Nationwide Pay Raise Freeze Watch: Latham & Watkins
If you liked your 2008 salary, you’re going to love your 2009 salary. Latham & Watkins just sent around this email about 2009 associate compensation:
The world economy is experiencing unforeseen and unprecedented dislocations. Our clients are feeling those impacts and the legal community is not immune. The Executive Committee has spent the last few weeks discussing these critical issues in the context of planning for 2009. While we anticipate that the diversity of our practices and global reach will serve us well in the year to come, it seems clear that the global economy will continue to be challenged at least through 2009. As a result, we are modifying associate compensation as part of a prudent business strategy.
Effective January 1, 2009, associates moving to the next class year will continue to receive the same base compensation as they received in 2008. Please do not hesitate to contact your local Associates Committee members if you have any questions about the resulting salary scales.
We expect as a general matter to continue to reward outstanding performances through our merit-based bonus pool. As in previous years, we will announce bonuses in late January.
We are confident that by continuing to work together we will be well positioned to succeed in the face of the economic challenges that lie ahead. We thank each of you for your many contributions to the firm.
Freezing salaries is now part of the “market.” The latest associate pay raise is effectively being undone.
After the jump, what was that about bonuses?
Unlike other firms that have taken a stroll down salary freeze lane, Latham & Watkins doesn’t indicate that it will reconsider the pay freeze based on how 2009 shapes up. Other firms had said that they would review associate pay increases in March 2009 (or later).
The LW memo also really puts a damper on 2008 associate bonuses. “We expect as a general matter to continue to reward outstanding performances through our merit-based bonus pool” lays the groundwork not only for Half-Skadden (or less) bonuses, but all but promises that some people will be left out of the bonus pool entirely.
Moreover, with its references to “unforeseen and unprecedented dislocations,” the memo makes it sound like Latham associates should prepare for some difficult times ahead.
A tipster puts the bonus situation aptly:
[W]e’re assuming that our bonuses this year will be somewhere in the range of a $10 Starbucks card to… being allowed to collect a paycheck.
Layoffs, low bonuses, salary freezes, and dissolution: the four horsemen of the economic crisis continue to ride roughshod over Biglaw associates.
Earlier: Prior ATL coverage of salary freezes
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Fiirst!
LATHAM????
Okay, now this is getting scary.
furst.
Holy shit. LaTTTham & WaTTTkins.
Cheap bastards. they should just can the 1200 hour billing juniors.
holy sh!t
these pretzels are making me firsty
How stupid does Skadden look?
Fuckers
these pretzels are making me foursty
Holy shit. LaTTTham & WaTTTkins.
there was a follow up email with the actual salaries listed.
Next up: Wachtel announces half-Skadden bonuses.
yikes
What about the billing rates? frozen too?
SkaddenDC just became the big swinging dick in town. Line forms around the corner ladies....
This is fucking unbelievable. Why does Latham hate our freedom?
Man. I wanted to work at Latham so bad, and I got dinged. That air I felt must have been the bullet whizzing by.
They overpaid for partners in the lateral hiring market. This is the result.
latham also has 2,300 attorneys, hopefully the top firms in the 500-1300 range won't have to result to such tactics before laying people off
Oh, come on, everyone knows Latham canned huge numbers of associates in the 90s after the junk bond/S&L mess, this should hardly come as a surprise. Christ people's memories are short.
Holy f@$k. Latham is a bunch of cheap bastards. Why would anyone work there. They slave you into the ground and then are the first to screw people in salary? Where is the memo about reduced hours requirements? Unbelievable. Worst associate treatment of all the big shops. "The associates committee determined,..." Yea right....the partners determined.
This just became quite scary.
LaTTTham and WaTTTkins will not necessarily set the "market" on 2009 salaries. I have spoken with partners who are in a position to know and make these types of decisions at my firm (same area as LaTTTham) on the Vault list) and am assured (a) they know some firms will so this, and (b) my firm is not expecting to follow suit.
LaTTTham doesn't set the market.
But aren't the billing rates going up? Mine is going up to $510 from $460. I want my raise (and the Skadden bonus).... :-(
Again, still giggling maniacally about my good fortune in living and working in Texas (Ft Worth).
Why is the URL for this post reed_smith_salary_freeze.php? That's a different firm. Just wondering.
Was the Latham memo a hoax? WTF?
Holy f@$k. Latham is a bunch of cheap bastards. Why would anyone work there. They slave you into the ground and then are the first to screw people in salary? Where is the memo about reduced hours requirements? Unbelievable. Worst associate treatment of all the big shops. "The associates committee determined,..." Yea right....the partners determined.
Well, the $64k question is whether others follow suit, because Latham, and not some shithole, did it?
Holy f@$k. Latham is a bunch of cheap bastards. Why would anyone work there. They slave you into the ground and then are the first to screw people in salary? Where is the memo about reduced hours requirements? Unbelievable. Worst associate treatment of all the big shops. "The associates committee determined,..." Yea right....the partners determined.
So, here's the question posed by all the salary freezes: If the classes of 2007 and 2008 are being kept at the same level, what happens with the class of 2009? Do they come in at $160,000 as well, or is their salary reduced so as to create an actual pay scale for junior associates?
Why is the http address for this post "reed_smith_salary_freeze"???
wow, latham is the first elite firm to take such drastic measures...
(that is, aside from halving bonuses, which, it should be noted, is more drastic - at least for juniors - than a salary freeze. 17,500>10,000.)
This memo is plainly ambiguous. It, on its face, applies only to "associates moving ahead to the next class year." What about the associates that are not moving on to the next class year, huh? Losers.
response to 5:
that's coming in january
NONE of the summers at Latham in NYC had any real work to do (insert joke about how this is normal). Maybe their business was unusually bad even ITE.
I wouldn't brag about living in Fort Worth. Sheethole.
I wonder how many will follow suit?
32
We come in at 160K, as our offer letter said.
they better not raise my billing rate.
son of a bitch.
I wouldn't brag about living in Fort Worth. Sheethole.
I wonder how many will follow suit?
26 -It's good that you're giggling. The rest of us are just laughing at you because you have to live in Fort Worth.
This will set the market in a lot of places.
So, what happens to the associates who aren't advanced with their class year as a result of low hours -- do they move one step down the pay scale?
18, OCI was months ago. get over it.
Talk about SCREWED! Fuck You Latham.
That is essentially a salary cut. I don't work there, but I see can see their building from my office and those Latham dogs are ALWAYS working late.
26 -It's good that you're giggling. The rest of us are just laughing at you because you have to live in Fort Worth.
all of us here at skadden feel like champs! not only did we get double bonuses, we also got letters confirming our salary increases....
This will set the market in a lot of places. Kiss your raises goodbye, but be glad you have a job.
42 - Just to back up 26, for what I save in taxes alone living in Dallas, I can fly to NYC roughly 40 times a year. Plus I don't work as hard as you, so I actually have time to do it.
That's what happens when you f*ck people in the ass.
* Obssesively hitting the windshield with a bat.
40, your offer letter is contingent beyond your understanding. The firm can do whatever it likes regarding your salary, start date, actual employment, etc. All the firm needs to do is send out another letter informing you of any changes.
Please, no one show this to the partners at my firm.
What happens next year, do all the screwed over associates get caught up to where they should be at?
Hopefully, some smarter firms will take this opportunity to end the idiotic lockstep firm structure. You can bet the top performing Lathamers will have their salaries advanced. I predict this move is the thin edge of the wedge...
So 2nd years at Latham will have taken about a 30k hit after all is said and done.
When can we expect law schools to start dropping tuition now that pay is plummeting.
Is it too soon to try to later?
-CCN 3L
26 -- You are a joke. Hope you enjoy your Texas Big AIDS this holiday season.
News on Gibson Dunn?
Latham is a festering cesspool.
This must be bad news if 50 comments have gone by without anyone giving Elie shit for:
"the four horseman of the economic crisis continues to ride roughshod over Biglaw associates."
WTF?
FAIL lol.
Ugh! Maybe this is God's way of telling me to get out of Biglaw NOW. The money used to be the only saving grace. Not any longer.
45...I meant last year. Which makes it worse. Haha.
Oh, come on, everyone knows Latham canned huge numbers of associates in the 90s after the junk bond/S&L mess, this should hardly come as a surprise. Christ people's memories are short.
HOLY MOTHER OF GOD WHAT HAPPENED TO MEETING MARKET COMP
HOLY SHIT
48 - SKADDEN rules! Latham can't compare...
Forget this news, Can you believe Cadwalader sent out GREETING CARDS!!!, My God, what is wrong with those people!!
There will be a time in the not-distant future where you all will be grateful just to have a job.
I'd take a salary freeze over a pink slip (insert Marv Albert joke here) any day.
48 -- Skadden is now saddled with a cost structure that is much worse than their competitors. Have any idea what firms do when that happens?
way to be a market leader for the first time in the history of the fucking world, assholes.
hindsight is 20/20, but what those cheap bastards should have done is not hire so many goddamn juniors in the past 3-4 years and fire all of the dead weight we are collecting with 1300 hours.
