Nationwide Layoff Watch: Thacher Proffitt Announces Likely Future Layoffs
We had been hearing rumors this morning of associate layoffs at Thacher Proffitt & Wood. The rumor mill was claiming that somewhere between 30 to 40 associates were given pink slips by TPW.
As is so often the case, the truth is somewhat different, but the rumors not completely unfounded. Thacher Proffitt has not laid off any associates just yet, and certainly not as many as 40. The firm has, however, notified a smaller number of associates — namely, 24 non-first-year associates — that their being laid off in January is “a near certainty.” It is also encouraging first-year associates in its Structured Finance and Real Estate practice groups to look for other opportunities.
In response to inquiries from us, TPW issued this statement, through a spokesperson:
It is no secret that the credit crisis has deeply affected our Structured Finance and Real Estate practices, which are large practices in our Firm. Therefore, we have taken the painful step of notifying 24 associates in those practice areas that if we do not see a substantial improvement in the market, it is a near certainty that they will be laid off in January strictly for economic reasons.These associates are good, hardworking lawyers that any law firm would be fortunate to have. Unfortunately, these associates are working in areas that are currently slow and that will not be active for some time to come. We are delaying a decision on economic layoffs for as long as we can; however, we believe it would be unfair to the associates potentially affected to give them no warning of this possibility. We are encouraging these associates to seek new opportunities and, should they leave the Firm, we will compensate them through the end of March.
In addition, we have offered first-year associates in our Structured Finance and Real Estate groups a four month severance package should they leave the Firm. They are under no obligation to take this offer, [which] is strictly voluntary; however, we feel it is in these associates’ interest to explore other opportunities as well, as we are concerned that we will not be able to provide them with the best work experience at this formative stage of their careers.
We thank Thacher Proffitt for getting back to us so quickly. And we commend the firm for its candor about the possible layoffs, as well as its praise for the affected associates as lawyers.
If you have any associate layoff news that has not been previously reported, please contact us, by email (subject line: “Nationwide Layoff Watch”). Thanks.
(161) Comments
Comments
It is great to be so FIRST
Thacher Proffitt -- FIRST to lay off substantial numbers.
Interesting that this also affects their real estate associates.
That should be a semicolon before the "however" in the last paragraph of TPW's statement. No wonder they have to lay these doods off.
not fucking first
Good for TPW for being frank about future layoffs (instead of disguising the departures as "performance-based").
Also, severance through the end of March is pretty generous.
I wonder if they'll push out some partners as well?
Thanking my lucky stars I didn't accept their offer....
First! -- to say that Im glad I went into litigation. I clerked and made the decision to go into litigation when TPW and other firms were laying Corp offers at my door. So much for sitting behind a desk "putting together deals" I hope all these laid off associates sue.... Litigation to 190!
Has real estate work dried up also?
Has real estate work dried up also?
Sh*t, I have a friend there. She is a 1st year though, hopefully this will pass her by.
shit shit shit
Rumors of other big firms?
i can see it now: no-offered at end of summer
woahhhhhhhhhhhhhhhh
1:45/1:46
how do you believe commercial real estate is purchased, leased, etc.? with bags of cash?
Thacher's a bit behind the curve when it comes to updating their website. They have openings listed for mid-level Structured Finance and RE laterals!
http://www.tpw.com/careers_jobs.cfm
1:43,
Sanjay from Bangalore will have your job within a year.
Bad situation but very well handled IMO. They could have just laid them off and lied about why. As far as future recruits, this helps the firm a lot.
(1:38) A comma works just fine in the place of a semicolon, grammatically that is correct.
"[Managing Partner] Tvetenstrand admitted that things were bad, but told [associates] that there would be no layoffs or paycuts. He said that the partners would take a hit before they ever did that."
they did indeed handle very well...meanwhile i'm still wondering why nothing has been said about Paul Hastings firing/laying off 4 associates in their NY office a couple of weeks ago. and no i'm not emailing Lat because i already did and he never looked into it
1:38 - It's a semicolon after "voluntary" and not before "however." D Bag.
I agree with 1.41 that TPW should be commended for (a) giving as much advance notice as possible and (b) being candid about the reason for their actions. They have earned a place as one of the good firms in my book, alongside Latham and Cooley.
The bad firms (e.g., Shearman and Wilson Sonsini) should learn from TPW's example. Is there any doubt that Shearman and Wilson Sonsini would have characterized these as performance-based?
Not a good time to hit the job market. Especially if you have like five years of structured finance experience.
