Twenty-five years have passed since the events chronicled in 'Less Than Zero', and Clay Easton, now a successful screenwriter, has returned from a brief stint in New York City to Los Angeles, where he's helping to cast his newest movie, The Listeners. But the more things have changed, the more they stay the same, and Clay is soon drifting around in his familiar old circle. There's his vulnerable former girlfriend, Blair, and her husband, Trent, now a high-powered agent but still a bisexual philanderer; and the parties they host at their Beverly Hills mansion are filled with Hollywood types of various levels of fame and fortune and power. There's his childhood friend Julian, a recovering addict running an ultra-discreet, high-class escort service, and their old dealer Rip Millar, reconstructed and face-lifted nearly beyond recognition, who nowadays is involved in activities far more sinister than those of his notorious past. But Clay has demons of his own, and they threaten to destroy him once he becomes involved with Rain Turner, a gorgeous, much younger actress whom he has promised a role in his movie, exploiting her as best he can until he grows emotionally attached. Before long he realizes she has mysterious connections to not only Julian and Rip but also Kelly Montrose, a producer whose gruesomely violent death is suddenly very much the talk of the town. And as Clay's life spirals out of control, he is forced to plumb the dark recesses of his character and fully come to terms with his capacity for betrayal.