Latham wants to get rid of people, now it will lose its good lawyers instead of the people coasting till they get laid off.
Texas Biglaw is doing just fine boys. Sorry about your well deserved bloodshed. Next time you won't be so quick to write off us god fearing folks here in the Lonestar State.
My god, you have Skadden on one end and then cheap ass loser firms like Latham on the other. WAKE UP NEW YORK FIRMS! STOP THE RACE TO THE BOTTOM!!!
The fleecey goodness of my sheep will keep me warm, safe and very very happy during the probable Biglaw nuclear winter poised to fall upon us.
between having only 35 summers this year (down from the 80s in recent years) and the salary freeze, latham must really be in trouble...
The guy above is 69 huh huh huh
71,
I don't know which firm you work for, but if you're in their Ft. Worth office, you're obviously low-associate on the totem pole.
Quit making Texas look like idiots and shut your piehole. Rest assured, when Gardere lays off associates, the Ft. Worth "godfearing" folk will be the first to go.
-- Non-native Houstonian
70 - you are not prestigious
Latham has officially covered itself in shit. LOSERS!
Latham & Watkins became irrelevant years ago. Why is everyone so upset?
V&E 3
hello
24... same here. DC recently was told in no uncertain terms that some of the previous "market" firms were going to quickly drop to the back of the pack.
This is what happened in 90 with the S&L crises kids. Some of the "big boys" are going to fall out of the pack, the number of "high end of the market" firms is going to shrink, and some new firms are going to leap into the V20 to take their place.
Juniors at CWT, Latham, etc, this is not going to get better. Gtfo asap to one of the firms NOT going down this road.
This isn't a FREEZE. This is a PAY CUT. Please use the correct terminology, Elie.
A freeze would be saying "we aren't giving raises next year." This is different, Latham is saying "second-year associates will be paid at the first-year level." That's a $10,000 per year pay cut, pure and simple.
I feel like I'm taking crazy pills.
We need to unionize next upturn.
APOCALYPSE NOW!
Comment removed by moderator.
between having only 35 summers this year (down from the 80s in recent years) and the salary freeze, latham must really be in trouble...
This is not a freeze. This is a pay cut. For second-year associates, it's a $10,000 salary cut, pure and simple.
I'm sure Latham's doing this so that they don't have to lay people off. Those of you complaining are probably the ones who would've been canned first. So count your blessings.
My friends at Latham tell me that associates in some (mostly foreign) offices are megabilling while others sit completely idle.
Also their bonuses are "performance-based" and vary lawyer to lawyer.
IMHO, this salary freeze makes more sense for Latham than half-Skadden bonuses: continue to compensate the associates that are actually bringing in $ (perhaps even give them regular non-recession bonuses), and don't waste $ subsidizing the others.
Maybe they shouldn't be running around opening up 3 offices in the Middle East. Whose idea was it? Rindala Beydoun? Great job there.
"If you liked your 2008 salary, you're going to love your 2009 salary" great line Elie.
Seriously Latham. W. T. F.
77.
I work at Latham and billed 2200 hours this year. I have reason to be pissed.
- 71
77.
I work at Latham and billed 2200 hours this year. I have reason to be pissed.
- 71
I'll take a salary freeze over a layoff anyday. But it sucks for the litigators and bankruptcy attorneys who are still billing away. L&W is going to have to do something to head off a mass exodus of associates in the few practice areas that are still hot.
There will be enough firms that don't freeze salaries where it will hurt the ones that do. Firms are better off skimping on bonuses than skimping on base pay. A 15K increase spread out over the year allows the firm to enjoy the time value of money vs. the 17K bonus paid in December through March. Arguably, the 15K raise is better for morale.
scary
88 - Agreed. As Elie writes in the post, "The latest associate pay raise is becoming undone."
Elie just corrected the http of this post that he had lazily just copy-pasted before.
Latham has officially covered itself in shit. Very very smelly shit.
Now that the market for bonuses is half-Skadden, whether or not a firm freezes salaries will be the distinguishing factor. Unfortunately, Latham has already decided it can't compete.
“I have altered our agreement, pray I don’t alter it further.” — Darth Vader
Hey 70
Quote = "Skadden is now saddled with a cost structure that is much worse than their competitors. Have any idea what firms do when that happens?"
What are you? A college student? high school? WTF are you talking about? cost structure? Firms don't save for rainy days - the money either goes to partners or associates.
Skadden decided it was better to pay their associate their worth. Latham decided to f'ed their associates over and over.
Latham & Watkins became irrelevant years ago. Why is everyone so upset?
V&E 3
This is disturbing because Latham is not just a v10: it's the v10 that's constantly lauded for superior business management. If they layoff or cancel bonuses in addition, I'm putting on my mad max gear and retreating to my badass survival shelter.
95 -- you're such a child. There will be no exodus b/c NOBODY is hiring laterals. This isn't 2001. Wake up. The good times are over. Associates have no power.
89 -- Latham shouldn't be crucifying people who make their hours for the sake of continuing to support dead weight.
Why are Texas associates so vocal today?
And the Jones Day monster continues to gobble up everything in its path... muhahahaha...
L&W to 190!
are comments working?
because i would like to say that this is ridiculous.
111 - Yes they are working. And yes this is ridiculous.
Wow. Any word on other firms following the L&W model?
LATHAM IS FUBAR - GET OUT NOW!!!!!!!!!!!!!!!
a lot of us would prefer the management cut the chaff.
too many people have been coasting all goddamn year and now I am paying for their bullshit with my raise and my bonus.
109 - What does Jones Day have to do with anything?
Sometimes when I get scared I nail a sheep and I feel better.
109 - What does Jones Day have to do with anything?
Well now I am kicking myself for taking Latham over Skadden.
what about Paul Hastings?
Dear 2nd Year,
Enjoy your $30,000 pay cut.
Love,
Latham :-)
At least they get to work in a cool place like the Lipstick building!
NYC sucks--now you get less pay if you work at L&W in NYC than about 200 offices of other firms around the country in cheaper cities.
Latham, maybe next time how about diversifying away from financing and junk bonds.
Anyone who works in BigLaw and billed in excess of 2,500 hours should be pissed....we get our bonus slashed, pay cut all because the partners don't want to drop the hammer.....the hell with this.....let the layoffs come....I would rather we reduce head count by 25% and keep the compensation scheme....PARTNERS: START CANNING EVERYONE WHO ISN'T PERFORMING
71 - If you were really that God fearing (or aware of basic English spelling rules), you'd capitalize the "G" in God.
the CF when PPP comes out is going to be epic.
119 - LOL at your life. how's that QOL over at Latham?
102 takes the 180. That's brilliance.
105- do you have a separate shelter for when the zombies attack, or do you have just one for all apocalyptic events?
Wow, nice treatment of L&W considering how hard you ripped CSM for their bonus announcement.
105- do you have a separate shelter for when the zombies attack, or do you have just one for all apocalyptic events?
LOL at all the Latham associates who worked a lot. Thanks for supporting us slackers.
ROD PAMPERS would never work at Latham.
106 -- If nobody is hiring laterals, then why am I still getting 5-10 calls per week from recruiters trying to get me interested in positions at other BigLaw firms? Hell, I got one last week that was for Latham (they didn't say it, but it was easy to figure out).
"Anyone who works in BigLaw and billed in excess of 2,500 hours should be pissed."
I would count on anyone at Latham who billed (or bills in 2009) 2500+ being made whole. They WILL overbonus high-billing associates in all class years.
Oh the economy is so frightful
but the summer was so delightful.
And since I have no projects to close
let it snow, let it snow, let it snow.
I'm a month from Dubai deployment.
Either that or unemployment.
And since Latham's salaries just froze,
let it snow, let it snow, let it snow.
When at 5 I say goodnight
ATL will keep me informed.
It's cold but I'm free tonight,
at least the UAE is warm.
Biglaw is slowly dying
and Cravath reduced my buying.
So if it is time to go
let it snow, let it snow, let it snow.
8 is a Hater. Skadden to V1!
Latham is finished as a top tier firm. Unless all other top tier firms follow suit, they will get KILLED in recruiting.
I predict 1000+ posts.
LOL @ all you Latham gunners that gave up everything in your life this past year to bill your ass off. You officially have NOTHING to show for it other than 35 percent body fat, a graying head of hair, mild depression, and no friends.
Do yourself a favor and go get a teaching certificate from the University of Phoenix or something.
Shut up sheep! (And eat your FUD).
Daily Math Reminder:
Skadden 1st Year = (Latham 2nd Year) + ($17,500)
If Latham's pay freeze was part of its no layoff promise, it would seem fair. But why didn't they reiterate their no layoff promise?
Can someone explain why people think 2nd years over there are getting a 30k pay-cut? Aren't they at 170k next year instead of 190k? How is it a cut if your salary is frozen? Moreover, how is it a 30k cut when 190-170 is 20? What am I missing from the memo?
Thanks.
135 is pure genius
Hey guys, don't mess with Texas.
Dallas-Ft. Worth is the most amazing city in the world. In addition to being the most prestigious place to work outside of Amarillo, we have nothing to do on weekends (so no temptation to spent any of my 1st year $80k salary) and get to tan in the 120F heat in the summertime.