Where are they going to apply? McKee Nelson? Oh, wait...
Ditto everyone who finds this to be classy and well-handled.
This is a great example of how the fact that firms' laudry (dirty and otherwise) is now aired for public consumption through sites like this has improved firm behavior. It is much more likely that a firm like TPW would take this humane approach to layoffs given that they know that ATL is going to broadcast any move it makes to the legal public at large. Contrast this with Shearman and Sterling's layoffs a few years back that they claimed were merit-based, and for which Shearman got rightfully skewered.
who are these grammar police losers?
NY to 3-months severance!
1:55-From what group were the attorneys fired?
crap. It was only a matter of time.
Keep in mind that these guys are a factory for structured finance and CMBS and the underlying real estate deals. This is basically ground zero for the slowdown in securitizations. I could be wrong, but I would bet they probably have a very high associate to partner ratio because this work is the kind of thing where you need to have alot of bodies around.
what about being allowed to move to litigation or another practice area? I really doubt someone with a few years SF under the belt is a) going to be set on staying in SF and b) is going to be able to find a job in that field anywhere else right now.
2:03, Nobody wants to pay a 5th year's salary to a 1st year litigator.
Shit, meet fan.
2:02-- from the real estate group
smaller office with a more diverse practice area anyone?
2:03--Nalp for them is as follows:
Structured Finance:
96 assoc 31 partners
Real Estate
43 assoc 8 parners
Firm as a whole
206 assoc 77 partners
when is bob link going start swinging the axe and telling the NYLJ the fired associates were borderline retarded?
That really sucks. Good luck to all those affected.
I think there are other places for these people to go. It will require them to shift gears just slightly, but it is not as if there are no more finance or real estate deals to be done anywhere. I think TPW just had its wagons tied to the CMBS market and was overly dependent (at least as far as those 24 associates are concerned) on that market and probably just a handful of huge clients.
That was a good way to handle it. At least these aren't bogus performance reviews and these associates can look for work elsewhere without a black mark on their record. Decent severance package too. We should all be so fortunate.
When I was interviewing at large NYC firms as a 2L, I specifically asked the finalists (which did not include TWP; I declined their offer earlier in the process) how the firm handled the economic slowdown in 2000, and how they would handle a market downturn vis a vis associate numbers. The partner at the firm whose offer I accepted told me that my firm has never laid off associates and never would, and that partners would take a cut before associates. I admire and credit TPW's handling of the situation there, but I would not have gone to a firm unless I received the assurance I got here.
Does anyone think these two Ohio cases may make mortgage securitization much harder to do in the future?
2007 U.S. Dist. LEXIS 84011
2007 U.S. Dist. LEXIS 84569
these SF credit scams are the reason the economy is taking a bit hit now. are people really surprised the enablers of these practices are going to be hurting for business now that the jig is up?
Does anyone think these two Ohio cases may make mortgage securitization much harder to do in the future?
2007 U.S. Dist. LEXIS 84011
2007 U.S. Dist. LEXIS 84569
2:28
Sorry, I will not write your law review note for you.
what happened at Paul Hastings??? Can someone please explain in detail??? ALSO whay was there no mention of this
Hey, 2:24, nice to be gullible. Every firm has laid off folks, altho usually they just "encourage" people to look for work elsewhere. The assurance you got was worth the paper it was written on.
Associate @2:24 - I call BS... while the partners may take the initial hit (which I am sure they did at TPW too), you will be gone if things don't pick up after a half a year or so.
"The partner at the firm whose offer I accepted told me that my firm has never laid off associates and never would, and that partners would take a cut before associates. I admire and credit TPW's handling of the situation there, but I would not have gone to a firm unless I received the assurance I got here."
Thank you. I don't find anything especially admirable about laying off associates based on business decisions made by partners, nor do I find three-months severance all that generous. I guess this is better than "You're fired--beat it," but not by much.
All the groveling admiration here is a sad testimony to how debased people's expectations of their worklives in this country have become.
never heard of this firm. what's with this lately Lat?
2:33 is an idiot.
Do you think if you go to a more elite school, like Seton Hall or Fordham or Hofstra there is less of a chance you will be laid off? Or is this striclty based on work product - and what if you are a hot girl :)
2:33
Maybe you should just RSS feed the Cravath intranet to your browser, lest a crap firm like Kirkland or Watchell interfere with your Supreme Court clerkship.
1:54 - When was that quote from, and where was it published?!?
