Yes, there was a big associates’ meeting at Jenner & Block earlier today. Here’s what happened, according to a source:
1. We’re going up this week. No word on whether there will be compression or whether it will be retro to a certain date. The delay was apparently due to the fact that (a) clients get pissed (they don’t want rate bumps and can’t compete for their own in-house recruits — if solely the former then I’m concerned about our client base), (b) we have a “diffuse” management system (sold as a positive in that not just two people run the firm), and (c) they are running the numbers mid-year. It will NOT be accompanied by any billable increase and no other form of comp will raise.
2. We’re apparently stronger than ever — living on cash (as opposed to loans — apparently most firms run negative in the beginning of the year), litigation is indeed slow, but this is apparently a nation-wide phenomenon and our transactional practices are booming.
3. Partner de-equitizations were “pruning” of old remnants. Still no mention of the fact that this was motivated by the desire to drive up PPP.
He also mentioned that there will be some big lateral additions to the NYC office soon.
All in all, a positive meeting, but it’s still strange that they have taken so much longer than other firms.
Okay, we’re all Jenner-ed out now. Do you work at a Biglaw shop and have some interesting dirt about your workplace to share? If so, please email us.
Earlier: Jenner & Block: From the Associate’s Perspective