Suck it NY! SMU Law Rules!!!
This job isn't worth it.
And to those who will say, so then quit. I say, i will quit, like 95% of everyone else who works this crappy job, as soon as i pay off my loans.
Nice work Elie. Thanks for keeping us posted on all the latest developments.
@103 wrote -
"What are you? A college student? high school? WTF are you talking about? cost structure? Firms don't save for rainy days - the money either goes to partners or associates."
103 is clearly a law student. Firms definitely have cost structures. And most firms (or at least most solvent firms) require equity partners to reinvest a percentage of profits. Some firms require as much as 25%. That way they don't have to rely on a line of credit when the rainy days inevitably come.
51 - love the The Big Lebowski reference
Hey everyone, did you know that Texas is full of "GodFearing people" with jobs and classy stuff?
Why all the hating towards those who actually billed their hours (or more) in 2008? Those poor people deserve sympathy for having worked hard and now getting screwed over by their firms. The ones who coasted by and didn't meet pace but won't get fired because of a scheme like this, should be the ones getting flamed. Seems to me Latham should reward those who deserve it with extra bonuses, or risk losing their best associates to other firms.
The repercussions of this move will be felt far and wide. Honestly, this is a little shocking.
so as a 2L going to latham this summer should i just assume that I am fucked now and try to get something else?
Wow... talk about a shitty time to be coming out of law school. I expected better from LaTwat.
If Latham's pay freeze was part of its no layoff promise, it would seem fair. But why didn't they reiterate their no layoff promise?
Why all the hating towards those who actually billed their hours (or more) in 2008? Those poor people deserve sympathy for having worked hard and now getting screwed over by their firms.
The ones who coasted by and didn't meet pace but won't get fired because of a scheme like this, should be the ones getting flamed. Seems to me Latham should reward those who deserve it with extra bonuses, or risk losing their best associates to other firms.
137, recruiting? what makes you think latham is worried about hiring? theyre taking only 35 people this summer.
How unprestigious. Latham needs to be kicked out of the V10.
Also, latham associates, 500 hours of pro bono does not count.
Those of us who actually contributed this year are paying for the touchy feely bullshit that the chaff enjoyed.
@ 120 you might as well assume that Jim Owens or Greg Nitkowski signed that memo themselves. Paul Hastings is like the semi-retarded step child of LW. If they caught a cold you just went terminal.
135 is pure genius
71 -- It is neither polite nor prudent to fear the almighty and then use the almighty's name on a legal blog to prove your point.
146 hit nail on head.
This is getting confusing:
I no longer think Cravath should be 99.
I would say:
Cravath: 29
Latham: 39
Proskauer: 79
Who's the next V20 shoe to drop? You know its coming, righ?
Latham had a huge structured finance group. They took the easy money, and now they're paying the price.
Has JONES DAY announced anything with respect to compensation?
Wake up people. Latham has smart BUSINESS managers. Skadden only wishes it could manage the business like Latham can.
If you don't like your job, send in your fucking resignation letters.
Wow, it's amazing to see that when push comes to shove, the law students/associates who were so enamored with lockstep (less competition! more collegiality! all the prestigious firms have lockstep, therefore lockstep is prestigious!) are now clamoring for firms to break lockstep and reward hard work and merit, and fire those who don't work.
The demise of lockstep is 20 years overdue.
Hi, my name is Latham, but you can call me Salary Freeze McGee.
Latham has a huge finance group period. They have probably hundreds of partners worldwide that do bank finance, hedges, project finance, structured finance, junk bonds, etc.
I guess putting so many eggs in one basket is looking pretty dumb. Too bad the associates have to pay for it.
Last Wednesday, managing partner Bob Dell gave his State of the Firm address via videoconference. Dell went over the firm's great financial success for 2007 (firm revenue went up a whopping 23%, far exceeding all other major firms).
He also addressed the challenges ahead for 2008. He specifically addressed the issue of layoffs. He said multiple times that he believed it would be a bad business decision to lay off associates. Latham made that mistake in 1990 and Dell said the layoffs hurt their profitability after the recession was over. Dell said "there will be no layoffs" and that it was not even on the table for discussion.
The firm is definitely slower, but things have picked up a little bit. Firm pace is around 100% [based on 1900 billables] for the first time this year for March. It's not going to be a banner year like 2007, but I don't think that it will be a disaster, either.
http://abovethelaw.com/2008/03/whats_up_at_latham_watkinsmora.php
YIKES! Are any other 3Ls starting to getting very scared our jobs might not be there or that we will be delayed in our start dates?
Dear Young Associates,
Fuck You.
Sincerely,
Latham & Watkins, LLP
IF THIS PREVENTS L&W (AND OTHER FIRMS WHO FOLLOW) FROM CONDUCTING LAYOFFS, NOT SUCH A BAD THING. I WOULD RATHER HAVE JOB SECURITY B/C IF YOU GET LAID OFF, YOU ARENT FINDING ANYTHING ELSE FOR A LONG TIME...
My recession-proof in-house employer just paid me a 30% bonus, and I leave at 5:30 every day. Happy holidays!
134 -- because a headhunter's job is to get you in the door so that they can convince you to interview at the smaller, lower-paying firms. Is it possible that a big firm has a specific need for an associate in a given practice? Sure. But that's not going to support an "exodus" of associates. Think I'm wrong -- next time a headhunter calls, take her up on it and see who (if anyone) she gets you an interview with.
FUCK! THIS IS A SIGN THE FINANCIAL END-OF-DAYS!
GREAT DEPRESSION # 2 HERE WE COME!!
YIPEEE!
(I'm buying weapons and canned soup)
Latham to 155!
168: uh huh. how much do latham 2nd years make? 17.5k less than skadden 1st years? great business management!
SMU rules you all.
If you are not SMU, you are nothing.
The day of the SMU is upon us.
The following email is circulating within Latham's NYC office--through personal email accounts:
Attention fellow associates:
Please be advised that in response to the announced paycuts a large group of associates have agreed to stage an associates walkout at 2 p.m. today. We are planning to simply put down our work and walkout at 2 p.m. Please feel free to join us.
Thank you
21 - I completely agree. It's amazing that people can't remember what Latham did back when those people were in elementary school.
#126: 2Ls who summer next year are in bad shape no matter where they are. Latham will be no different than an other firm. no offers and cold offers will be endemic next summer. work hard, don't gossip about your co-workers, don't complain about anything, and don't sleep with the help (or the other associates). in this environment, you should be grateful for what you have, not envious of those who have more (for now). other than pole dancing, or turning tricks Michigan, most law students lack skills that would get them $160K p/a in any other field.
#123: nice attitute for the holidays. if there is a God, your emplyers will recognize what a turd you are, and you will be amongst those canned: "Anyone who works in BigLaw and billed in excess of 2,500 hours should be pissed....we get our bonus slashed, pay cut all because the partners don't want to drop the hammer.....the hell with this.....let the layoffs come....I would rather we reduce head count by 25% and keep the compensation scheme....PARTNERS: START CANNING EVERYONE WHO ISN'T PERFORMING."
So if one of the top five firms in CA freezes salaries what does this mean for everyone else, like the more down market CA firms like Sheppard Mullin, Pilsbury, Manatt, Jeffer Mangels, etc. God knows what's going on at those places. They must have freezed associate salaries a long time ago. We just don't know about it.
When I think Latham, I think pay freeze and unprestigious.
#182 : Impossible; lawyers are too spineless for such bold action!
Yeah, 176, but you're 32 years-old, bald, pasty, flabby, and earn 110K a year.
180, great business management is minimizing salary expenses and other costs. If the partners want an associate to share in the profits, they would have made him a partner.
GM, like Skadden, pays its lower-level employees more than Toyota, so by your logic GM is the better business manager. You're a genius.
As for the "Skadden cost structure" string... don't they have a crazy-expensive lease that they signed at the height of the market? Wouldn't that be part of their cost structure?
Jesus people. Those of us in the 7th year range pulled in over 300K last year JUST FOR MAKING HOURS and will still pull in just under 300K this year JUST FOR MAKING HOURS, and even if they freeze salaries, will pull in that much next year. That's a hell of a lot of money even if you're billing more than the minimum. 2200 hours is NOT a lot to ask to make that much money. Greedy, greedy.
172 = Bob Dell, or L&W's recruiting director.
Jesus people. Those of us in the 7th year range pulled in over 300K last year JUST FOR MAKING HOURS and will still pull in just under 300K this year JUST FOR MAKING HOURS, and even if they freeze salaries, will pull in that much next year. That's a hell of a lot of money even if you're billing more than the minimum. 2200 hours is NOT a lot to ask to make that much money. Greedy, greedy.
Two points re: this pay cut:
(1) Happily, some of LW's direct competitors probably won't follow. Gibson Dunn, for example -- very different revenue stream (more litigation, general commercial as well as white collar, bankruptcy, etc.).
(2) Does this apply in NY? Given the vastly higher cost of living in NY, a lot of the past pay raises only applied in NY, at least in some firms. Will this pay cut apply only outside NY?
