K Street’s get-rich-quick business model is under attack, reports Politico.
For years, international public relations and advertising firms have bought up Washington lobby shops looking to pad their bottom line. And many lobbyists were happy to take the big bucks, stated Politico.
According to Politico piece, there’s still plenty of money to be found on K Street, but a string of major defections from big-name firms has some rethinking the system, as top lobbyists rebel against the corporate mold and salary caps hamstring firms from attracting or keeping talent.
“There seem often to be problems with trying to fit into a corporate culture and a corporate culture not even in the same country as we are,” said Tony Podesta, founder of the Podesta Group.
Read the whole story at http://www.politico.com/news/stories/0612/77820.html#ixzz1z0P97eFi