More Pain Coming to Cadwalader?
We have detailed that spate of partner defections from Cadwalader in recent weeks. But how are things going for associates on the ground? In the Cadwalader litigation department, at least it’s not particularly busy. A tipster reports:
Learned at a CWT Litigation Department associates-only meeting held at 2:00 [last week]: Everyone was anxious about the lack of work in the Litigation Department. One of the reps took a poll and no one in the room was currently staffed on a securities fraud matter. This raised serious concerns about the department.
But as Lestat might say: Cadwalader is going to give associates the choice I never had:
Based on 2008 productivity, some associate salaries will be frozen. Others in slow departments will be asked to take a pay cut if they want to stay. So there will be some 8th, 7th and 6th years who were slow in 2008 who will be dropped two or three class years.
Pop quiz senior associates. What do you do?
Earlier: Musical Chairs: Bruce Zirinsky and John Bae from Cadwalader to Greenberg Traurig
Musical Chairs: Cadwalader Loses More Lawyers
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CWTTT
That hot female CWT 5th year associate is going to ravage me tonight.
If you're a senior at CWT and you're still there, you're probably not very bright or very employable. Take the pay cut.
"Me chinese, me go to Supreme Court, me put pee pee in your coke."
-Eliza Gray
I'm a 5th year at CWT. I'm in the litigation department and I played Duck Hunt for around 3 hours a day last week. Rumors of dissolution are rampant. Sinking ship.
I would still bang any CWT NY 05 female associate in the 2 hole.
Fiiiiiiiiiiirst
Wolf Pooper
is it me, or has the New Year brought in less posts by Elie?
is it me, or has the New Year brought in less posts by Elie?
i think mysTTTal posts CWT stuff just to set the table for all the CWT NY 05 female associate trolls
Not at CWT, but I am slow enought that I'd gladly take a pay cut to keep my job. Not sure how much I'd be willing to give up, but in this market I doubt I'd have much of a choice.
So one neurotic associate slips you highly opinionated and unsubstantiated information and you post it as fact?
Yellow journalism at its worst.
ELIE,
DO YOU DO ***ANYTHING*** BUT CUT AND PASTE LAYOFF EMAILS ALL DAY? WE GET IT, YOU'VE GAMED THIS WHOLE JOB. YOU SIT BACK, EAT AND PLAY NBA JAM ALL DAY, OCCASIONALLY TURNING YOUR HEAD TO CUT AND PASTE A POST.
I COULD WRITE A MACRO TO DO YOUR JOB. NOW CUT THE BULLSHIT. FROM NOW ON PUT ALL THE LAYOFF NOTICES IN ONE POST AT THE END OF THE DAY, AND START ***WRITING*** INTERESTING POSTS.
SINCERELY,
BUTTCHEEKS GUY
Condi Rice was our first black president!
Volokh says so.
http://volokh.com/posts/1232484721.shtml
Congrats, Condi!
fewer hours and a slight pay cut? beautiful. i would take it, find a new hobby, and thank the economy for giving me my life back.
Completely agree with #12. I just hope that if firms do another round of layoffs, this becomes something of an option.
Completely agree with #12. I just hope that if firms do another round of layoffs, this becomes something of an option.
#15 is right. Awesome!
12 is spot on
you grin and bare it, furiously looking for another job, a dubious prospect today
(all the while whispering "thanks bush")
Guys in my high school used to post in legal blogs (back then it was bulletin boards) about guys in our highschool all the time, it was no big deal.
Who the hell is BOB?
Does anyone know how CWT did recruiting-wise this past fall?
Yes, at the meeting it nobody raised their hand when asked if they were working on a securities fraud matter. But it was also noted that the IP and antitrust litigation groups are very busy. So nobody is working on a securities fraud case right now, big deal. Other cases are active.
As for the individualized pay freezes and pay cuts, it was said that this could be an option for "some slow departments" but nothing was finalized or even certain to happen. Any details on it were the conjecture of the mid-level associates running the meeting (they meet with management, then meet with us).
Wolf Pooper just laid off Rod Pampers.
5 - can you post a link to that game? Thanks.
16 -- My goodness YES I would love to get paid a bit less, and have more free time! Too bad it doesn't really work out that way...
My firm's litigation department is super busy - but we're also not cutting salaries
Ass lobster buttcheeks jews are evil no they aren't guys in my high school
#15 and #19 are wrong. Awesome and congrats!
Ah, so it will be CWT cutting salaries first; I wasn't wrong, just made a poor assumption about who would lead.
Are we looking at a CWT / Thelen merger situation?
Elie, FYI, "Interview With A Vampire" is not an acceptable movie for a dude to be quoting.
Elie would rather quote Mystic Pizza or Fat Burger.
#20 - I think you mean thanks DemocRATS. Bush and the Republicans tried to rein in Freddie and Fannie. And now we're stuck hopeless incompetents like Pelosi and Obama.
23 - their summer class has 39 kids
33 - i think he's quoting "Speed"
CWT NYC dissolution? anyone?
