Layoff Update: Jenner & Block
There are a couple of updates to this morning’s post about the 10 Jenner & Block partners that have been laid off.
Many people emailed us claiming that six associates were also let go. And there are six associate bios that we expected to see that are no longer on the firm website. But the firm maintains that no associates will be leaving with the partners:
Jenner & Block did not recently lay off six associates and does not plan to do so in the near future.We have a long-standing policy of not publicly commenting on individual personnel matters. As in all law firms, associates join and leave the Firm for various reasons. Some of the associates who have left this year have joined clients as in-house lawyers, some have returned to school, some have joined other law firms. Associates also leave to join the government, work for not-for-profit organizations or personal reasons. Some associates are asked to leave due to performance.
As we’ve suggested before, not every associate departure is a “layoff.” Natural attrition and simple poor performance can cause any individual person to leave a firm. Jenner not only denied the specific associate layoff rumors that we have heard, they also essentially promised that associates were safe. That’s a stronger response than some other firms have offered.
We’ll keep an eye out for “performance reviews” that start to look like patterns.
But is the partner bloodletting finished? After the jump.
Another source reports that partners might still be on the chopping block:
[L]ikely to see more [partners leaving], with significant de-equitization and re-allocation of equity. People at the firm are PISSED that [managing partner Susan] Levy is talking to the press before addressing the firm. The original number we heard was 30. … [A]nyone not in line with the “new regime” [could be] in trouble.
This report is just a rumor. But it is another data point that suggests the “don’t worry be happy” firm meeting was a bit overstated.
Keep your heads on a swivel. More layoff news involving more firms is bound to come forward.
Earlier: Nationwide Layoff Watch: Jenner & Block Cuts … Partners
From the Department of Anticlimax: Jenner & Block
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Comments
FIRST!!!!
What about Foley and Lardner? we need an update.
1, 2 here. I am first!
for the love of god, at least acknowledge the skadden dc rumors.
Any news about Sagman, Bennett, Robbins, Oppenheim and Taft?
Who cares about Jenner & Block? It's a 3 office, TTT, small matter/small rate firm. This blog is supposed to be about "BigLaw" and the related job market, not about every crappy firm that happens to fire a partner or two. You suck Mystal, seriously.
LONG LIVE SKADDEN!!!!!
Elie,
This is so frustrating, it is amazing how crap you are at your job.
Why no follow up on Dechert post, or another Rumor post, that deals with Skadden, Dechert, Charlotte firms in general. That so hard?
Do you only ever post something when a firm gives you a release or a "spokesperson' tells you something on the record? And must you always accept it without question? Report without comment if you must but lines like 'As we've suggested before, not every associate departure is a "layoff." Natural attrition and simple poor performance can cause any individual person to leave a firm.' suggest you are closer to the reported than the reader. We need you to challenge those we cannot because we are nerd associates chained to a desk reading your blog looking for some signs that firms that screw associates are at least being dragged over the coals.
If you agree that ATL should follow up on firms, and should focus on layoffs instead of lawschools, let it be known in these comments.
6: "LONG LIVE SKADDEN"...at least for now. Too bad that doesn't get any coverage here.
The fired J&B lawyers must have been in the "structured finance" or "M&A" practice areas.
You know structured finance: move money around in a paper transaction that has no business purpose, other than to move debt or shit assets off the balance sheet. Then, collect a fee.
Investment bankers + big law transactional/finance types = a royal raping of the taxpayer.
NINTH
Associates are fungible. Laid off associates will get three months severance and be recycled elsewhere. (Whether it be another law firm or as a Walmart greeter.) Such are the facts of life.
I really don't see what the fuss is all about. There are worse things than being laid off.
Use your severance payment to become a scuba diving instructor in Florida.
~In House Counsel
7: HERE, HERE!
What is law school, anyway?
7: HERE, HERE!
What is law school, anyway?
MysTTTal
An economy based on 70 percent consumption eventually will falter and fail. People cannot consume indefinitely. People also can consume capital which is also not a good thing (tm).
Lawyers don't produce anything so it is not a great surprise that they get shafted at the first downturn of the consumption economy.
Enjoy being one of the poors.
5,
If you are going to quote Seinfeld, get it right.
16,
Yes, Art Vandelay, I'll get it right the next time.
In the meantime, NO SOUP FOR YOU!
Question: Are firms that are in the 250-500 lawyer range, which focus almost exclusively on litigation in a different boat than all the firms that dumped tons of resources in the "structured finance" capital markets groups for the past few years? I used to think so, but doesn't Jenner do almost ALL litigation?
Thoughts?
Question: Are firms that are in the 250-500 lawyer range, which focus almost exclusively on litigation in a different boat than all the firms that dumped tons of resources in the "structured finance" capital markets groups for the past few years? I used to think so, but doesn't Jenner do almost ALL litigation?
Thoughts?
