Despite the recent turmoil in the economy and the stock market, all appears to be well at Milbank Tweed Hadley McCloy. A tipster provided us with the highlights of chairman Mel Immergut’s “State of the Firm” address from last week:
1. Primary caregiver leave is now 18 weeks paid.
2. Blackberries will get replaced every two years instead of three.
3. “We’re not getting fired.”
It appears that Milbank has effectively made a “no layoffs” promise. It learned that lesson the hard way:
Mel stressed that in the last downturn, they had slowed hiring, and then found themselves at a loss for mid-level associates when things picked up later. So the plan is to continue to hire new people (our summer program is the largest to date at 100+) and retain, but not really hire laterals.
Will other firms make a similar pledge? We’ll see.