Ha ha, funny quote in the first case:
The Court will illustrate in simple terms its decision: "Fluidity of the market" -- "X" dollars, "contractual arrangements [*10] between institutions and counsel" -- "X" dollars, "purchasing mortgages in bulk and securitizing" -- "X" dollars, "rush to file, slow to record after judgment" -- "X" dollars, "the jurisdictional integrity of United States District Court" -- "Priceless."
Hof1L - seriously, joke's over. It was funny yesterday, but now it's just tired.
I doubt people from Hofstra even start off as associates. Most likely partner, if not Chairman.
Ha ha, funny quote in the first case:
The Court will illustrate in simple terms its decision: "Fluidity of the market" -- "X" dollars, "contractual arrangements [*10] between institutions and counsel" -- "X" dollars, "purchasing mortgages in bulk and securitizing" -- "X" dollars, "rush to file, slow to record after judgment" -- "X" dollars, "the jurisdictional integrity of United States District Court" -- "Priceless."
Ha ha, funny quote in the first case:
The Court will illustrate in simple terms its decision: "Fluidity of the market" -- "X" dollars, "contractual arrangements [*10] between institutions and counsel" -- "X" dollars, "purchasing mortgages in bulk and securitizing" -- "X" dollars, "rush to file, slow to record after judgment" -- "X" dollars, "the jurisdictional integrity of United States District Court" -- "Priceless."
"All the groveling admiration here is a sad testimony to how debased people's expectations of their worklives in this country have become." - 2:31
You seriously have a skewed view of things. This is one of the most generous and humane messages regarding layoffs I've seen, in law or elsewhere. I've at companies (not legal) where layoffs weren't handled so well. What do you want instead? A one year severance package? Seriously, what?
Lat, why are you not drawing attention to the TPW backflip on layoffs? Remember what you reported them saying: http://www.abovethelaw.com/2007/10/nationwide_layoff_slowdown_wat.php
One official statement and the firm has you in their pocket?
I didn't think Hof1L's joke was funny the first day. Its been done so many times.
2:33/2:42 - Its not even that 2:33 is elitist, its that he clearly doesn't know crap.
Wait a minute, is Hofstra 1L a hot girl? That totally changes everything!
1:55/2:09 - were associates given reasons for layoffs? class year(s) of associates?
Please dont mention Fordham in the same breath let alone sentence as Hofstra...
"All the groveling admiration here is a sad testimony to how debased people's expectations of their worklives in this country have become." - 2:31
These comments are obviously attributable to severe cases of Battered Associates Syndrome.
2:47 at 2:31:
Yes, 2:31 what would be suitable for you when you get laid off?
I know Hof1L is just being an ass, but I am serious when I ask how they decided on the 24 non-first year layoffs? Another poster said there were about 140 associates netween real estate and SF, so how do they select these 24? Did these 24 only work for clients that are not giving work? Are they from lower tiered schools? Overall were their reviews worse or hours less? Anyone know why these folks were selected and the other 75 were not (This is being generous and assuming 40 are first years and safe from the lay-offs).
In an economic downturn, there's no difference at all between Shearman calling their firings "merit-based" several years ago and Thacher calling them "economic-based" this morning. What, do you think Thacher chose the fired associates at random? It's exactly the same thing, just called a different name. There's no substantive distinction.
Big F*cking suprise.
Personally, I'd prefer not be fired. I'm not going to jump for joy and clap my hands like a demented circus monkey because I'm thrown a couple of months of severance while being booted out the door.
Of course, since I do exec comp, I have a much better understanding than most of just how generous a severance package can be; I also recognize that unless a firm is facing bankruptcy, it always has choices during economic downturns other than layoffs--layoffs have just become the EASY choice, precisely because of the "thank you sir, may I have another?" masochism of American employees, who cheerfully applaud "classy" layoff announcements. Pathetic.
awkward silence
2:58 - there is definitely a distinction, even though, as you point out, firms generally shed the weakest performers when they lay people off. "Merit-based" firings imply that the primary reason for the firing was the associates' incompitence. "Economic based" layoffs imply that but for problems in the credit market these individuals would still have jobs because they are good workers. All the difference in the world in getting a new job for those unlucky souls
Man these rich partners sure are protecting their fat profits in a humane way.
re PH, a second year, two mid and a senior, not sure about their years, all real estate and all on the same day. word is that it was performance related. the firm did not issue any formal communication, but it's common knowledge amongst the NY associates at least.
