Law Firms No Longer Exist: Replaced By Elite Talent Platforms and There Are Major Implications

Exposes on large law firms such as "The Caesars Palace Coup" and "Servants of the Damned" essentially mocked the chase after profits. Yeah, the law firm was positioned as an ATM machine. And that, it was hammered as message, was a disappointing shift from Paul, Weiss or Skadden as an august professional setting for great legal minds and strategists. 

But the real disruption was missed. It went beyond the money story. What had happened was that star partners came to dominate the business and unbundled themselves from old-line codes of loyalty and collegiality. Aware of their marketability they began to comport themselves as free agents. 

Clients followed them. Prospects with high-stakes legal issues sought them out. For in-house counsel that became the risk-shield. You couldn't get fired hiring Scott Barshay, now housed at Paul, Weiss, for your M&A dealmaking. Or Bruce Buck at Skadden for a European transaction.

The expectations about the stars are rigid. The outcome had to be essentially guaranteed. Also, the star will be there at 2 AM for your angst as you can't sleep. That's exactly why associates receive emails at that hour to do this or that. When celebrity leader of Paul, Weiss Brad Karp was still practicing law his signature was being available at all hours. Still retaining star status, when his current contract is up he could shop himself for a plum slot in lots of other law firms, boutiques and fintech startups.

So, here we are. Law firms no longer exist. Not the ones with the extreme Profits Per Equity Partner. They have been replaced by elite talent platforms. 

The law firm where the stars are housed is probably just a temporary base of operations. The implications are huge. 

Karp called it. That's made explicit in an internal memo leaked to "Original Jurisdiction." If there was extensive partner flight after the Trump administration's Executive Order the firm could have collapsed. The business was the star partners. 

In addition, with some exceptions, damage to the law firm brand probably won't spill over to the star branding. That explains why the public relations fallout after law firms made deals with the Trump administration in general didn't deliver a profit hit. That is, as long as they could hold on to most of the stars. And continue bringing in new twinklers with high wattage. 

This phenomenon of the elite talent platform is becoming standard. That's why poaching has been so aggressive. If another firm landed Buck from Skadden no one of consequence in the loop would care. Bloomberg Law would probably mention that former housing in a blurb. All that matters to those who matter is re-aligning with him and his power cluster at the new base of operations. Yes, the pattern is to haul along other talent in the move.

In coaching, I guide clients to find the career space in which they can star. Overall, the labor market is being hollowed out to have star strategists and a handful of worker bees to implement those plans. One reason I exited content-creation four years ago was I perceived I was no longer treated as a star. The sideline I developed into how I earned a good living was one in which I already had an aura.

Success is a mental game. Failure comes from being done in by the “committee” in your head.

Together, we reprogram your thinking. Then we change your story. And, unleash success.

Intuitive Coaching. Special expertise with transitions, becoming a solopreneur and aging. Psychic/tarot readings, upon request. Complimentary consultation with Jane Genova (Text 203-468-8579, janegenova374@gmail.com). Yes, test out the chemistry. Zero risk.

Don’t give up before the miracle.

 



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