35-
It's idiots like you with your ideology-based view of reality that re-elected that 'TTTard of a President and got us to this point.
(needless to say- the dems had no power between 00 & 06, when this whole disaster was created / Reality is a bitch isn't it you traitor republican swine?)
WILL YOU OBAMA ME WHERE THE PAMPERS IS?
Ah, just the break Latham & Watkins needs to start cutting pay even further, since it's gunning for for lowest comp. on top of its long running titles for most frequent layoffs and highest douchebaggery in the AmLaw 200.
39 - Wrong jackass. Look up the history of the so-called Community Reinvestment Act (i.e., race-based lending act) and you'll discover banks required to make loans they otherwise wouldn't have, and now you know how we got the mortgage meltdown and current economic crisis. Something the Republicans did? Don't think so.
36-
How many summers did CWT have in the past? Were they aiming for 39, or was there a dearth of good candidates? Did they have to reach deeper into classes at lower ranked schools?
35 - Get real. Say it straight to my face that you think Dubya was a good president. I fucking dare you. Truth is you thought he sucked like everybody else isn't it?
Layoffs at Cahill?
He's quoting "Speed" you fucking morons.
43 - CWT reduced the number of summers it took on for staffing reasons, as have most firms. In this economy few people are leaving their jobs and big summer classes are only necessary when turnover is high. If you overstaff you have to lay people off, which is exactly why this past fall as the summer of 07 began their jobs the vicious layoff cycle began.
Its really not rocket science.
43 - CWT reduced the number of summers it took on for staffing reasons, as have most firms. In this economy few people are leaving their jobs and big summer classes are only necessary when turnover is high. If you overstaff you have to lay people off, which is exactly why this past fall as the summer of 07 associates began their jobs the vicious layoff cycle began.
Its really not rocket science.
40,
FRIDAY NIGHT AT THE PIT... EVERYBODY GETS LAID!!!
43 - they had slightly fewer than 60 last year and 101 in the prior year.
Although I can't say for sure whether they've reached deeper into classes, I doubt it. The hiring criteria here was the same this year as in past years and they did not participate in OCI programs at lower ranked schools, which they recruited from in the past.
If I was a senior associate there with dim partnership hopes, I would take the multi-class reduction and shop myself around to other firms as a mid-level in hope of finding something else.
Any update from any Sidley or Mayer folks?
39, read this
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63
Bush proposed back in 2003 to rein in Fannie Mae and Freddie Mac with more regulations and greater oversight.
Read the end of the article to learn who opposed the new rules. His name starts with B and ends in arney Frank.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
"His name starts with B and ends in arney Frank."
His mouth starts at the C and ends in OCK JIZZING ALL OVER HIS FACE.
"But as Lestat might say: Cadwalader is going to give associates the choice I never had."
46, here is his quote from interview. You are the moron who cannot read.
amen, 35
39 = PWNED by 35-53 double team.
Reality is a bitch. Or maybe the New York Times is lying and trying to slander Democrats.
55 You're a fucking moron. That is not a quote, but merely a reference. I doubt Lestat actually said Cadwalader ...
- A new guy
Blaming the meltdown on the CRA is ludicrous, regardless of the FNMA/FHLMC issues. Just weren't enough $$ there. Want to blame ONE thing? Look at the gray market of CDS--If the damen things had been EITHER (1) regulated **OR** (2) exchange listed there wouldn't have been such an unmitigated, unreserved-for clusterf*ck (not that any one thing can be blamed, but CRA is a horrible, cynical pick).
Also, "Any update from any Sidley or Mayer folks?"
Yeah, CWT blows. How's that for an update.
Finally, "CWT NYC dissolution? anyone?"
Didn't you see? The rumor is that the Lyondell team needs to find a suitable, conflict-free landing place and the target is the end of February.
59 - That is total BS about the Lyondell team.
For the record: BARNEY FRANK was sleeping with a guy heading up FannieMae. Let's just say he had a "pro-fannie" position in more ways than one... Ha, ha!
The media didn't want to report that little story... Wouldn't want to equate gay liberals with the country's economic collapse.
http://www.businessandmedia.org/articles/2008/20080924145932.aspx
12 has it right.
As an associate I would rather be held back if I were doing good work, but the partners couldn't bring in leverage-able matters. Its better than be "promoted" and then hear "sorry, not performance based, its economics, call us for references."
Of course these demotions are just discounts, if they are passed to clients, in stealth form. They are a recognition that rates are too high for the product. If rates stay up and PPP goes up in a practice with demotions you would know its partners putting their hands in our pockets to prop up their draw.
Hasn't Sidley already frozen?
50--
So the rumors about dissolution are true. Thanks for the confirmation.
Long live Neil Weidner
where's the love for the shay-ray?
Which CWT Litigation department are you talking about? NY or DC? I've been hearing rumors for a while that the DC office's litigation department has a lot of work....
42- you are an idiot. The CRA was passed in 1977 and somehow you think it caused this crisis 30 years later. It is not race based lending - it is community based lending and 82% of the funds benefit people of your race.