Here's a question - do all the firms that plan to freeze salary increases also plan to freeze billing rates? Or, for example, do they simply plan to pay me as a second year, but bill me out as a third year?
NYC is for suckers
Guys in my high school used to freeze salaries all the time. It was no big deal.
This pay cut will NOT be forgotten. Recruiting at Latham will be piss poor for years to come.
ooo, 182, that'll show 'em! Maybe you could also sign an online petition!
Two points re: this pay cut:
(1) Happily, some of LW's direct competitors probably won't follow. Gibson Dunn, for example -- very different revenue stream (more litigation, general commercial as well as white collar, bankruptcy, etc.).
(2) Does this apply in NY? Given the vastly higher cost of living in NY, a lot of the past pay raises only applied in NY, at least in some firms. Will this pay cut apply only outside NY?
187 -- agreed. They will probably all go down the street to Subway, eat a 5 dollar footlong, and then sulk back to the office.
184 "Latham will be no different than an other firm"
actually no. sorry about your tiny pink law firm, bro.
-126
what year associates are affected by Latham's salary freeze? all? just 1st, 2nd, 3rd?
187 -- agreed. They will probably all go down the street to Subway, eat a 5 dollar footlong, and then sulk back to the office.
Dear Associates:
If you are seen putting down work and leaving the office at 2PM, you will be fired upon.
Anyone who is actually shot will not be considered laid off, but rather outplaced due to performance reviews.
Sincerely,
Latham & Watkins Management
191, 5% of associates are 7th years. I think i spotted one once. Most are junior/midlevels with debt and salary expectations based on published salary memos and who will make:
1st- $160
2nd - $160
3rd - $170
4th - $185
plus a shitty bonus
168 is a LW partner troll. "business managers"=making sure you earn $1.5 million per year not 1.4 million. Indeed.
182 - That email was started by a partner. They just want to know who is stupid enough to try it, so they don't have to do actual reviews for the next round of layoffs.
CSM had enough prestige to get away with lowering bonuses. But cutting pay below market is going to bite Latham in the @ss for years to come. Latham doesn't have enough prestige to pull this off. Pay cut below market = recruiting will be piss poor for quite some time at Latham. People will NOT forget this.
Two points re: this pay cut:
(1) Happily, some of LW's direct competitors probably won't follow. Gibson Dunn, for example -- very different revenue stream (more litigation, general commercial as well as white collar, bankruptcy, etc.).
(2) Does this apply in NY? Given the vastly higher cost of living in NY, a lot of the past pay raises only applied in NY, at least in some firms. Will this pay cut apply only outside NY?
LATHAM ASSOCIATES:
JOIN US IN PROTEST FOR THIS ACTION.
WALK OUT WITH US AT 2:00 PM EST FROM ALL LATHAM OFFICES.
we are meeting at the Subway down the street. see you back at the office at 2:15 if you can't make it
is Kirkland considering anything like this?
FREEEEEEDDOOOOOMMMMMM!
Attention fellow associates:
Please be advised that in response to the announced
paycuts a large group of associates have agreed to stage an associates walkout at 2 p.m. today. We are planning to simply put down our work and walkout at 2 p.m. Please feel free to join us.
Thank you
If you like you 2008 salary, why will you love your 2009 salary? It's the same salary. If you liked 2008, you will also like 2009, non?
195, They may not lower rates, but clients may not pay. Even if the firms have the same amount of work, they will be taken in less money for three reasons.
1) Clients won't pay on time or in full.
2) Clients will be under pressure to cut costs in their (legal) divisions and they will be nit picking: "It took this associate 20 hours to do this? Ridiculous. We'll pay for 10." Stuff like that. So the hourly rates may stay the same, but the income for the firms will drop a lot.
3) Additionally, the firms will quietly cut deals with some clients to keep up a certain volume of work for reduced fees.
So even if official billing rates stay the same, income will be way down. It's going to be a rough couple of years.
This is actually unsurprising given that "latham" is German for "below market salary" and "unprestigius."
211, even if they're not, I'm sure Elie will include that "rumor" it in an "investigative" post later today.
TWO POINTS RE: THIS PAYCUT:
(1) Happily, some of LW's direct competitors probably won't follow. Gibson Dunn, for example -- different client/matter base (more litigation, general commercial as well as whitecollar/investigations, bankruptcy, etc.).
(2) Does this apply in NY? Given the vastly higher cost of living in NY, a lot of the past pay raises only applied in NY, at least in some firms. Will this pay cut apply only outside NY?
they can take away our lands
they can take away our wives
but they can never take
our lockstep RAISES!
FREEEDOOOM
When in the Course of human events it becomes necessary for one people to dissolve the bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of BigLaw-dom and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
WALKOUT at 2pm!
ELIE, CHANGE THE TITLE TO PAY CUT, THAT'S WHAT THIS IS
Well, kids . . . you went to law school because you "love the law," right? The whole money thing is just secondary, isn't it? I'm thinking it's time for a career change. KA-CHING!
168 - Yeah, right. This is a brilliant BUSINESS decision, and does not in any way indicate serious problems. I bet all other V10 partners are kicking themselves right now wishing they had frozen associate salaries. Pure genius.
209: Supply and demand says otherwise.
Wooohoooo! Protected concerted activity! Godspeed, associates! Just don't make it an intermittent, quickie slowdown strike!
Betcha' no walkout today. Look up in the sky.
Latham!! HAHAHAHAHAHAHAHAHAHAHAH, I'm shitting my pants with laughter at all you prestige whores. The drop in prestige from this one e-mail is audible, like a deflating balloon.
The new big 3 in LA:
Gibson
Skadden
MTO/Irell/Quinn
Let's just wait to see what PPPs are for all these Firms shafting associates right now. How can partners bitch about making $2MM+ even in this shit market, while they are ruining lives, torturing those who stay and generally shitting on everyone day to day?!?!
Celino & Barnes to a buck ninety!!!
Very good chance Gibson does the same. Gibson = sheep. Ken Doran's copying and pasting right now.
224: Those who can choose to work at Latham or it's competitors are going to make the right choice and follow the $
I'm looking forward to a miserable summer trying to out-gun the other SAs, followed by a cold offer and non-existent 3L OCI.
Dear Elie,
Please don't buy into this bogus "salary freeze" euphemism. This is a salary cut. The salary for every single year has been cut. There's no "freeze" about it.
Thanks,
An ATL Fan
227- take Quinn off of your list. They are all ugly and stink like poopy. They also lose a lot of cases, for being SO awesome.
173 - absofuckinglutely
2009 is gonna be h-o-r-r-i-b-l-e
at least we will have a very experienced president in the white house, a small budget deficit and a fiscally responsible senate majority. . .
Let's just wait to see what PPPs are for all these Firms shafting associates right now. How can partners bitch about making $2MM+ even in this shit market, while they are ruining lives, torturing those who stay and generally shitting on everyone day to day?!?!
222, we love the law, but want to pay off the 100M in loans we all have too from going to school so we could practice law. Cutting bonuses and pay doesn't really help us in that department.
Realistically, 95% of those in BigLaw don't intend to stay to make partner, they intend to make their money (and make the partners a hell of a lot more) and then move to a law job that pays less because they, yes, love the law.
@ 209: true. The only way I see their recruiting profile being salvaged is if Latham, consistently with what Dell promised, manages to ride out the recession without layoffs (stealth or otherwise) and it is one of the few firms to do so.
Then they will cement their rep for superior business management and will have actually substantiated their warm, cozy, collegial "one-firm firm" rhetoric.
why so few comments on 136? Well, I give you an anonymous salute.
When do the new Vault rankings come out? I cannot wait!!!
@ 209: true. The only way I see their recruiting profile being salvaged is if Latham, consistently with what Dell promised, manages to ride out the recession without layoffs (stealth or otherwise) and it is one of the few firms to do so.
Then they will cement their rep for superior business management and will have actually substantiated their warm, cozy, collegial "one-firm firm" rhetoric.
59, 218 (and the numbers of your 10 other identical posts) get ready to start typing Gibson, Dunn & CruTTTcher. OMM has no Ts in its name but those are the next two dominoes. People who think you deserve extra money as well as the nation's admiring awe for living in NY should start surfing for real estate somewhere else.
GOD BLESS TEXAS, YALL!!!
Let's just wait to see what PPPs are for all these Firms shafting associates right now. How can partners bitch about making $2MM+ even in this shit market, while they are ruining lives, torturing those who stay and generally shitting on everyone day to day?!?!
230: Same for OMM. OMM = Sheep - 10% when it comes to associate comp.
2009 (a/k/a 2008 do-over)
Have any of you people been reading the news? Our big corporate clients are laying off tens of thousands of people every week. Do you people think that the legal sector is immune from the economic maelstrom we are going through? Wake up. Start reading the WSJ. Expect more freezes, layoffs, etc. from plenty of other firms in 2009. Just be happy you are employed.
Nine days to Christmas and Quinn is still silent on bonuses... they paid them on the 21st last year.
C'mon, let's just get the screwing over with already.
