Nationwide Layoff Watch: What will 2009 bring for Mayer Brown?
On Christmas Eve, Mayer Brown announced its bonuses for associates in the New York office. They matched the market— no surprises there. But our tipster noted that associates at the firm are unsettled by rumors making the rounds of layoffs coming in 2009. Mayer already laid off 33 attorneys, as well as administrative staff in November.
One sentence in the bonus memo has an ominous tone that’s making Mayer associates uneasy. The memo says that bonuses will be paid January 16, 2009 but “only to associates in good standing who are employed by the firm on the date the bonus is actually paid.” From a Mayer tipster:
People are upset about the language, (“All bonuses will be paid only to associates in good standing who are employed by the Firm on the date the bonus is actually paid.”) believing it to reinforce the idea that layoffs are happening come January 5th.
Are Mayer associates overreacting to the memo language?
Firm spokesperson Bob Harris says this is the “same language that has been used for several bonus seasons.” We looked back at last year’s memo though and didn’t see a similar sentence.
UPDATE: Associates are overreacting. Harris points us to a different 2007 memo that does employ the same language.
Harris was emphatic in saying that there are “no plans whatsoever for additional layoffs” at Mayer Brown.
Rumor mongers suggest otherwise. Predictions on the practice groups to be hit with layoffs, after the jump.
These are just rumors, of course, but the source claims to have ears that pick up on conversations among New York’s Planning Committee. The tipster predicts the following:
These layoffs will hit the (a) Leveraged Finance group, which was untouched by the November layoffs, (b) Structured Finance, which did not cut enough fat in November (eg, there are still fourth year securitization associates doing doc review) and (c) what’s left of the corporate group (since they recently lost a ton of business to Latham on partner departures).
These are tough times for finance lawyers, unless they’re bankruptcy specialists. We’ll be watching out for news from Mayer in the new year. As always, send us tips at tips@abovethelaw.com.
Earlier: Associate Bonus Watch: Mayer Brown
Nationwide Layoff Watch: Mayer Brown Update
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Comments
First!
Suck it blah blah tool
-1
I think the Meyer Brown Eye just winked at me. That's creepy....
DRUMS
last!
this is a total non-story. the chicago bonus memos at least have had similar language for many years. I've always assumed it was put there to tell people that if they lateral before bonuses are being paid, don't expect that you have any right to it. c'mon kash, I know it is a slow day, but still. and you NY associates need to relax.
SHEEP NAILIN BRISTOL PALIN....
Bumbaclot bitches!
Guys in my High School used to get fired all the time before they got their bonus. It was no big deal...
Frat StuD!
BITCH SPREAD THE BUTTCHEEKS AND LET ME SEE THAT JUICY MAYER BROWN EYE!
6 is right. this is a lame attempt at a story. next time check with your sources at the firm first.
BITCH SPREAD THE BUTTCHEEKS SO I CAN SMELL THE JUICY MAYER BROWNEYE!
6 is right (at least w/r/t the Chicago office).
Chanel Cutting 200 Jobs. Does this mean that we'll have to get used to ugly, poorly dressed and bad smelling people on account of the economy?
my eyes! my eyes!
Chanel should apply to become a bank holding company. save us all Chanel. save us!
Agree with #6. Methinks someone is a bit paranoid. Firing someone right before a bonus payment is due would probably merit rather close scrutiny by an incredulous judge, and most certainly would cost the firm significant reputation points in the legal community.
#9-
Great minds think alike.
#11.
KASH -- Will you go on a date with me?
kash is HOTTTTTTTT
True dat #11 -- Lets keep the dream alive.
Thread Jack - -
Those of you who have friends that were laid off (made redundant) in the last three months what are they doing now?
19 - see ## 9, 11, and 15.
I was laid off because a senior associate caught me nailing a sheep in my cubicle late one night and didn't offer to let her join. My greed got the better of me.
21 - that was MY sheep. that's why you got fired.
Wow. Sad.
I agree. Although I am no longer with MB, I saw that language for years and years. It is not inconsistent with the language that one sees at many other firms.
21 -- Pistols at dawn for the honor of the fluffy sheep.
Have MB's hiring standards gone down? Why should any associate interpret that clause that way? That was the verbiage I always used to see when I was in the NY Office. In other words, you cannot go to another firm and still receive your bonus (not that anyone can find a new job anyway).
that's an extremely common sentence for a bonus memo. Firms don't want to be obligated to pay a bonus to an associate who has quit on the theory that he or she earned it during the previous year. And yes, firms also don't want to pay bonus to an associate being fired. But it has always been that way. No story here at all.