2:58 - except that the firm is not doing a hatchet job on them in addition to firing them in an attempt to maintain an "All is well" PR front. That's a BIG difference.
Sure, fired is fired, I get it. It sucks. But places are going to be a lot more receptive to your resume if the message from your former employer is "Good attorney, just didn't have enough work to keep everyone" instead of "We fired him/her because he/she sucked."
Word is BIGLAW associates in Charlotte are sweating bullets. All the BIGLAW firms from NYC/CHI/PHILLY do almost exclusively finance work and are rumored to be VERY slow right now.
They've had the best deal in BIGLAW going for the last 2 yrs. Now its time to pay the piper...
Atlanta Rocks??? Charlotte the best deal? How about Texas. Diverse practice and higher salaries. No state income tax and cheap housing etc.
Charlotte is in deep shit.
2:31/3:07: Associates aren't executives and shouldn't expect executive severance packages. Go talk to the labor lawyer down the hall about how common employees like you are normally treated. This was generous.
Sucks for the firm. Maybe they should change their name to Thacher No-Proffitt & Wood.
2:31/3:07: Associates aren't executives and shouldn't expect executive severance packages. __________________________________
Yup, I'm sure that's what you'll say as you creep out with your box of files and your little check.
3:19 & 3:23 - you are correct in your assessment. I would say the feeling amongst biglaw associates in Charlotte is one of great unease. We have been doing the 10 to 4 work day for 4 or 5 months now and it's getting very very scary. So far the only firings have come in the from of paralegals, secretaries and some underperforming associates have waked on their own accord. Time will tell.
Are common employees expected to bill in excess of 2100 hours a year and be available day/night/weekends, 3:24? Um. No. Associates certainly are asked to sacrifice their lives to work like executives -- their should be some protection in downturns in exchange.
3:35 - everyone was thinking it.
crapper proffitt & wood
thacher no-profitt & wood
this is bad.
It is a good time to be a bankruptcy associate.
We don't need no water let these mofos burn.
Hey 3:46, where did you get this sense of entitlement? You are only worth what people are willing to pay.
Sucks to be Seyfarth and TPW associates today. What lesson have we all learned, kids?
Associates are fungible. Anyone who thinks that they should be exempt from layoffs in economic doldrums simply because they're being asked to bill in excess of 2000 hours and be available 24/7 according to the whims of the partners and, otherwise, have no life other than the firm, are deluding themselves. Partners will protect their pocketbooks first and foremost and you are simply employees, albeit well paid ones.
Sucks to be biglaw firm associates these days. The warning sign is out there and it's blinking faster and faster, especially for those Charlotte losers.
now that's a special bonus
P.S., was it blatantly obvious how jealous I am of all those who cracked biglaw?
3:57 - this is not necessarily the case. In the last real estate related downturn (in the early-mid 1990's in most places), there were lots of bad loans and deals that fell apart and the RE and lenders lawyers did workouts, foreclosures and bankruptcies. This one is more about the general tightening of markets and the pace of deals slowing down, so I don't think there is as much workout/bankruptcy stuff to deal with - otherwise I'm sure TPW and others would start doing it wherever they could....
FRAT STUD > JT > SLJ > WGWAG > L2L > Al Gore > Hof1L....
Am I missing anyone??? Lat, how about a poll for most notorious ATL character???
Sorry, 4:07, but I am a big-law refugee that saw the light.
You, on the other hand, are obviously too stupid for your current job. I'll bet you'll be sacked for excessive posting here.
I'm glad I turned down by summer offer there. Wonder how far this is going to spread
Merry Christmas!
Seriously, couldn't the firm have waited until after the holidays then told the associates they had until March? Jerks.
Partner Scrooge--Ditto!
3:10 pm and 3:14 pm:
The implication is the same whatever the firm calls it. That TPW calls this "economic based" is merely a tactful way of distracting from the fact that in a severe industry downturn, the worst performers get canned. Shearman bluntly called it by its name (to its detriment) and TPW was a little more tactful about it. Nonetheless, it's the same thing.
Solo Practitioner has schizophrenia?
4:17-
You missed ANON- who is this ANON guy anyways? He seems to post the most.
My favorites are bench presser guy and the Oh Noes! guy. I miss them.
4:17
How about GALLION OUT!
I would say BENCH PRESSER > FRAT STUD, although given the similarity of their posts and since I have not seen them post at the same time, they could be two different aliases for the same person???
