How does a Trump Presidency affect legal jobs? Forum

[misterjames]

Practices that will be negatively affected:

- VC/Startup practices (tech stocks are dropping pretty fast - confusion over visas and the ability of talent to come from around the world to build and work in these companies may be heavily hindered and may cause a big decline in productivity and companies being started in general)
- Any practice dealing with environmental/financial regs

Other than that, really no clue how it will affect law firms.

as someone who does practice in financial regulation, i've been watching things closely and i'm not terribly concerned yet, although that's largely because my practice isn't 100% Dodd Frank (or even 50% for that matter). I came across this article http://www.bloomberg.com/politics/artic ... halen-says the other day which talks about Jeb Hensarling's Choice Act, and Trump's interest in it. According to the article:

"Hensarling’s bill would eliminate the Financial Stability Oversight Council’s ability to determine which companies are systemically important, reduce the regulatory burden for community banks, and exempt highly capitalized banks from some of the strictest regulations that stemmed from Dodd-Frank. It also would replace the CFPB’s lone director with a commission."

So it's not a total repeal of Dodd Frank, not even close, and actually may introduce other regulatory measures depending on how this gradation of capital approach will work. And with the OCC's Finech initiative, the focus on cybersecurity in the financial sector, and the potential for growth of small/mid size FI's, I'm not worried just yet.

[MCFC]

How do tax people feel?

[dabigchina]

How do tax people feel?

My professor, who is also a partner, seems to think Trump will be neutral to a net plus for his practice.

My uninformed opinion is that they won't push through too many changes.

[Anonymous User]

Bumping from a different thread: Will the decrease in corporate & pass-through tax rates positively affect salaries (absent lasting economic downturn)? Specifically Seattle, where firms have slowly been raising salaries and more recently, reacting to the rise to 180.

[mandyjay11]

I would like to know if law firm diversity initiatives will take a hit based on the repeal of the Dodd Frank Act and just the entire vibe of the country right now. My concern is that if corporations stop caring about diversity, firms, I believe, will probably stop caring as well followed by law schools. Or, is diversity a separate, insulated issue and I am just overreacting?

[star fox]

Bumping from a different thread: Will the decrease in corporate & pass-through tax rates positively affect salaries (absent lasting economic downturn)? Specifically Seattle, where firms have slowly been raising salaries and more recently, reacting to the rise to 180.

A lower pass-thru rate will see more money in Partners pockets.

[misterjames]

I would like to know if law firm diversity initiatives will take a hit based on the repeal of the Dodd Frank Act and just the entire vibe of the country right now. My concern is that if corporations stop caring about diversity, firms, I believe, will probably stop caring as well followed by law schools. Or, is diversity a separate, insulated issue and I am just overreacting?

others can chime in but i think firms only care about diversity for purposes of recruiting and, in fewer instances, pitching to clients. I think the reality is that most businesses prioritize social issues pretty far below profit goals, but will make an effort when they think it can positively effect revenue or attract new talent. to that end, I think firms' diversity efforts will certainly continue.

all that being said, what does Dodd Frank have to do with diversity in law firms? and further to that point, my understanding is that Dodd Frank will be tweaked, not repealed entirely.

[mandyjay11]

I would like to know if law firm diversity initiatives will take a hit based on the repeal of the Dodd Frank Act and just the entire vibe of the country right now. My concern is that if corporations stop caring about diversity, firms, I believe, will probably stop caring as well followed by law schools. Or, is diversity a separate, insulated issue and I am just overreacting?

others can chime in but i think firms only care about diversity for purposes of recruiting and, in fewer instances, pitching to clients. I think the reality is that most businesses prioritize social issues pretty far below profit goals, but will make an effort when they think it can positively effect revenue or attract new talent. to that end, I think firms' diversity efforts will certainly continue.

all that being said, what does Dodd Frank have to do with diversity in law firms? and further to that point, my understanding is that Dodd Frank will be tweaked, not repealed entirely.

Thanks for the reply! Good to hear your take on it.

I did some looking in the Dodd Frank Act and there is a section that talks about diversity in the financial industries and I thought that because it would be a sort of suggested requirement of that industry, they would expect that from their outside vendors/firms.