Here’s your daily dose of schadenfreude. Associates aren’t the only ones suffering in the economic downturn; partners are getting axed too. From the Chicago Tribune:
Jenner & Block, a top Chicago law firm best known for its trial attorneys, has downsized its partnership for the second time in two years.
At least 10 partners have been told in recent weeks they will have to give up their equity in the firm, with some being asked to leave, according to people familiar with the discussions….
“We periodically review how each of our partners and associates are doing and act on those reviews,” [firm chairman Anton] Valukas said. “It’s nothing different this year than we’ve done in other years.”
Guys at his high school got de-equitized all the time. It was no big deal.
Jenner & Block law firm cuts several partners [Chicago Tribune]