Not to mention Bitchy McBitchington III
Regarding the four laid-off Paul Hastings associates, all four of 'em pretty much sucked except for one. That one was very nice, but wasn't nearly performing at 'em's class year. Conclusion: all performance based.
U are ALL going to lose your jobs -- M&A, Secs, banking, SF, Derivatives, investment management -- ALL going down the tubes!!!
To 4:23: personally, I would much rather have the extra heads-up time to start looking than have them wait till after new year's. (And I'd also rather know that this was the year to knit scarves for xmas presents . . .)
What will happen to 3Ls who have already accepted offers to join TPW next year?
5:38 = works at some crap insurance litigation shop and is still mad at the world he couldn't get a job as a transactional attorney at biglaw
McKee Nelson is looking pretty good now, in hindsight. They were much more generous and much more sensitive.
There is one Bench Presser. I did find inspiration from another, but not that Frat guy. I'm large but no steak-head.
I heard derivatives is pretty busy, no?
Any layoff rumors at the other big Securitization practices (Sidley comes to mind)?
I guess it was only a matter of time. The SF folk I met at TPW seemed genuinely nice and intelligent. My condolences.
5:50 - That's a good question that I would also like an answer to.
5:50 - That's a good question that I would also like an answer to.
I hear that would be PR suicide to rescind accepted offers. My guess is that they hire you and then fire you. But, I think rescinding the offers would be absolutely the last resort.
Sorry to be a downer, 7:10, but it happened after the dot com bust and it will happen again if the other choice is for partners to take a huge hit in the pocket. PR-wise, hiring a first year and then firing them a few months later doesn't look much better than a rescinded offer.
With that having been said, I started at a firm in 2002 and the firm's needs had changed drastically since the time that offers were handed out, due to 9/11 and the dot com crisis. My firm did assign some of the new first years to different practice groups but did not rescind any offers or fire anyone. Although, there were definitely some first years with next to no work, there seemed to be some encouragement to those people not to plan on a long-term career at the firm, and most of them had left the firm within 1-2 years.
3:13/5:21 - all were economic decisions. They took on 7 first years in that dept this year and with RE on a downturn, had to let some people go. however, nobody was surprised by the younger two, but the more senior two were unexpected and their departure is being viewed as more economic/political than anything else. damn shame it came out on this board - finding a new position just got tougher for them.
i can haz job?
TPW is an awful place with horrible people (partners). The managing partner told the structured associates about 3 months ago in an unsolicited meeting, "no one will be laid off here for economic reasons. You have my word on that. The partners will take the hit first."
Guess when the hit means they can't keep their boat in the water next spring on the LI sound they need to rethink - call for a mulligan. Sorry for the associates, but I won't mind watching their ppp drop, drop, drop.
9:56 - where do you get your info about it being an awful place, etc.?
It's pretty obvious that the glowing comments on this board about the way the partnership handled the situation were written by Thacher partners and the HR department. What a pathetic attempt at spin doctoring today's massacre. Good luck getting any law student worth his salt to work there in the next 10 years.
This decision will not impact 3Ls. TPW has too much to lose if they tell 3Ls that their jobs no longer exist. Recruit will get destroyed this semester as many kids will jump ship before the NALP deadline.
It will also kill future recruiting because kids will not accept their offers since TPW will be the only firm in the last few years to take back job offers.
5:50... this is only the first round of cuts. those with offers should run far, far away from this sinking ship.
Any guesses as to whether other firms with large mbs practices will also being laying associates off? I ask this with some trepidation, as I've recently accepted an offer at one such firm.
They may as well have fired them all. Any good associate left at TPW will no doubt lateral somewhere soon in order to avoid the same or worse fate (i.e., fired w/o severance).
I heard that they're ppp will be half of 2006. Any partner with portable clients is no doubt looking now too.
Writing is on the wall ... RUN!
Still don't get why CC gets killed for firing 6 people while TPW's getting praised for firing four times as many.
To 10:58. It's because TPW "paid off" abovethelaw by responding to the request for info, so the site is giving them praise instead of recognizing the greed and selfishness at play.
Balancing test for TPW partners - fire 25% of our associates or take a pay cut. I guess we know which weighed more here.
Yeah, Lat -- where's the love? I think you're great, but show some solidarity instead of complimenting TPW on their "candor."
Thacher Profitt had its 15 minutes of fame while their profits inflated with the mortgage market. Now that's over and it's back to obscurity and bargain basement salaries.
TPW just expanded its offices. guess they bit off more than they could chew. good luck paying the rent!
