Former Thelen partner Tom Glascock here, reminding you that Elie is a donut eating lardass and you should fear the Glass Cock.

Thirdsty!

Bring back Lat. Death to the fat, slow one.

I hear they are GLBT friendly.

McKee Nelson is not a real firm. I have never heard of it.

This will not be good news. McKee Nelson has not had a good year. Gotta be either another dissolution, or they're merging into another firm.

Scary to think just a few years ago they were up-and-coming big guns, with huge profits.

Google bomb the Glass cock ! Watch it shatter like the self esteem of a fat teen girl dating Jimmy Norton, or Elie passing a gym !

I knew these guys were doomed back in August 2007 during OCI's. Do they even have a litigation practice? What a bubble firm.

I knew these guys were doomed back in August 2007 during OCI's. Do they even have a litigation practice? Just another bubble firm in a post-bubble world.

Are we looking at a McKee Nelson / Thelen merger situation here?

Real insightful 9, 10

A little about McKee Nelson for "those who have never heard of them."

They are a high-end capital markets and tax firm. They have basically grown by poaching many of the best partners from this practice area from other firms. These partners brought with them top clients.

McKee caters basically directly to Wall Street/financial firms. They were formed in 1999, and experienced massive growth in the years following, having extremely impressive PPP and profits per lawyer. Obviously though in the last ~2 years this crazy growth and stopped (and possibly reversed) due to the economic downturn.

They had a controversial "voluntary leave" program for all associates that wanted to participate about a year ago, offering them some pay if they would take time off from the firm until the economy picked up (I don't remember the specific details, but it was on ATL). Everyone knows they've had a rough time recently, but the question was whether their impressive success prior built enough of a base for them to survive the recession. My guess is "no."

Actually I second 9/10's comment. That's when their structured finance group got into trouble and they tried to find litigators to keep afloat.

What, no stories about k..oh wait, you don't care.

Fine then.

This would never happen to The Ass of Cravath.

They laid peeps off this morning. Meeting will be to let everyone know and reassure those left.

Elie-Just report, we don't need your useless conjecture.

Having JPMorgan in the stable might save them from dissolution. Depends what kind of work it is though. I would guess there is a lot to be done as JPM tries to absorb both Bear and WaMu. Don't know if McKee is in on any of that stuff.

Sounds like they are. From the McKee Nelson website:

JPMorgan Chase, one of the world's leading financial institutions, relied on our Corporate/Finance and Tax teams to handle a critical aspect of its acquisition of Bear Stearns – the sale of a portfolio of assets formerly owned by Bear Stearns to a newly-formed Delaware limited liability company (LLC), the sole managing member of which is the Federal Reserve Bank of New York. The LLC purchased the assets with the proceeds of two loans, one from the New York Fed in the amount of $28.82 billion and the other from JPMorgan Chase in the amount of $1.15 billion. The portfolio of assets is pledged to secure the repayment of the loans and will be managed by BlackRock Financial Management, Inc. under guidelines established by the New York Fed.

the managing partner is Willie Nelson... does no one see the tax irony there?

Merger with TPW anyone???

Mass layoffs...cutting 10% of associate ranks.

Credit seizure has left no structured finance work...

JPM is moving business to another firm...T10...

And the announcement is....

Scooped again Mystal (and I am not talking about ice cream). Announcement is layoffs:

http://blogs.wsj.com/law/2008/11/03/mckee-nelson-fires-attorneys-and-staff-founder-optimistic/

The news in BigLaw has been pretty dour of late, what with firms folding on the Left Coast and countless others laying off lawyers.

McKee Nelson is the latest to suffer a setback, announcing today that it fired 17 corporate finance associates and 15 staff. The layoffs are a result of a steep decline in one of the firm’s biggest practices — structuring mortgage-backed and asset-backed securitizations

“This is market driven, not the fault of these kids,” firm co-founder William Nelson told the Law Blog. About this time last year, we noted that McKee Nelson encouraged associates and counsel to take sabbaticals, consider changing practice groups or leave the firm.

McKee Nelson previously had re-located 24 attorneys, who had voluntarily agreed to leave. With the latest departures, the firm is down to 174 lawyers from a high of more than 200. Its profits-per-partner will be down this year by about 10 percent, Nelson says.

But things are looking up, he believes, thanks to bailout efforts by the U.S. and foreign governments. “What we are beginning to feel, for the first time in about 16 months, is a little bit of energy as things feel like they have bottomed out.”

Nelson says the firm’s other practices, including tax, litigation and white collar, are doing well, generating in excess of $1 million in revenue per lawyer. “We’ll get right back up to the top,” he says.

These layoffs are in what city?

Elie is missing another big story right now..... hint hint.

Is Nathan Koppel related to the hairpiece formerly known as Ted Koppel?

WSJ law blog is my first stop from now on.

Seriously, 30 is right.

Actually 23 scooped everyone (even WSJ by 4 minutes).

Fuck Elie, you shitty shit.

I thought it would an announcement that refrigerators were being cleaned this Friday.

Are people seriously surprised that WSJ has superior reporting than an upstart?

Get your heads outta your TTTs.

I love the claim that the crisis has bottomed out. On a related note, why am I commenting on a blog that doesn't even have the story?

JPM moving business??? Is that confirmed?

"We'll let you know where the chips fall."

Liar!

To: David Lat
From: Big Law Associate

This is a time of crisis in the legal profession. We need inspired leadership during this critical time. NYC is going to bring back Mike Bloomberg, ATL needs to bring back David Lat.

Thank you 33. This board is full of ass clowns!

It's good news just as Elie predicted, right guys?

Right?

@35...some of it - enough to sour longer term prospects for MN...

40 -

Propsects sour for Minnesota? Does this have to do with Franken???

I laughed at 37 (and I support his proposal).

skizzoopp wsj law blog

Why does McKee Nelson's website list some of the associates as "Law Clerks"?

Elie--the update needs to be posted on the main page, not buried "after the jump". Also give credit to the WSJ law blog for scooping you.

44 -

You are a TTT douche. If they're listed as "law clerks," then are they "associates"???

And is it that hard to figure out? No bar results? Bad bar results? Otherwise not employed as associates?

Go back to posting comments about how your shocked -- shocked!! -- that WSJ could "scoop" an upstart law blog.

46-
WRONG. These people were at one time listed as associates. Their titles changed in the last 12 months.

rules in DC changed so now unless you are admitted in DC you are listed as a clerk until you are admitted. thus there are attorneys who are admitted in NY but still listed as clerks. they are all associates

47 -

You're wrong, ass-clown. There's no former associates listed as "law clerks."

Also, way to hawk MN's website, Capitan Sparetime.

HAAAAAAAA!!!!

46, you are an idiot.

No, I am the idiot. I didn't know that about DC.

-46

ROLL TIDE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

what is roll tide? sounds idiotic

32--actually, 17 scooped 23. By a good 50 minutes.