Question: Are firms that are in the 250-500 lawyer range, which focus almost exclusively on litigation in a different boat than all the firms that dumped tons of resources in the "structured finance" capital markets groups for the past few years? I used to think so, but doesn't Jenner do almost ALL litigation?
Thoughts?
18, 19, & 20 -- shut the hell up. You're too stupid to work in litigation.
15,
What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.
Skadden DC is fine. I'm sure the Skadden Insider blog would have let us know immediately if anything was amiss.
Elie, what about giving the readers what they want, an actual follow up on Dechert.
Say, Dechert - Rumors of Layoffs Continue.
Despite our weakass acceptance of Dechert's pitiful piece of PR, rumors continue on our site that Dechert has laid off large number of associates and will do so in the future. We have reached out to Dechert for further comment, but they bitchclapped us and told us that they would not answer any of our stinking questions. We followed up with our Dechert contacts who said something may be going on, but it is hard to track exact numbers. We also thought of contacting ehadhunters and partners at other firms in Philly and NY to see if there was a rise of Dechert resumes.....
You know, do actual work and keep pressure on Dechert while also making your loyal readers happy.
21: what?
21: what?
21: what?
Firms that are more litigation oriented, big or small, are likely much more insulated from the the immediate fallout....granted, anything can happen, but straight commercial litigation will continue as usual
18/19/20/25/26/27: Did you miss the following?
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Hey, Billy Madison showed up.
Good work 22.
6:
How is a V55 firm with close to 500 lawyers not biglaw?
I rely on Skadden Insider for all of my news. Too bad it is written by a GULC student living in his mom's basement. Suck it.
Don't feed the skadden trolls, 31.
I guess King &Spalding is attritioning the hell out of itself then. Damn.
WHERE WILL SUSPECTED TERRORISTS, CHILD RAPISTS ON DEATH ROW, AND SODOMITES GET LEGAL COUNSEL FROM??????? IF JENNER IS DYING, THERE IS NO LIBERTY!!!!!!!
If Jenner dies what happens to Kim Kardashian's ass?
Skadden Troll hungry...........no seriously ... I am hungry .....the soup lines in DC are getting really long.....
Jenner & Block? Is that like Jacoby & Meyers?
Just remember the definition of "poor performance" may have something to do "no work in the office". Are you busy? No performance = poor performance.
Nice, 36.
the only firm that will never have layoffs is williams & connolly. they have been very conservative (eg, didn't pay 200k to any swingin d*ck 25 y/o associate who didn't know the difference b/w a stock and a bond, while expecting clients to pay for that crap), they focused on their core competency, and they hired the best and the brightest while resisting the urge to over-grow. as cravath went around hiring 160 summers, w&c has been steady and reasonable.
there will be a bloodletting everywhere else -- stealth or otherwise. yes, even vault 5. vault 5 right now is like the coyote in road runner -- they're still moving forward over the cliff b/c of the momentum from cleaning up the mess. but once that work goes away, they will stop suddenly, look down, frown, and fall very quickly.
It was a good run Skadden DC. So sorry about your little pink website.
seriously -- what's going on at skadden dc??
Little pink website? Wtf does that mean?
Sorry about the auto-ding you received from there 42.
MysTTTal.
na na na na
na na na na
hey hey hey
CHEESE
Oh, and PEANUTS.
HEARD A RUMOR THAT DLA PIPER IS BREAKING UP INTO 7 SMALLER FIRMS -- ONE FOR EACH CONTINENT.
HEARD A RUMOR THAT DLA PIPER IS BREAKING UP INTO 7 SMALLER FIRMS -- ONE FOR EACH CONTINENT.
i just started my own shop in the Bay area. will i be ok? should i lay myself off?
Crickets ...........ding ................crickets.........
50:
Yes. You heard it here first.
50 - only if you are a timekeeper, in which case you should "separate" yourself from the firm. Then, your zero person firm can throw a dissolution party with Heller Ehrman!
HARVARD BEST IN ASIA!
IceMiller is going to buy Dechert.
Jesus Christ, they've got a WOMAN running the firm?? No wonder things are going downhill. I've heard their menstrual blood attracts bears too. You hear that - Bears - you're putting the whole firm at risk.
women = TTT
sooooooo nervous :(
-nervous T-10 1L
Company line or not, if associates weren't shown the door with the partners, they will be next week . . . or next month.
Enough of this story, though. Show me more carnage.
T-10 1L... set your sights a little higher than Jenner. If you wanted to go there, you should have gone to Loyola and saved yourself 150K.
This just in. Economy is cyclical. Law firms also cyclical. More work if boom. Less work if bust. Don't work at TTT. Well-managed firms can still keep everyone relatively busy, even if not 2000 billable busy. If you can't manage your firm, hire an MBA that can.
Associate layoffs at Mayer Brown
Sorry about your little pink website, bro. That sucks.
I don't mean to split hairs, but Skadden's website is really, really red much like Mystal is really really fat.
