What’s Up at Milbank Tweed?
(Parental leave, for one thing.)
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.
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Comments
is this the FIRST firm to make such a promise?
i guess this doesn't include the layoffs that already took place
I would be so damn happy to hear such a promise from my soon-to-be firm.
Of course, any firm, including Milbank, could always end up breaking its promise somewhere down the road, citing drastically changed circumstances and unprecedented hardships.
But such a promise, right now, would nonetheless greatly ameliorate my growing anxiety. This final semester of law school hasn't been as stress free as I had hoped.
Too bad Milbank didn't promise to hire judicial clerks. Sigh.
Milbank should promise to hire more non-ivy grads, like kids from PENN Law.
Well, the economy is on the skids, U.S. troop deaths have topped 4,000 in a country that is now a hopeless terrorist recruiting and training hub, millions of people will lose their homes this year, children and the elderly right down the street don't get enough to eat and can't afford to see a doctor, and I've got $200k+ in student loans - - - with no "Milbank promise" yet from the firm I'll be starting at this fall.
But, in some small way, I am comforted, my day made just a little bit brighter, by a witty Penn/Penn State joke!
Milbank has increased its maternity leave?! I guess that really is the new industry standard.
I will never forget an essay I read by a former junior female associate at Milbank who had gotten pregnant and was essentially punished for it by the partners of the firm, and ultimately was forced to leave b/c of it. I don't know the person who wrote it, or if she is legit, but I do know it worried me when I considered getting pregnant as a junior associate (not at Milbank but at a top NYC firm). With that caveat, here is the essay she wrote: msmorality.blogspot.com/Beyond%20the%20Empty%20Promises.doc
If the link doesn't work, Google: "second year associate pregnant milbank."
"It appears that Milbank has effectively made a "no layoffs" promise."
I am impressed. Finally, a law firm that acts like one instead of an investment bank.
Funny how things have changed--Instead of hoping for the first New York to 190 announcement and for your firm to follow that, now the hope is that your firm will follow the Milbank "no layoff" promise.
The heard way, huh?
Is that how WLRK taught you to control your work product, Lat?
Based on the story now running over on the WSJ's law blog, even WLRK lawyers make (big, huge) written mistakes...
10:21 - It says "the hard way" for me.
10:31, there's a nifty feature in the software that allows Lat to edit his errors. I could write you a couple snippets of code to let you do the same thing. It would be really super easy.
10:44 you sound really smart. Did you go to the school of engineering at PENN State Philly Campus (PSPC)?
I hear they have classes in mechanical engineering, electrical engineering, nursing, typing, hospital records prep, and gunsmithing. Financial aid is available to those who qualify.
10:54, I did! How did you know?!
Bob Dell made a similar statement to LW associates last week in the state of the firm teleconference. I was quite happy to hear it.
Yet another reason I'm glad I went to Cravath. I don't have to worry about this sort of thing.
Plus you work Wachtell hours for Milbank wages!
At least I don't have to worry that my "Milbank" wages will be reduced to "laid-off Cadwalader associate wages."
Woo hoo! Milbank rocks.
I thought the hospital records prep and gunsmithing were being taught at the Warden School? Do you have to apply to that school separately to take those classes?
whats up with sidley these days? i chose milbank over sidley and was wondering if they are as "safe" as i am now
This shows real class on Milbank's part, and will not be forgotten.
They should move up in the Vault guide next year.
I agree... this is pretty baller. I like that they are also committing to retaining their summer hires and cutting down on laterals. That indicates more faith in their summers and should help morale for junior associates.
Ditto as to the last three posts.
Milbank is a TTT firm, and its promise counts for nothing, as it won't affect the significant players in the market.
4th or 5th highest PPP makes Milbank a "TTT firm" and an insignificant player? i don't follow, 2:42.
I love hearing this from my summer employer!!
Woo-hoo! This is awesome to hear.
Oh and 9:44 AM, I'm not at an IVY.
Great news and smart way to get some good publicity. Nice job Mel.
I can't believe this thread has been such a dud. Given the anxiety out there (or in here?), one would think we'd see a comments cluster*$%@.
What did all the Milbanker's think about the presentation yesterday?
They definitely didn't reinforce the "Milbank Promise". Seems like things are really slow there.