss of law-firm automony. Also the firms have gone low-profile in messaging what isn't directly related to practicing law. The exception to that at Paul, Weiss had been partner Kannon Shanmugam's polite rebuke of those EOs. 

Obviously, a little or even much could change. Slowly, then more quickly. 

In addition to the Mamdani win there had been the progressive victories in New Jersey and Virginia. Drudge puts it this way in a headline:

MAGA REBUKED!

This dvelopment could even call for Drudge's one-time signature flashing blue light.

And, forget many of the dire warnings about the elite fleeing NYC if Mamdani is elected. Begining in 2026, elite Paul, Weiss will start a 20-year lease on about 850,000 square feet in Midtown Manhattan. Elite JP Morgan has relocated to a wonderkind tower, also in Manhattan. There's no moving that tower out of the state. Both businesses will probably expand their footprints elsewhere but stay they will in the city which will have this 30-something mayor.

And this future mayor is beyond what we traditionally think of as progressive. He's a socialist. The kind that was piloted during the late 1960s counterculture. My hunch is that, in general, the monied class will not flee. Instead it could take on on the protective coloring of a new-generation ethos. Expect anti-status quo stylistics. Actually, there could be lots of money, as there had been for capitalists during the counterculture, in rolling all that out.

Meanwhile, tomorrow the US Supreme Court begins the review of the legality of the Trump administration tariffs. Will this MAGA rebuke influence the mood in that room?

Confidential tips, bylined articles welcome. Please contact Jane Genova at janegenova374@gmail.com

Thrown off your game, maybe the first time since you started working? You made all the right moves and then the world moved in another direction.

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