Milbank Matches Cravath - But Real Story Was That There Would Be a Raise in Down Year/Implications of That for 2024

 Now the buzz is that Milbank, which kicked off raises, is matching the Cravath rate. In addition, of course, there are updates on what law firms are matching Cravath. 

But that has never been the real story. What was the shock, and therefore the story, was that any law firm would raise salary - a fixed cost - in what has been a down year for a number of firms. In turn that triggered the focus to 1) Could law firms, even those doing well like Kirkland and Ellis and Paul, Weiss, sustain that financial burden, especially since 2024 doesn't seem so rosy and 2) What would be the negative impacts on associate employment. 

Given the higher salaries and the darkening prospects for next year what emerges is the macro issue of what is capturing overall business attention, not just within the law firm sector. That is what it takes to thrive, no matter what. For that the investment expert who brought the Black Swan concept mainstream - Nassim Nicholas Taleb - coined the term "antifragile." He defines that as:

" ... a property of systems  in which they increase in capability to thrive as a result of stressors, shocks, volatility, noise, mistakes, faults, attacks, or failures."

There is the expectation that the law firms which will thrive in 2024 and beyond will be disrupting their systems. That will require experimentation. Those with hefty war chests, yes like Kirkland and Ellis and Paul, Weiss, are in a position of strength to do that. Those without significant financial resources could get stuck and continue on a downward trajectory.

Part of the systems revolution, of course, will be AI. A guide with breakthrough thinking on that is "The New Automation Mindset" by Vijay Tella. The book's message is: Bypass the incremental change of making traditional parts of the system more efficient. Instead blow up the system and look at the pieces through new lenses. Then go on from there. You could be heading toward giving birth to the antifragile business.

Meanwhile, broadcast what you are considering disrupting. That in itself can enhance branding and bring in more business. The wealthiest law firms are savvy about public relations. As a communications coach I recommend they shift from the statesmanlike rhetoric. That's 1970s leadership talk. 

In most cases you have only one shot in communications. Jane Genova is a communications coach and content-creator. Complimentary consultation (please text 203-468-8579 or email janegenova374@gmail.com)


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