6 is right, but may be wrong on the details (depending on office). The US attorney manual contains a sentence that says "...in order to be eligible for any bonus or salary increase, an associate must be actively employed and in good standing on the bonus or increase payment date." This language has been in there for years and years and applies to all US associates. This is not a story.
Check your sources next time Kash.
Such a dumb post. Why would MB do a second round of layoffs one month after the first round? Nothing has changed between now and then. If you were going to get laid off at MB, it would have happened already.
COMMENT REMOVED BY MODERATOR.
COMMENT ADDED BY MODERATOR.
I am offended by the sheep comments. Please stop them and make sensible comments instead.
Mackelroy
mmmmmmmmmmmmmmmMMMMMMUTTON!!!
32 = GULCer with erectile dysfunction.
MB TO ORRICK. PRESTIGIOUS?
I hate #16.
#16's mother
I hate #36.
#36's husband
Slow news day at ATL? This language is fairly typical, not only in MB bonus memos, but also in the bonus memos of many other firms. Report back when you have some real news. In the meantime, perhaps you should pull this no-news story.
I'd like someone to show me a firm that would pay a bonus to an associate after they've quit the firm.
Chicago Tribune: Blagojevich to name Burris to Obama seat
39 nailed it.
Mayer Brown's previous layoffs are in the BigLaw Layoff Tracker at http://www.lawshucks.com . 1,700+ on record already and from the looks of this post, more to come soon.
This is the problem with having ATL writers who have never been associates. Every bonus memo contains similar language. Next.
@40 - Plaxico?
@41 - actually, 21 nailed it.
Apparently someones mother is nailing the husband of a sheep.
I said: "What what, in the butt"
I said: "What what, in the butt"
I said: "What what, in the butt"
I said: "What what, in the butt"
You wanna do it in my butt, in my butt?
You wanna do it in my butt, in my butt?
You wanna do it in my butt, in my butt?
Let's do it in the butt,
OKAY!
Nailing sheep in cubicles to 190 in '09!!!!!!!!
47th!
w00000000000000t!!!!!!!!!!!!!!!!!!!!!!!!
KASH -- I'll forgive you for this worthless post if you go out on a date with me.
48: pwned!!!
48 -- worthless life.
@48, EPIC FAIL
SHEEP NAILED BY MODERATOR.
pls remove keith fink. it's disturbing.
ELIE,
Can we get an article about the ORRICK PAY FREEZE?
any word on a pay freeze at Sidley?
Kirkland often pays bonuses to associates who have completed the entire bonus year of work, but who leave before the bonus payment hits, as long as they are leaving for the government or a client. In a cruel twist of fate, this year those departing associates got paid much more than the associates who stayed.
Nailing 190 sheep? Now THAT's an aggressive goal... 2000 hours? Try f*&$ing 190 sheep...
ELIE,
Can we get an article about the ORRICK PAY FREEZE?
Keith Fink can see your soul.
55/59 -- that already was posted yesterday, wasn't it? Part of another article.
I wish Keith Fink would stop ogling my sheepy sheep.
I once new a legit hot girl who worked at MB NYC (not lawfirm hot, but actually hot).
She quit after 14 months because, in her words, the "place is infested with creepy nerds and little fat men, along with the neurotic women who actually get off on that."
first!
Wasn't it Keith Fink and not a gerbil that Richard Gere rammed up his ass?
first!
BITCH SPREAD THE BUTT CHEEKS SO I CAN SMELL THE JUICY INSIDES!
I'm a little shocked that this Bob Harris guy lied to a reporter, or at least played fast and loose with the facts (as to the "same language" claim). That's disgraceful behavior for any lawyer, much less a spokesperson for a prestigious firm.
Wow... slow week I guess
Do all Texans think their bar results are huge or is it just some dumb joke on this site that flew over my head?
Can we get an article on the layoffs (performance firings) happening in BigTex??
DEAR ATL
PLEASE DO AN IN DEPTH STORY ON HOW TO DEAL WITH STUDENT LOAN DEFAULTS.
THANK YOU
There is no greater bonus for a cold big law associate than a nice woolly sheep.
Goats are more fun than sheep.
Take that back, 74.