219: FREEDOM is right. I'll meet you at the Subway at 2:00pm. Footlongs are on me. We'll show those greedy SOBs that they can't get away with this shit!
Come on people - didn't you learn anything from Clark Griswald and the Jelly of the Month Club? Don't spend your salary or your bonus before you have it. Mele Kalikimaka!
This is a sign of things to come.
2009 will be a bloodbath.
:buys up guns, MRE's and gas bongs:
247: We should be so lucky! It would be great to have that kind of job security.
Gibson is not a sheep as I am nailing a sheep right now and it is not Gibson.
Hey. If any of you are looking for any last-minute gift ideas for me, I have one. I'd like Frank Shirley, my boss, right here tonight. I want him brought from his happy holiday slumber over there on Melody Lane with all the other rich people and I want him brought right here, with a big ribbon on his head, and I want to look him straight in the eye and I want to tell him what a cheap, lying, no-good, rotten, fore-fleshing, low-life, snake-licking, dirt-eating, inbred, overstuffed, ignorant, blood-sucking, dog-kissing, brainless, dickless, hopeless, heartless, fat-ass, bug-eyed, stiff-legged, spotty-lipped, worm-headed sack of monkey shit he is. Hallelujah. Holy shit. Where's the Tylenol?
Texas is immune from all of this.
Muhwahahahaaahaaaa!!!!!
1) I love the Latham apologists that have already come out of the woodwork.
2) I am laughing my ass off at all of the douches at my school that chose Latham and thought that they were hot shit for doing so. I have one piece of advice for all of you douches: go read "Moneyball" by Michael Lewis.
L&W to Arena Football League
I think somebody else is giving my sheep a five dollar footlong.
Let's just wait to see what PPPs are for all these Firms shafting associates right now. How can partners bitch about making $2MM+ even in this shit market, while they are ruining lives, torturing those who stay and generally shitting on everyone day to day?!?!
228, if your life is "ruined" by not receiving a pay raise next year when you're already in the top 5% of US earners, you really should reevaluate your life and try to have more things going on.
Because that's just kinda sad, really.
209 - This will be new market. Just watch. It's a way of repealing the last pay raise. As is the (permanent) elimination of "special" and 2007 lockstep bonuses.
Pay got out of control.
It will be worse at the regional firms that were paying as much, if not more (with COLA) than New York without a fraction of the business that can actually support that.
ONE FIRM... that pays less than market.
Jones Day???
A Skadden first year makes $195k.
A Latham fourth year makes $185k.
lolcats @ the guy from my firm who lateraled to L&W this year
BITCH SPREAD THE BUTT CHEEKS SO I CAN SMELLS THE JUICY INSIDES!
here's another tip of the cap for 136. well done.
everyone should calm the fuck down, we'll get through this.
Time for Gibson Dunn to choose whether to man up and stop being Latham's nerdy, conservative cousin - or just keep whining in disgust about "undeserved reputations" while all their top recruiting choices go to Latham or K&E.
269 - calmer than you are.
I agree with what Spencer said on this one.
227, Skadden is a joke in LA. And Quinn's people are horrible at sports.
260, you clearly are not an attorney. Enjoy having no loan debt to pay off.
L&W to Arena Football League
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
The self entitled balloon sure is deflating fast. But it's a big balloon, so we'll be waiting a while for the self entitlement to run out of air.
In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn and making their employees share the pain pro rata.
For those little whining self entitled associates who claim they'll leave... go ahead. I am sure there are plenty of jobs out there, just as there are plenty of job applicants to take your whiny little place.
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
I wonder what Glass Cock has to say about this.
278 - they arent lockstep
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
Y'all are delusional if you think that this salary freeze won't hit YOUR firm. Just as with Demi-Skadden(tm) bonuses, firms are looking to cut costs. And undoing the big associate salary raises of recent boom years by freezing associate salaries fits the bill. Be on the lookout for many more "salary freeze" announcements in the coming weeks.
Glad I escaped the Biglaw grindstone.
-- Solo Guy
Latham to associates: PLEASE LEAVE. Our business model is built on attrition, and none of you are leaving. So for those of you who were figuring on slogging through another year of misery and consoling yourself with a salary bump, take a hint and find something else to do.
eff big law
I'm sure this "freeze," which is due to the current economic crisis by which we are all affected, will be accompanied by a corresponding reduction in the rates at which these associates are billed to clients and a reduction in PPP. Right?
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
300th
What's the consensus on the state of NY-based V10s?
It's a cut, not a freeze. When X year associates make $X salary but in year n+1, X year associates make $X-Q, then it is a pay cut. Not saying the market correction isn't warrented, but in economic terms, it is most accurately described as a pay cut.
135 had me laughing for a solid minute. Good job on summing up this economy
293 - from Garner's Modern American Usage: "From whence is technically redundant - because whence implies from - but the locution has appeard continually in the great writing from the 16th century to the 21stl Shakespeare, Dryden, and Dickens all used the phrase. And from whence is less stilted than whence alone, which requires greater literary knowledge for it to be immediately understandable."
Good enough for Shakespeare = good enough for you, me, and this society in which you're "trying" to live.
Stay classy,
280
I'm glad to have a job, but since I had a great billable year last year, this really suck-ass.
- non-L&W assocaite at other firm "freezing" salaries in 2009
If Latham is doing this then I assume OMM and Paul Hastings will match because OMM has been doing shitty for a couple years now compared to LW and Gibson Dunn, and Paul Hastings has always been second fiddle to OMM, GDC and LW.
273 - You may not like the truth, but the truth hurts.
Skadden LA is no joke. Tom Nolan? Rich Marmaro? Brian McCarthy? Jonathon Friedman? The legacies of Rich Levin and Frank Rothman?
Wake me up when you've had a few years under your belt. And ask any of the senior partners at the so-called big 3 - they'll have to agree that Skadden's coming into the LA market unilaterally changed the market (some would say destroyed) from the small old-boys network to what it is today. It is because of Skadden that Latham, Gibson, OMM went on a growth spree, became "National" firms, raised salaries and billing rates, and otherwise began to emulate NY firms, beginning in the mid 80's and accelerating through the 90's. I know, I was there.
And - during the years I was at Skadden, getting the experience I needed to go in-house, I made about a $100K more than my Latham colleagues across the street.
History lesson over.
252 - Gas bongs??
What am I missing out on?
Where's that OMM D.C. douche from a couple of days ago who was getting off about how sweet OMM D.C. is???
Never Forget:
L&W third year = Atlanta first year
Enjoy your tiny apartment while I easily buy my first house.
- K&S associates
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
True that lots of bankers are being laid off. But I thought the idea was you could go into banking and make big bonuses in the good time but were in a much riskier position, or go into law and do well, but not as well as bankers during boom times but be more secure. I don't recall getting $500,000 bonuses each year over the past 4-5 years and I didn't complain about it. But I am going to complain if my lockstep or job security are threatened now.
305, you look at the salary of each individual associate, not at the salary of each class. If a first year non-L&W associate making $160k becomes a second year associate making $170k, you're saying he did not get a pay raise and actually his salary bump was just a freeze? And if his salary increased from $160k to $168k instead of $170k, he got a "pay cut"?
Ok dude.
311 -
a gas bong is a perfect way to both ward off invading hoards of ravenous looters and get way fucking faded at the same time.
rumor: GDC has cancelled its scheduled reviews.
True that lots of bankers are being laid off. But I thought the idea was you could go into banking and make big bonuses in the good time but were in a much riskier position, or go into law and do well, but not as well as bankers during boom times but be more secure. I don't recall getting $500,000 bonuses each year over the past 4-5 years and I didn't complain about it. But I am going to complain if my lockstep or job security are threatened now.
319 nailed it
PHJW pwns Latham
315, if you truly wanted lockstep and job security, you would go into government. You pay for it with a lower salary.
Biglaw is more secure than banking, but it does not equal guaranteed employment.
FWIW, the Latham partners are getting fuuuuucked right now, cash-wise. Their retirement plan is required to increase in value a minimum of 5% each year. If the value of the plan decreases, they have to put in money to make up the difference. This year, the plan has lost something like half of its value, so the partners are having to kick in a giant pile of cash to keep the plan alive.
324th
I’m about to finish my first year at Latham and should bill around 2100 hours. I’m not that upset about losing 10k next year (or 30kish if I only get a half bonus). I came to Latham over offers at Skadden, Jones Day, and Cravath for quality of life reasons, and I really like my job. In the last 15 months, I haven’t worked on a project with anyone whom I wouldn’t work with again, and people have been very respectful about vacations and personal time, even in the middle of deals. And on top of all that, I get paid a pretty ridiculous amount of money for someone in his mid twenties. I understand being pissed off if you hate your job and money is the only reason you go to work, but I chose Latham so that wouldn’t happen to me, and it didn’t.
No Freeze GDC > Latham
313: So what did Kirkland do? I guess I missed it.
Wow, I've never been gladder that I left LW a couple of years ago to make $60k at a non-profit with remarkably consistent funding. Imagining myself getting pissed off about only making 4 times that much, with my paltry years of experience in this profession, just boosted my self-esteem and general sense of well-being in my current life by a lot. Thanks Latham! You are the best former employer a broke-ass do-gooder could have. And all the rest of you greedy bastards - enjoy 2009!