Tell us more, 62
Yes, 62, please come over here and lay on this couch and tell us more.
Hmmmm, interesting.....
OK.... I figured out what is wrong with you. You were GULCed as a child and are now resentful of said GULCing.
53 - You are "hilarious." I bet you spend all "day" thinking up what to say on ATL. Practicing "law" is the perfect profession for you. "Best."
crickets..........
right now my practice is booming and my salary overfloweth....but i am saving as much as i can for the days when i might not be making 600-800K....no job is forever, no client is forever, etc.
41 -- you work at W&C, or just have a hard-on for it? If you work there, you should be billing at 5:42 pm, not farting around on ATL.
9, please go back to Main Street, find the library, and start reading up on economics.
I had a summer associate suck my cock in the firm library after a cocktail hour this past summer. No joke. I've succeeded in life and do not care if I am laid off.
Is it true that King & Spald are shifting focus north and reducing ATL or is it just some stupid GULC comment?
C'ville ipsa
72 - was he laid off? ;)
74 - Well played.
Mayer Brown has been stealthy laying people off for weeks...... in anticipation of lawsuits I would imagine
...............crickets.......................
72 - yes, i sucked your cock...while your girlfriend licked my balls.
78. ?????
Second #7 -- LAYOFF NEWS!!
Elie, Lat did some actual researching/reporting on occasion. It can't be that hard. Try it.
And monitor the damn comments and delete some please.
Mayer just laid off Brown. Also Skadden de-equitized Arps.
36: It gets f***ed by Reggie Bush.
hth
what is up with all of the Skadden DC rumors? I believe there is more out there than is being reported on ATL!!! Please provide more light to what is going on at the various firms!!!!!!!
should someone with another offer at a V50 Chicago firm rethink accepting at Jenner? I loved the callback and the people, but the layoff issues are making me nervous.
84: if your other offer is from Kirkland, yes. if it's from Skadden, kill yourself now.
I'm also interested in all of the rumors about Skadden DC.
Not that I care about that office, but I love me some skaddenfreude.
Morning quiz. Which firm falls into the following behavior pattern? The shell game is so fascinating and so predictable. Yes, your per partner profits may go up - but only because you've slashed the numerator in the equation. If you fire, de equitize, or otherwise dispose of 15% of your equity partners and at the same time overall profits fall only 8% then per partner profits actually incrase. But even the remaining souls will have to kick in a huge chunk of road apples to re build capital next year. So if your per partner profits go up 10% but you have to take 10% of your after tax net and augment capital - you lose. At best you see that capital when you die, withdraw, retire, etc. Non interest bearing and not guaranteed. Nero fiddles. Rome burns. And only the leaders get to wear asbestos.
87, maybe you should take the day off...
84- I would say that it depends on the firm. Some firms in Chicago would definitely be worth another look given the layoffs at Jenner.
70 -- i could never get w&c (williams & connolly, not white & case obviously)! i was just using them as an example of a well-managed firm that seems to have resisted the temptation to over hire and do stupid stuff. i'm sure there are other such firms but they seem to stand out.
84 here -- looking between jenner, baker, or a few mid size firms that seem very financially stable at the moment (mostly due to what seems to be conservative financial practices).
87 - I think you mean "denominator."
On a separate note, I haven't visited this site in a few weeks, and based on the quality of the posts and the comments, I won't be back for several more.
The truth is that Jenner fired far more than 10 partners over the last few weeks. All the firm cares about is controlling negative publicity while internal morale is at an all time low. Even partners who were not fired are fixing to leave because they feel they will be fired next and/or because they are pissed their friends were fired. Sinking ship.
To 93: Morale is fine.
Avoid Jenner -- it's a sinking ship. Outside of Chicago nobody cares about Jenner.
The Dechert View on "layoffs":
"In my view, layoffs are when you decide to cut headcount. It's not when you decide to replace people with better people." -- Bart Winokur
J&B is an extreme liberal puke hole. They will survive however.
J&B is an extreme liberal puke hole. They will survive however.
The situation at Jenner must be bad. I heard that Jenner is thinking of merging with Thelen.
QUESTION: WHICH CHICAGO LAW FIRM HAS THE MOST BANGABLE SECRETARIES?
QUESTION: WHICH CHICAGO LAW FIRM HAS THE MOST BANGABLE SECRETARIES?
94:
That's BS. I used to work there and still have friends there. According to them, morale is not fine. Quite the opposite. And my new firm has been getting a TON of resumes from Jennerites. Not a sign of high morale.
Mayer Brown in New York has been shedding associates (and partners) at a record number this year. I honestly don't know why I wasn't cut yet, but I'm sure my number will be up come end of the year. I honestly can't believe how many people have just disappeared in these past few months. I'm not even interested in believing whether it was voluntary or not, since everybody is gone and these halls seem more like a morgue than an international law firm.
102: As you say.