63=best comment ever
63 = worst comment ever and should be removed by the moderator.
ATL is going downhill. This is a nonstory. The firm recognizes that nothing drags efficiency like rolling layoffs.
A far more interesting story would involve actual news on salaries and bonuses.
I love how there are now about 80 comments for this thread, and about 3 of them actually say something relevant.
Not a chance, 75. Me loves the billie goats...
79 -- I feel like you are trying tell us something but I am not sure what.
#32 is right. But #67 nailed it. #62 - that was the worst ever. #11 - you've got that right. #44 - why would you say that? #14 - why don't you like #18? #16TTT. #1 - good job being first. I think I love you. #77 - not a good comment. #29 - GULC. #87 - Pwned.
This whole article is racist.
FLAGRANT FOUL - 15 yards for 79 for complaining about frivolity on ATL
82 -- Are you sure? Are you being vague for vagueness sake?
82 was raised by a pack of racists. Its so obvious even a sheep could see it.
I hope 79 gets devoured by a vagina dentata tonight.
MB bonus memos have said that for years. I think that's standard language for a lot of firms to make clear (in better times) that you have to stick around to get your bonus.
The source has it wrong. Lev Fin has been hit by layoffs (stealth and non-stealth (November)) for six months.
Back to the serious comments... Bahhhh
Good call 87. A round of vagina dentatas is what everyone needs.
MB is a pathetic shell of its former self, but in its defense that clause is not unusual at all. I'm pretty sure I remember seeing that back in the boom year bonus days.
Also, they only lost a couple of NY service partners to Latham. They did not have much business of their own, which will come as a shock to Latham when they realize how badly they overpaid for a couple of mediocre paper pushers.
I liked MB's NYC office. It was really elegant.
Latham > Sidley AusTTTin
Much ado about nothing. That line is boilerplate in bonus memos.
What is a "vagina dentata?"
As an incoming MB SA, I hate seeing posts like this on ATL. I'm glad its about total bullshit, but spare me the anxiety next time.
Thanks.
97, as an incoming MB SA, you should know the difference between "its" and "it's." Get that straightened out, and you're sure to get an offer.
98 -- Your awesome grammar skills probably help keep your mind occupied and off the topic of you contracting AIDS.
Best comment board I've seen in a while. This is what happens when you post some weak-ass-shit, ATL.
96, a Google image search as a partner strolls by will cure what ails ya.
/shivers
Um, that "tipster" clearly has something to worry about, as anyone stupid enough to "worry" about such language is too stupid to work in a large law firm.
98, its clear to me that your a douchebag.
I guess ATL is correct about there not being a "similar" sentence in last year's memo.
There was an IDENTICAL sentence. At least in New York.
Great story.
Why would MB lay off anymore associates when it is clearly going to save so much on associate salaries now that Sidley froze?
104: wtf? what does sidley salaries have to do with MB's cashflow?
105: MB is going to follow Sidley and freeze its salaries.
MB should use Sidley's freeze as an opportunity to distinguish itself as superior to Sidley.
Didn't MB already distinguish itself from Sidley by doing layoffs?
MB doesn't follow sidley. take the last round of salary increases or its bonus structure, for example.
MB follows Sidley and Latham in Chicago, a salary freeze is a near certainty
although latham has an increasing presence in Chicago, in no way does it influence Mayer's compensation or bonus structures. Sidley carries some weight but is by no means determinative.
This is stupid. Its not a story.
First, if layoffs came on Jan 5, the affected people would get the standard 3 months, so they'll be actively employed until April and will get their bonus on Jan 16, 2009.
Second, as others said, this is standard language for bonus memos in most (maybe all) MB offices and probably other firms too.
63 - I think I know who you are talking about. But, she was legit aight, law firm hot
Does MB usually take this long to announce salary and bonus information outside of NYC?
114: yes, although they usually have some kind of general announcement by the end of the year. People don't find out their individual numbers until late Jan./early February normally.
@ 112 - the catch is that anyone they lay off on January 5, though they might remain employed by the firm for three months (through the bonus payment date), the fact that they were laid off probably means they didn't satisfy MB's hours requirement and were likely due to receive $0, anyway.
Does MB normally announce salaries ahead of time, or does the fact that MB and other firms haven't said anything about the raise or freeze yet indicate either that raises are proceeding as normal or that they are frozen unless announced otherwise?
Yep, things are just peachy over at MB...
http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202427233876