A week ago we asked if new partner promotions were an indication law firm’s financial health. Skadden-Mart just released its new partner roster, and it does appear that the firm’s tepid bonus announcement is reflected in the new promotions.
The New York Times reports that Skadden-Mart made five new
Simpson’s latest class is smaller than the eight partners it elected a year ago and less than half the 13 partners it named in late 2006, when the deal boom was in full swing.
This year, as big mergers are scarce and leveraged buyouts even scarcer, three of Simpson’s five new partners are from the corporate department, all based overseas. The other two new partners, from the litigation and tax departments, work out of Simpson’s New York headquarters.
So at least in this case, Simpson is keeping up the appearance of financial stress that they indicated to their associates week ago.
How is morale over at Simpson? After the jump.
This announcement is another indication that good deal work is available overseas, not in New York City.
We suppose NYC based corporate attorneys are just still happy to have a job. But put yourself in the place of a 7th year M&A attorney at Skadden-Mart. A tipster confirms that none of the new partners were from the class of 2000, so you know you have a long time to wait. And you’re just received a smaller bonus than a first year at Skadden. Are you: A) Just happy to have a job, B) Filled with homicidal rage, C) Confident that your career will get back on track next year, or D) Drunk, crying, and really unhappy about the wire hangers in your closet?
Based on the comments from our announcement of Simpson’s bonuses, it seems that Skadden-Mart’s litigators are the ones most angered by the recent developments. Perhaps corporate associates had more time to prepare for the bad bonus news. People know when they are slow. But all indications are that litigators have been busting tail.
Oh, those profits per partner numbers are going to be so interesting this year.