325 - Amen!
Tom Nolan? Rich Marmaro? Brian McCarthy? Jonathon Friedman? The legacies of Rich Levin and Frank Rothman? Teddie Pedderast? Jimmy the Fig Figgins? Richard Hatch?
The list goes on and on.
Skadden has risen.
I’m about to finish my first year at Latham and should bill around 2100 hours. I’m not that upset about losing 10k next year (or 30kish if I only get a half bonus). I came to Latham over other firms for quality of life reasons, and I really like my job. In the last 15 months, I haven’t worked on a project with anyone whom I wouldn’t work with again, and people have been very respectful about vacations and personal time, even in the middle of deals. And on top of all that, I get paid a pretty ridiculous amount of money for someone in his mid twenties. I understand being pissed off if you hate your job and money is the only reason you go to work, but I chose Latham so that wouldn’t happen to me, and it didn’t.
325- Amen!
323 = Latham partner who now can only afford a vacation in St. Moritz rather than Gstaad. Poor you.
318=incorrect
331, why would Latham pay a bonus after making an announcement like this?
This is what you get for representing Scientology.
I want to hear more about the quality of life enjoyed by the SMU.
SMU Curious
I bet Latham associates really wish they were Unfrozen Caveman Lawyer right now.
walkout?
Ain't nobody walking out. It's all talk.
Sitting pretty with V&E Houston, bitches! And I Don't fear goD, I am GOd.
339, Seconded.
What happened to / with the rumoured Latham walkout at 2 EST?
336 -- Nailed IT, XenU style.
it was a joke, idiots.
"I get paid a pretty ridiculous amount of money for someone in his mid twenties."
This is the dumbest sentiment I've ever seen. Why, when you work between 2500 and 3000 hours a year at a difficult, stressful job that required 7 years of higher education and hundreds of thousands of dollars in skills/educational investments, does the fact that you're in your mid to late twenties mean anything?
Gibson report: bonuses are market (cravath model). But there is no pay freeze. we're getting our bump up to due seniority.
Mystal is walking out right now because he saw a Hostess Snack Cake truck.
Bill Bilderburg
Ugh, your. I'm an idiot.
-345
Um 345, yes. Classical musicians, architects, and medical school residents of similar ages and similar costs of education do not make much money at all.
why do lawyers constantly believe that they are immune from and/or 'above' what is going on in the real world? doesn't anyone work for anything other than money? so your super large salaries are being frozen for a year??? join the rest of the world (except the rest of the world doesn't have the super large salary part). your Firms are not 'cheap' or 'assholes' or anything second tier.....they are in the real world dealing with an economy that is in a recession. all of you are like spoiled little children who have just had their rattle taken away. anyone not in law who reads these blogs would vomit with disgust at the absolute levels of greed and the levels of stupidity that supposedly well educated people display. there are no winners here...partners are not your foes....and anyone who doesn't realize this fact are not partner material anyway. bash me all you want, but it won't get your rattle back. be happy you have a good job that pays very well, and when the economy improves, you will get your share of the fat again. in the meantime, buckle up and work hard. those that don't, will be wishing for the day when they could be so 'underpaid' again....
~ More than a casual observer
First!
348, last I checked, those were people who didn't command a market rate of around $450/hr. for their employers.
I knew Latham saw something like a 50% drop in revenues and was struggling in general, but they must be on the verge of closing up shop to pull a stunt like this. Whoa, is Latham the new CWT?
Congratulations on joining the market of 5th tier players.
350,
I mostly disagree with you but you are right about one thing:
It's time to buckle up and work hard.
"doesn't anyone work for anything other than money?"
No, that's why it's called work.
This just in: Latham hates America and/or the Baby Jesus.
now I'm starting to get sick with worry
354 --
What the hell makes you think we haven't been working hard?
"Pay got out of control."
Did PPP did out of control?
Latham is just doing what it needs to do to back up their No Layoffs Promise. No shame in that
357 - welcome to the party
350, so the partners and the associates have exactly the same incentives, right?? Jesus christ, take introductory micro-econ before spouting off. While partners are not associates' "foes," there is still good reason to question some of their moves. This blog serves as a place to cultivate and disseminate information about associate compensation. That's right, we want transparency in the legal compensation market. Can you guess why we might want this? If not, sit the next couple of plays out and STFU.
349: You hit the nail on the head. I don't understand why associates seem to believe they are the only educated people who took out student loans to further their education. And, as you rightly pointed out, with the possible exception of investment bankers, no one starts out at age 24 or 25 with a $200,000 income. Who gets paid that kind of money to sit around reviewing documents all day? Paralegals, secretaries and/or contract attorneys, who sometimes are asked to do the same thing, sure as hell don't.
363, maybe they should have gone to a good law school and earned top grades....oh wait they couldn't....
352, how much profit a firm can get away with on charging clients for the cost of labor is irrelevant to how little a firm can get away with on paying for that labor. The only relevant factor is supply and demand of that labor.
365 COMMENTS! It's a dream come true. I'll turn this into a daily L&W Sucks calendar and give them as gifts this year.
Comment removed by moderator.
8-
Don't know about you, but I would hardly call Skadden stupid. They aren't freezing salaries and they are paying higher bonuses, so clearly they are doing something right.
146 and 55 are pure genius. I think also that 412 is Slightly more PresTTTigious than 45.
323's comment is right on - I heard this from partners at another firm in another city about their plan. At the end of the day, though, they are contributing to their own retirement plan.
I think what we're seeing, at least for the short term, is a shift in the power structure of law firms. Firms like Cravath and Latham that have relied heavily on revenues from investment banking clients are taking a significant hit this year, while firms with more of a broad base (in terms of type of work and geography), such as Skadden and Weil, are having far better years.
Before you tell me that Latham has a broad international presence, most of their international work is also tied to finance work.
364: How would you know? I know both secretaries and paralegals who graduated with honors from top schools, myself included, so why would you assume they couldn't likewise do well if they had chosen to attend law school? I took five or six legal classes and never earned less than an "A." No offense to any of the lawyers here, but becoming an attorney is far less difficult than pursuing a career in medicine or science.
My god, you have Skadden on one end and then cheap ass loser firms like Latham on the other. WAKE UP NEW YORK FIRMS! STOP THE RACE TO THE BOTTOM!!!
The fleecey goodness of my sheep will keep me warm, safe and very very happy during the probable Biglaw nuclear winter poised to fall upon us.
I think what we're seeing, at least for the short term, is a shift in the power structure of law firms. Firms like Cravath and Latham that have relied heavily on revenues from investment banking clients are taking a significant hit this year, while firms with more of a broad base (in terms of type of work and geography), such as Skadden and Weil, are having far better years.
Before you tell me that Latham has a broad international presence, most of their international work is also tied to finance work.
Latham is just doing what it needs to do to back up their No Layoffs Promise. No shame in that
349: You hit the nail on the head. I don't understand why associates seem to believe they are the only educated people who took out student loans to further their education. And, as you rightly pointed out, with the possible exception of investment bankers, no one starts out at age 24 or 25 with a $200,000 income. Who gets paid that kind of money to sit around reviewing documents all day? Paralegals, secretaries and/or contract attorneys, who sometimes are asked to do the same thing, sure as hell don't.
349: You hit the nail on the head. I don't understand why associates seem to believe they are the only educated people who took out student loans to further their education. And, as you rightly pointed out, with the possible exception of investment bankers, no one starts out at age 24 or 25 with a $200,000 income. Who gets paid that kind of money to sit around reviewing documents all day? Paralegals, secretaries and/or contract attorneys, who sometimes are asked to do the same thing, sure as hell don't.
349: You hit the nail on the head. I don't understand why associates seem to believe they are the only educated people who took out student loans to further their education. And, as you rightly pointed out, with the possible exception of investment bankers, no one starts out at age 24 or 25 with a $200,000 income. Who gets paid that kind of money to sit around reviewing documents all day? Paralegals, secretaries and/or contract attorneys, who sometimes are asked to do the same thing, sure as hell don't.
349: You hit the nail on the head. I don't understand why associates seem to believe they are the only educated people who took out student loans to further their education. And, as you rightly pointed out, with the possible exception of investment bankers, no one starts out at age 24 or 25 with a $200,000 income. Who gets paid that kind of money to sit around reviewing documents all day? Paralegals, secretaries and/or contract attorneys, who sometimes are asked to do the same thing, sure as hell don't.
I think we need to seriously reconsider changing the notion of "TTT" and "prestigious" on this board.
349: You hit the nail on the head. I don't understand why associates seem to believe they are the only educated people who took out student loans to further their education. And, as you rightly pointed out, with the possible exception of investment bankers, no one starts out at age 24 or 25 with a $200,000 income. Who gets paid that kind of money to sit around reviewing documents all day? Paralegals, secretaries and/or contract attorneys, who sometimes are asked to do the same thing, sure as hell don't.
