What is it really like to do business in New York? How does a potential entrepreneur really make it there? In this ‘Making it in NYC’ series put together by Virgin Media Pioneers, business people who made it in the UK and then transfer to America give tips on how they succeeded.
Working in New York as a Lawyer
When it comes to being an attorney, where is the best place to practice, nationwide? Where is the best place to acquiesce the necessary skills and gain the qualifications before applying to law firms? This article navigates some of these topics.
It seems that when it comes to salaries, New York is a great place for an attorney to lay his hat. Nationwide, Zippia recently ranked them number 7. The Bureau of Labor Statistics, in conjunction with the Massachusetts Institute of Technology ranked the states with an adjustment on the average salary and the living wage. So while lawyers in New York actually make $155,050 per annum (which is the second highest in America), due to the high cost of living the adjusted salary plummets to $132,294.
And how large are these firms? When you go to Albany, NY, the largest three firms were listed as: Whiteman Osterman & Hanna LLP with 77 attorneys, Barclay Damon LLP with 39 attorneys and Hinman Straub P.C. with 35 attorneys. In Rochester, according to US News & World Report Best Law Firms, the top 3 are: Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP, Adams Bell Adams, P.C. and Barclay Damon LLP. And in Western New York, following the merger of Damon Morey with Hiscock and Barclay, the largest upstate law firm was formed.
In other news in the law industry, technology is becoming increasingly utilized. According to latest American Bar Association Legal Technology Survey Report as reported by Nicole Black law firms of all sizes are using more technology, with attorneys becoming more attuned to the fact that this will give their firms an edge against the competition. For example, law practice management software is being used increasingly (with smaller law firms reporting that close to 40% are now using this and solo lawyers at 30%).
Educationally, it seems like New York is the best bet for lawyers to train too. Indeed, listed in the top 10 law schools that teach real life music lessons, are three New York schools (taking the top 3 places), being: the Benjamin N. Cardozo School of Law, Brooklyn Law School and Cornell Law School.
So it might not be a bad idea for those considering a career in the legal industry to look at New York for their education and jobs.
Post-Brexit, New York Thrives
According to Sir Jon Cunliffe, Bank of England Deputy Governor, New York is faring better than other principal European fiscal centers, after Brexit. In the meantime, various of these regions have been trying to offer services that have traditionally been the hallmark of the UK’s services. They have not been successful. More than that, Cunliffe doubts that in the future these will be successful either.
This sentiment was supported by the London Stock Exchange which, in a statement said if businesses decide to leave London, European centers will not be there next natural destination. In an article in The Daily Telegraph, LSE Group CEO Xavier Rolet said the reason for this was because: “the UK financial ecosystem, with clearing at its heart, makes London the most economically attractive and stable destination for global investors and issuers. It is no longer just a few banks transacting individual products but the innovative home of global finance.”
Meanwhile, Philip Hammond, Britain’s Chancellor of the Exchequer just told Wall Street executives about his determination to “safeguard the City of London” against concerns of Brexit resulting in prompting banks to move work and operations out of the region.
New York Festivals
We’ve heard of fashion week and film festival, but here’s one that’s relatively new to the range of New York festivals – the New York Coffee Festival. Now in its second consecutive year, the festival – held at 69th Regiment Armory between September 16th and 18th – is designed to bring together coffee, food, music, art and charity. Sponsors include: la Marzocco, Pentair, Baileys, Detpak, Barista Series, Sanremo and more. Events include: Latte Art Live, Coffee Masters NYC, The Lab, Competition, Coffee Music Project, The True Artisan Café, Street Food Market, The Village, Party with the Masters, The Sidewalk Café, Hydration Station, Test Your Senses, Get Your Brew On, Espresso Martini Bar, Coffee Art Project, Shop the Part, Perfect Your Pour, Sanremo Revolution, Steampunk Brew Bar and Water for Coffee Lovers.
According to the festival website the focus is to “ply local aficionados with espresso martinis and entertainment, from live music to the annual tournament.”