2:52 - word is that for the most part, low billers got the axe. let that be a lesson to pad your hours like crazy.
there are very good guesses out there. two words.....
what a filthy toilet firm
Layoff effective Jan 31. Pay through March is TWO MONTHS severance. That's nice, especially after the Managing Partner stated "NO LAYOFFS" in Oct. TPW is SO GENEROUS and should be commended. (That was sarcasm BTW.)
I should have padded my hours!!!
McKee Nelson is looking pretty good now, in hindsight. They were much more generous and much more sensitive.
What do you mean by "sensitive"? Did MN hold you while you cried?
Any thoughts as to what this could mean for 2L summers? No-offers at these types of firms? Or did they anticipate a slowdown/will expect work to pick up again by 2009
Associates are at will employees. That means that they can be fired or leave at will. Firms do not owe associates severance, notice, or justifications. Any benefits provided by firms should be applauded. Comparing associates to executives is comparing apples and oranges. Executives have separate written employment contracts that detail the manner in which their employment can be terminated. Working a lot does not convert an at will fungible employee into an executive.
LOL@"Any benefits provided by firms should be applauded."
We thank Thacher Proffitt for getting back to us so quickly.
Can the first year associates being asked to consider leaving really find other jobs at this point - if they've been working for 2 months and probably haven't gained much experience since the market has been crap??
It's now just Thacher & Wood. There is no longer any Proffitt.
So does this mean TPW won't be giving out bonuses this year? Fire 24 associates, save the bonuses? Fire 24 associates and cut the bonuses?
Doesn't it seem like TPW would lose a lot of people (beyond the 24 fired associates and the first years being offered packages) in light of the current conditions at the firm?
Considering three major players have been affected (Clifford Chance, McKee, TPW), you have to expect Cadwalader, Sidley, Milbank, etc. are next, if they haven't already begun quietly paring down.
I doubt if everyone effected will announce, if they can at all avoid it. Just the usual "quietly asked to leave," etc.
Let's hear some reasons why firms would announce layoffs now? Typically, firm's have high attrition at the beginning of the year after bonuses hit.
If a firm is looking to get rid of associates, why not wait until the New Year to see how many are left after the normal attrition cycle? Is it a matter of screwing people out of bonuses? Or do these firms know that even with the normal attrition, they need to cut people loose?
Some of the other heavies in the securitization field may be waiting to see which associates leave of their own accord, or with some gentle nudging (which could save them the negative PR of layoffs). Although, I don't know where these people would go. Are there any in-house jobs left for people in this practice area?
I am so scared that I will not get an offer at the end of this summer because of all this crap.
One way to increase your odds of getting and offer at the end of your 2L summer is to (i) actually be productive at work and help out the productive (non-summer) associates; (ii) don't act like an a** at summer events; and (iii) do not steal the Swiss Miss.
Follow these three rules and you will most certainly increase your chances of getting an offer.
To Scared 2L: You have good reason to be scared. I predict only those summer associates from the top schools will get hired after this summer. Just like 1990.
Whether you think TPW is justified b/c it's just a business, etc., etc. or think they handled this poorly, no one should be lauding them for their "honesty" now when they straight lied to their associates just last month.
There's no admirable business sense about that, nor can you spin it away. It was sloppy and demonstrates incompetence and waffling on the part of the partners. Not what I'd look for as a client or associate.
Whether you think TPW is justified b/c it's just a business, etc., etc. or think they handled this poorly, no one should be lauding them for their "honesty" now when they straight lied to their associates just last month.
There's no admirable business sense about that, nor can you spin it away. It was sloppy and demonstrates incompetence and waffling on the part of the partners. Not what I'd look for as a client or associate.
Thacher Proffitt & Flaccid
Thacher Proffitt & Flaccid
Can someone please tell me which firms will be likely to fire associates?
I AM FREAKING OUT!
Likely to fire, best guess:
Cadwalader
Sidley
Pretty much anyone w/significant MBS practices.
Are firms more likely to no-offer summers or to fire associates?
LOL. Obviously they are more likely to NOT make offers to summers. Come on...
Hey 2L
YOU WON'T BE GETTING ANY OFFERS!!! HAHAHA
Hey 2L
YOU WON'T BE GETTING ANY OFFERS!!! HAHAHA
Hey 2L
YOU WON'T BE GETTING ANY OFFERS!!! HAHAHA
We get treated better when we expect to be treated better. Let's keep the profressional standard up and stay up, shall we?