349: You hit the nail on the head. I don't understand why associates seem to believe they are the only educated people who took out student loans to further their education. And, as you rightly pointed out, with the possible exception of investment bankers, no one starts out at age 24 or 25 with a $200,000 income. Who gets paid that kind of money to sit around reviewing documents all day? Paralegals, secretaries and/or contract attorneys, who sometimes are asked to do the same thing, sure as hell don't.
184 "Latham will be no different than an other firm"
actually no. sorry about your tiny pink law firm, bro.
-126
184 "Latham will be no different than an other firm"
actually no. sorry about your tiny pink law firm, bro.
-126
Presumably, Latham expects its associates will, on average, bill fewer hours in 2009. I thought we all were in favor of fewer hours for less pay?
184 "Latham will be no different than an other firm"
actually no. sorry about your tiny pink law firm, bro.
-126
The sense of entitlement on this board is only overshadowed by the cowardice of the "guests" those commenting. Who promised you anything? If you sell yourself as a revenue producing eunich, I mean, unit, to these firms expect to be treated like one. Take the experience for a while if you think it will help and then go out and become a lawyer.
Sincerely,
Guest
184 "Latham will be no different than an other firm"
actually no. sorry about your tiny pink law firm, bro.
-126
When do the PPP numbers come out? I want to take the day off to watch the world burn.
312: Get over yourself. If you'd read the original post, it says the firm is doing fine but the partnership is cheap.
Obviously, you have serious issues with OMM DC. Whatever they, are you really need to move on with your life, bro. This isn't healthy.
http://abovethelaw.com/2008/12/grim_holiday_party_invite.php#comment-867421
dear 350:
billing 2500 hours can mean being "on the job" well more than 3000 hours per year. And that doesn't count being "on call," so to speak.
It equates with about 10 hours a day, 6 days per week, assuming 2 weeks vacation. Often times under stressful conditions.
Living in new york is expensive. Student loans (college and law school) can accrue well more than a $1,000 per month in interest.
There are fair arguments (and whiners) on both sides. You add very little to this discussion, and are henceforth banished.
If Skadden can get through this without lay-offs or a pay freeze, more power to them. If not, they are just going to look stupid for not realizing the gravity of the situation earlier
I'm a 2L who is going to work for Latham this summer, choosing it over four other great offers. Even despite this salary cut/freeze, I am still excited to work there. Face it, the market is terrible right now and it seems like Latham is just being responsible about their finances. I would rather work for a firm that cuts/freezes salaries when times are bad than one that goes full speed ahead into Heller and Thelen territory.
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
I think it's time for you whiny overpaid assholes to shut the fuck up.
275 - isn't Latham lockstep? Tard.
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
L&W to Arena Football League
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
It's a freeze, not a cut. When you make the same salary in year n+1 as you did in year n, your salary has not been cut. Your *expected* salary has been cut, but expected dollars buy about as much beer as prestige dollars.
As for Elie's righteous indignation about the LW bonuses, from whence the confusion? Latham has an hours minimum, and bonuses for those who go above their hours have always ranged based on merit. Not a secret. Never has been. Minimum hours is 1900.
"In the mean time, I would congratulate L&W for NOT laying off any employees during this down turn "
The downturn is not over.
at everyone bitching about lockstep compensation:
whenever you are let go, your salary is frozen or cut or you receive a 0$ bonus, you would be very happy to work at a lockstep firm. They are more stable.
You will now say: But what about Kirkland? And I'll say: What about Cadwalader, Thacher Proffit, DLA Piper and White & Case?
Cry all you want Lathamites, but what are you going to do about it but whine?
You are stuck. Skadden doesn't want your fratboy selves. Swallow the bitter pill, and move on. You still get paid a ton of money, and only a few of you are getting laid off.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
That’s great, it starts with an earthquake, birds and snakes, an aeroplane -
Lenny Bruce is not afraid. Eye of a hurricane, listen to yourself churn -
world serves its own needs, don’t misserve your own needs. Feed it up a knock,
speed, grunt no, strength no. Ladder structure clatter with fear of height,
down height. Wire in a fire, represent the seven games in a government for
hire and a combat site. Left her, wasn’t coming in a hurry with the furies
breathing down your neck. Team by team reporters baffled, trump, tethered
crop. Look at that low plane! Fine then. Uh oh, overflow, population,
common group, but it’ll do. Save yourself, serve yourself. World serves it's
own needs, listen to your heart bleed. Tell me with the rapture and the
reverent in the right - right. You vitriolic, patriotic, slam, fight, bright
light, feeling pretty psyched.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
Six o’clock - TV hour. Don’t get caught in foreign tower. Slash and burn,
return, listen to yourself churn. Lock him in uniform and book burning,
blood letting. Every motive escalate. Automotive incinerate. Light a candle,
light a motive. Step down, step down. Watch a heel crush, crush. Uh oh,
this means no fear - cavalier. Renegade and steer clear! A tournament,
a tournament, a tournament of lies. Offer me solutions, offer me alternatives
and I decline.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine.
The other night I tripped a nice continental drift divide. Mountains sit in a line.
Leonard Bernstein. Leonid Breshnev, Lenny Bruce and Lester Bangs.
Birthday party, cheesecake, jelly bean, boom! You symbiotic, patriotic,
slam, but neck, right? Right.
It’s the end of the world as we know it.
It’s the end of the world as we know it.
It’s the end of the world as we know it and I feel fine...fine...
(It’s time I had some time alone)
278 - they arent lockstep
I wonder what Glass Cock has to say about this.
277 was a guy at my high school who didn't graduate because he failed social studies. It was no big deal.
Does anyone remember Douche Patrol? Is he gone? Remember him? Like, right about now, he'd probably say something like: "No. 260 -- YOU are a DOUCHE!" But he would do it in that perfect way only he could. Come back!
I don't really think this is all that big of a deal. It sucks for people who kicked ass last year, but Latham made a firm no layoff promise and is doing what it needs to do to keep that. No doubt once the recession is over with things will correct themselves and higher salaries will be reinstated.
I think the Associates Committee just decided that it would rather keep full employment at slightly reduced pay for the time being rather than throw those who were behind on their hours out into the street (and during a shitty legal market). That's just the kind of firm Latham is and frankly I'd rather be somewhere like that than a dog-eat-dog asshole zoo like CWT or the like.
282, whence includes a from. from whence is redundant. trying to live in a society here.
255 -
That's a classic scene. My sentiments exactly. I think I'll go watch it tonight.
What gets me is that many firms have had a profitable 2008 and based on the "possibility" of a bad 2009 they are canning associates and freezing salaries. They are just taking the opportunity to screw the associates.
142 and others - No layoff promise? You gotta be kidding! Latham broke that promise before it even made it. Just read the comments to the original post. Someone got it just right there - Latham does it in so many ways that are much worse than announcing layoffs. All lies, lies and damn lies... The pay cut is just another classy move but Latham is so full of these classy moves. It is actually surprising there was so little discussion of Latham on this post. Do they intimidate their associates so well that everyone prefers to keep it stealth?
135, too talented for ATL. Start your own site, we'd follow
@ 350 & 363:
What you clearly lack is something called perspective!!! Two very important things to consider: 1) the amount of student loan debt that a law school grad has to deal with (i.e. $100K-$200K) and 2) the amount of money that associates generate for partners.
Understand that law firm partners are the owners of their business and their sole source of revenue is what they collect from their clients based on the hours that associates work.
So you cannot compare BigLaw associates to a classical musician, teacher, firefighter, etc. The work of these associates directly accounts for billions of dollars in revenue for BigLaw. The age of associates is completely irrelevant. Their compensation reflects the value they generate.
Next time try doing some research on a subject before attempting to pontificate on it.
@ 350 & 363:
What you clearly lack is something called perspective!!! Two very important things to consider: 1) the amount of student loan debt that a law school grad has to deal with (i.e. $100K-$200K) and 2) the amount of money that associates generate for partners.
Understand that law firm partners are the owners of their business and their primary source of revenue is what they collect from their clients based on the hours that associates work.
So you cannot compare BigLaw associates to a classical musician, teacher, firefighter, etc. The work of these associates directly accounts for billions of dollars in revenue for BigLaw. The age of associates is completely irrelevant. Their compensation reflects the value they generate.
Next time try doing some research on a subject before attempting to pontificate on it.
BITCH SPREAD THE BUTTCHEEKS SO I CAN SMELL THE JUICY INSIDES!
@ 350 & 363:
What you clearly lack is something called perspective!!! Two very important things to consider: 1) the amount of student loan debt that a law school grad has to deal with (i.e. $100K-$200K) and 2) the amount of money that associates generate for partners.
Understand that law firm partners are the owners of their business and their primary source of revenue is what they collect from their clients based on the hours that associates work.
So you cannot compare BigLaw associates to a classical musician, teacher, firefighter, etc. The work of these associates directly accounts for billions of dollars in revenue for BigLaw. The age of associates is completely irrelevant. Their compensation reflects the value they generate.
Next time try doing some research on a subject before attempting to pontificate on it.
wow, that's some crazy multiple posting right there. or maybe it's a latham partner trying to bring down the site...
