This article proposes a reflection about the transformation of social work practices in the context of a neoliberal path, particularly in Portugal. Within this context, social workers try to adapt their professional practices combining, by several processes, the core values and goals of the profession and the new demands of efficiency under the so called ‘impact philanthropy’ model. Several paradoxical effects derive from such changes. Not only relevant negative constraints and substantial transformations on the core goals of the profession are emerging, but also new forms of work are being shaped. So, are we witnessing a renewed opportunity to revalue social work (the ‘Phoenix’ moment) or an increased possibility of its depletion and emptiness (the ‘black hole’ moment)? To discuss this thesis are presented data from a study based on interviews with Portuguese social workers about the impacts of neoliberal management assumptions in their practices, as well as their processes of adjustment. Results show, in fact, many impacts (negative and positive) concerning the management of work processes and the conception of the practice’s teleological basis and values. Additionally, adjustment processes or procedures (‘tactical’ or ‘strategic’ adjustment) used by professionals are identified.