New York Fashion Week: Business and Technology
New York Fashion Week (this year, 7-15 September), has evolved a lot in the 7+ decades it has been in operation. In a recent article in BizJournals, Teresa Novellino presents 7 ways it has evolved due to technology.
Anyone Can Go:
In the past it was mainly attended by buyers, celebrities and fashion editors. Now, shoppers are in attendance.
Buy Today
Thanks to social media channels, today people can buy the stuff they see at the Fashion Week much earlier. It used to be that event photos were only published months thereafter due to the delay of print publications. But now that is not the case and consumers can look at articles of clothing they can buy almost immediately.
Private Shows
Fewer private showings, since they are being traded in for private appointments with small groups of corporate buyers and editors.
Virtual Reality Shows
There is now a way to be at the Fashion show, without actually being there. Watch the show from the comfort of your own home and actually feel like you are present during Fashion Week thanks to live broadcast.
SnapChat Fashion
Snapchat all the way. With the launch of Vogue’s Snapchat Discover Channel, the LA Times reported on new content twice a week with a feature which included: “15 Reasons to be Excited for New York Fashion Week.”
Music Industry
Fashion and music go together thanks to Tidal which live-streams events, drawing additional subscribers.
Google has just started “experimenting with search carousels that are created and curated by catwalk brands.” What this means for the brands is that they will be able to manage what pops up when a designer’s name is put into the search engine. Ultimately this will help Google engage in competition with Instagram, etc. to get traffic from fans of Fashion Week.
NYC’s Digital Business Day
The next Digital Business Day in New York is happening next month, October 3rd to 4th. Here, you will get the opportunity to investigate the Digital Business Platform trusted by top brands around the world. Learn how to successfully develop digital business applications, expediting your company’s transformation into the Digital Age.
Meet experts and get tips for digital transformation endeavors. Learn about new cases your industry can benefit from with the presentations. Take part in interactive roundtables guided by product and industry thought leaders. Network and be privy to an insider’s view on getting top value from digital trends. Ultimately, learn how to achieve your digital transformation goals.
To join New York’s next Digital Business Day, visit: http://software.ag/dbd_us_east/default.aspx
Going “Meatless” in New York
Vegetarianism has been around for years and going meatless is nothing new. But going meatless with meat is something new and it’s happening in New York thanks to “Impossible Foods.” The brains behind the company that “discovered that heme is the ‘magic ingredient’ that makes meat look, cook, and taste gloriously meaty,” is a team of scientists led by Patrick O. Brown, M.D., Ph.D.
And it is New York that is going to be the first beneficiary of this delicious, healthy, ecological-friendly flavor. At Momfuku Nishi, the Impossible Burger will be on the menu attracting both meat- and vegetarian-lovers alike.
Brown began his mission due to a desire to “reduce the environmental impact from eating meat.” Developing a composition including water, heme protein (found in animals and less so in plants), coconut oil, natural flavors and textured wheat protein, the “meat” flavor emerged. While all ingredients are crucial to the ultimate flavor, it is the iron-containing molecule heme that is the true gem of the burger, giving it its authentic blood red color and iron-y meat-like flavor.
If it really succeeds (and at this point there’s no reason why it shouldn’t), the health results could be phenomenal. According to the WHO, “every 50 gram portion of processed meat eaten daily increases the risk of colorectal cancer by about 18 percent.” Not to mention the issues caused from killing cattle required to make the typical juicy blood burger.
And economically it’s already enjoying success. At a Colorado Whole Foods market it was reported that a competitor’s burger was sold out in an hour, with, according to Evelyn M. Rusli, a taste of “somewhere between beef and turkey,” clearly indicating its popularity and hope for the future. And with the use of 95% less land, 74% less water, 87% less greenhouse gas emissions and completely zero hormones/antibiotics, everyone is a winner.
A Legal Alien? An English (Shop) in New York
Who can forget that 1980s pop song in which Sting sang, “I’m an alien, I’m a legal alien, I’m an Englishman in New York.” Well it appears that now, almost four decades later, the oh-so-English store Drake’s is making its first presence in the Big Apple.