@ 350 & 363:
What you clearly lack is something called perspective!!! Two very important things to consider: 1) the amount of student loan debt that a law school grad has to deal with (i.e. $100K-$200K) and 2) the amount of money that associates generate for partners.
Understand that law firm partners are the owners of their business and their primary source of revenue is what they collect from their clients based on the hours that associates work.
So you cannot compare BigLaw associates to a classical musician, teacher, firefighter, etc. The work of these associates directly accounts for billions of dollars in revenue for BigLaw. The age of associates is completely irrelevant. Their compensation reflects the value they generate.
Next time try doing some research on a subject before attempting to pontificate on it.
Deep Thought:
Why is it that the people with really long posts never know that you're just supposed to hit the button once?
Does anyone know if 349 hit the nail on the head or not?
Latham has been doing stealth lay-offs, especially in their foreign offices, for almost a year. Lived and died with the capital markets work. In fact, there are rumors that Latham is offering some associates buy-outs--leave in exchange for severance.
Remember, while latham paid handsome bonuses last year, this is the firm that laid off a ton of people in the 90's, and when the economy suffered after the dot-com bust they gave piss-poor bonuses (well below peers like Gibson) and did other things like change bar stipends to loans after they were given out. They've screwed associates before and obviously have no qualms about doing it again.
It is amazing that someone that is paid so much to pay attention to detail couldn't figure out how to hit the post button once.
395 + YOU are a douche!
#255--are you single?
408: You're deluding yourself if you believe that associate billing rates in any way reflect the "value" generated by the associates' work product. Partners at BigLaw firms have charged grossly-inflated rates for both associates and partners because they knew that their clients would pay the extortionate rates to hire the firms perceived to be "the best." That was true in the past. Most BigLaw clients are no longer willing to pay those rates. BigLaw firms will either be forced to hold the line on compensation and on the salaries paid to its employees, or they will be forced to discount their bills. Most firms, I suspect, have been doing this to some degree for years -- at least for the clients who simply refuse to pay the hyperinflated billing rates. Not only will firms hold the line on billing rates next year, reductions in force will continue to occur.
395-407 NAILED IT. The 'Post Comment' tab, that is.
I'm scared... K&E hasn't announced yet. If they give a 1/2 Skadden bonus and do this Latham salary crap, I'm going to really wonder why I went into this job and didn't follow a higher calling, like, let's say, public interest work.... But, let's face it, all of us NY corporate attorneys with jobs need to be grateful. We still have jobs. Yes, billing 2800 hours with no real bonus and no increase in salary SUCKS, but we aren't living on the street or struggling to make ends meet. Just suck it up for the next year...
Somebody sneaking around here has a serious ass fetish. I'm just saying.....
411, your compensation does not reflect the value you generate. If the firms could bill you out at the same rate but pay you minimum wage, while having an acceptable level of attrition and recruitment, they would. Your compensation is purely a factor of supply and demand of associates. You may also have noticed that when billing rates or billable hours go up, compensation does not go up by the same percentage.
Sweatshop workers who make Prada clothing are paid about the same as sweatshop workers who make Target clothing, even though the former generate more "value."
Hey, I think it's great that Skadden is paying above market bonuses. To me, that means (1) They did not overextend themselves like some other firms, and have actually maintained a smart growth policy and (2) They wanted to show their appreciation to the associates who bring in the lions share of their money (rather than simply rewarding partners). And that's great.
But Skadden is not the "big swinging dick in town."
I assume that firms paying bonuses tied to hours will trump even the comparatively massive Skadden bonus. I know that some of these firms are still very busy---- so whoever wants the hours can get them.
I'm not predicting anything cataclysmic, like the death of BIGLAW. But I believe that we'll see increasing numbers of attorneys, particularly in litigation, exiting traditional BIGLAW outfits in favor of smaller litigation shops.
I'm not dumb and I never drank the Kool Aid. I have no interest in being BIGLAW for life. This is my second year. I didn't blow any of my money. I drive the same car I've had for years. My apartment isn't anything flashy. I take whatever meals I can get on the firm/clients. I grew up in rural poverty and never developed any expensive tastes on the way up.
I don't give a shit about all the flashy BIGLAW bullshit. We're all means to an end. At some firms that aren't tanking, we're still cash cows, making equity partners lots of money. It's incredibly rare that any partner at any firm really gives a shit about what happens to the associates below him. At my firm... maybe they give half a shit. But it is what it is. I take my 160k + bonus and save as much as I can. I'm doing my three years, then I'm done. I'll go hang up a shingle and do what most of you would consider shitty, little, insignificant cases in some small city somewhere.... whatever people need done... contract disputes... employment law.... family law... anything.... And maybe it'll be hard at first.. but I'm sure it'll get better.
I guess my point, if I had one, is that BIGLAW isn't going to take care of you. And BIGLAW isn't necessarily the best... the most lucrative... the most efficient. There are lots of other options to consider. So if you're hanging onto your job right now b/c of the economy.... I completely understand that. But when things pick up, it might be a good time to make your exit... whether its to a small litigation shop... small law... your own firm...
Remember when people thought Cravath was crazy for going half-Skadden? And so many posters thought competitor firms would rebuke Cravath and give Skadden bonuses? Yeah, remember that? It's happening again right now with pay freezes. Just wait for the other firms to fall in line now that someone else has started the procession. First year salaries to $150k!
LaTTTham is no longer at the top of the totem poll in LA. Gibson/Quinn/MTO/Irell/Skadden = new tier1
395- 407 - how are you going to call someone a "tard" when you posted the same unibomber-style diatribe 13 times?
I'm new to this site. Do the servers always suck like this? I don't believe these posters are hitting the post button multiple times.
411, 350 here...
not sure you really understood my post... i am simply saying that the economy sucks, and you should feel that you are immune to the impact of said recession. i understand you have law school debt....other professions do too. i also understand that associate leverage is one of many components of achieving higher PPP - I never claimed otherwise. i think you will find that PPP at most Firms will be substantially down, and if not down, artificially inflated through de-equitization of partners. i know plenty about law firms, and law firm economics. what you haven't addressed is why you think associates should be immune from the world recession.
Oh please--whoever posted that rambling B.S. again and again is probably a law student or some embittered file clerk at Cadwalader.
360 -- no open layoffs doesn't mean no stealth layoffs. stop being so naive.
327 - ??? nobody has mentioned kirkland.
The fleecey goodness of my Sheepy sheep will keep me warm, safe and very very happy during the probable Biglaw nuclear winter poised to fall upon us.
Many of my colleagues and I are billing around 2000-2200 hours this year. We are at a lockstep firm and we are getting screwed with a half-Skadden bonus. There are definitely a fair number of (mostly junior) associates at my firm who are billing 1300 hours this year. We are really annoyed, but we still stand by the lockstep system.
You have to be consistent. The lockstep system only works at the very best firms because nearly all the associates are of top quality. The number of hours an associate bills at my firm depends on the department he is in, not on his competence. People have to stop this "can the under-performers" talk - it could well be your department that becomes quiet the next time. The lockstep system preserves our collegial feel and eradicates intra-firm competition and hostility.
To all partners at the very top firms - always defend and preserve the lockstep. It works and creates a far better work environment.
CWT NY 05 female associates to full BONiiiiii!!!!
327 - ??? nobody has mentioned kirkland.
350 again - correction of my post:
not sure you really understood my post... i am simply saying that the economy sucks, and you shouldn't feel that you are immune to the impact of said recession
201/204 - lmao
Would you morons learn how to post? Click "post comment" once and wait for it to load. Do not keep clicking it while the page is loading. Jesus Christ.
I'm scared... K&E hasn't announced yet. If they give a 1/2 Skadden bonus and do this Latham salary crap, I'm going to really wonder why I went into this job and didn't follow a higher calling, like, let's say, public interest work.... But, let's face it, all of us NY corporate attorneys with jobs need to be grateful. We still have jobs. Yes, billing 2800 hours with no real bonus and no increase in salary SUCKS, but we aren't living on the street or struggling to make ends meet. Just suck it up for the next year...
Why is this the only blog I read in which each comment has to appear 5 times? No lawyer with any real work to do would waste their time on these comments, which is a shame since 1 out of 40 of them might be worth reading (for giggles, usually). Would some mild amount of comment moderation really be that difficult? I will now post this same comment 5 more times. (Because even if I don't, some other jackass will.)
416 is SPOT ON the money. Latham's foreign offices are dead. No work, associate morale in the toilet and they are asking people to walk.
Why is this the only blog I read in which each comment has to appear 5 times? No lawyer with any real work to do would waste their time on these comments, which is a shame since 1 out of 40 of them might be worth reading (for giggles, usually). Would some mild amount of comment moderation really be that difficult? I will now post this same comment 5 more times. (Because even if I don't, some other jackass will.)
Why is this the only blog I read in which each comment has to appear 5 times? No lawyer with any real work to do would waste their time on these comments, which is a shame since 1 out of 40 of them might be worth reading (for giggles, usually). Would some mild amount of comment moderation really be that difficult? I will now post this same comment 5 more times. (Because even if I don't, some other jackass will.)