Drake’s – founded in 1977 by Michael Drake in London’s East End – sells its high end home-made scarves, ties, shawls and plaids to “high fashion boutiques and conservative tailoring houses,” throughout the European world. But now, it is coming to America.
It’s starting conservatively with a temporary store in NYC for an initial six months, and then, depending on sales, will be extended. Located at the old sandwich store, Olive’s, 120 Prince Street will now be the home to something quite different!
In other related news, Sears has just launched Showcase at Sears in order to bring in both European and Latin American brands to the American market. Many of these are for the first time. Zatchels and Hawes & Curtis are among the brands engaging in this. According to Apparel President at Sears Holdings, David Pastrana, what this is doing is giving Sears’ members: “access to fresh international trends, styles and fashions at an affordable price – and only found at Sears.”
New York Malls
Close to a decade-and-a-half following the 9/11 abhorrent attacks, the World Trade Center mall is set to open. With an investment of $1.4 billion from mega property developer company Westfield, the center features 365,000 square feet of retail space. Of course this is great for the NY economy, since it is anticipated that almost 15 million travelers will visit the region next year, mainly to visit the 9/11 Memorial and Museum and the 1 World Trade Center Observatory. Indeed, as Public Relations Manager for Aldo Footwear Company, Marine Jegard noted: “A lot of people are coming here every day. It’s the location of the future.” And as the American Westfield’s COO, William Hecht noted: “The World Trade Center is a symbol of hope, opportunity, progress and perseverance.” Furthermore, Brookfield Place – which underwent a $300 million renovation at the World Financial Center – opened in March 2015 and is also adding to a thriving New York economy.
In other mall news in the region, the sale of the North Franklin Township mall was just completed. Kohan Retail Investment Group purchased the 16th largest mall in southwestern Pennsylvania, making it the proprietor of 19 malls now throughout a variety of American states. It was sold for $20 million. According to their website: “Malls are evolving, and as time goes on they are no longer just a tent to house box stores and chains, but more local small- and medium-sized businesses of all stripes. arge spaces offer opportunity for fundraising events, festivals, farmers’ markets, miniature golf, dancing, concerts, banquets, theatre, and virtually any social gathering all under one roof with protection from the elements.”
Recently Courtney Reagan spoke about how today’s mall is trying to “Amazon.com proof its stores,” by prioritizing anchor stores like Sears and J.C. Penny. In addition, they are shifting the balance toward the opening of stores that Amazon can’t take over, focusing on industries such as: education, fitness, food, medicine and religious tenants. For example, 10 years ago, food and beverage made up a mere 5% of the mall’s retailers but today that has expanded to 30%.
So there are a lot of changes in the world of New York malls. Mall shopping is evolving and New York is following suit.
New York E-Commerce
Wheels Up is launching a two-tiered e-commerce site: a) for potential customers who want to purchase their apparel (most notably the Wheels Up baseball hats) and b) apparel available for purchase exclusively by members. Currently Wheels Up boasts 2,500 moneyed members. Another initiative from Wheels Up is its upcoming partnership with Barneys New York, as a way of offering special benefits to its members.
Then there is Jet.com which was established on a desire to challenge Amazon’s hold on the global e-commerce hold. In view of this, it is currently engaging in talks with Walmart to buy it out. Whether this transpires or not, the fact that talks are happening is indicative of the challenges of the US’s e-commerce market (currently valued at $350 billion), much of which is owned by Amazon. Competitors have tried to take on the Amazon giant until now but none have as yet succeeded. Maybe this venture – should it happen – will be the one to shake it once and for all.
Indeed, one current example of Amazon’s online retail domination is the ‘back to school supplies.’ Not only is this eking out traditional department and discount store chains but also other e-commerce sites. Now, the actual stores are trying to compete with Amazon, by, according to a recent article in the New York Post by Catherine Curan, “converting their brands into omnichannel retailers that make it easy for shoppers to buy online, in-store or from a mobile device — and move seamlessly among all three options.” As Walmart’s CFO, Brett Biggs pointed out, “Growth … looks different today… It’s still about comp sales and … building stores. But now it’s about mobile e-commerce … fulfillment capabilities … and developing new services.”