Hello, friends. The tables we’re compiling these days are not fun ones. We’ve posted running lists of the firms that have frozen salaries — as well as a list of those that haven’t — and, in this post, a list of the going rates in severance packages.
With layoffs still going strong, knowing the severance terms at your firm is more important than ever. As reported earlier today, 70 to 150 Latham associates could be handed three-month goodbye presents on Friday.
We put together a casual comparison of severance packages last week, and we asked those with knowledge to weigh in. ATL readers offered several corrections and additional information. We even had a firm spokesman email us to correct a listing.
We offer a new table, after the jump, along with the same caveats from the first time around.
We’re including an abridged version of the explanatory notes we included the first time around:
1. This survey is informal (and far from rigorous). With a few exceptions, the severance package information was self-reported by the dismissed attorneys; we generally have not verified it with official firm representatives.
2. The information came from lawyers who were victims of forced attrition. Forced attrition encompasses acknowledged layoffs, stealth layoffs, performance-based dismissals, or any other departure from a firm in a less-than-totally-voluntary manner.
You may see on the list some firms that have not publicly admitted to layoffs. We are not saying that these firms have conducted “layoffs” as such, but it would appear that they have asked at least some of their lawyers to leave. We take no position on how to characterize those departures; as we’ve previously opined, what constitutes a “layoff” may be in the eye of the beholder.
3. There were some conflicting reports for some firms. These are likely due to variations by office, department, seniority, timing (which round or wave the person was in), individual negotiation with the firm, etc. We’ve tried to figure out and note the reasons for the conflicts, but some are irreconcilable. People at the same firm don’t always get the same deal.
We’ve done our best, but we’d like to emphasize once again the informal, crowd-sourced, non-official nature of this survey.
If you have information to add, please email us (subject line: “Severance Watch”). We prefer email to posting in the comments because of the enhanced accountability and ability for us to ask follow up questions of you. We promise anonymity, as always. Thanks.
LAW FIRM SEVERANCE PACKAGES FOR ATTORNEYS
Updated: March 2, 2009
|Firm||Severance / Notice|
|Arent Fox||None (3 months notice)|
|Baker & McKenzie||3 months|
|Baker Botts||3 months|
|Bilzin Sumberg||2 months|
|Bingham McCutchen||3 months|
|Blank Rome||1 month|
|Bracewell & Giuliani||2 months|
|Cadwalader Wickersham & Taft||3 months (1st round); 5 months (2nd round)|
|Cooley Godward Kronish||3 months|
|Cox Castle & Nicholson||6 weeks|
|Davis Polk & Wardwell||None (3 months notice)|
|Dechert LLP||3 months|
|Dewey & LeBoeuf||3 months|
|DLA Piper||Varies (2-3 months)|
|Fish & Richardson||2 months|
|Fried Frank||3 months|
|Goodwin Procter||3 months|
|Greenberg Traurig||2 months|
|Hogan & Hartson||None (3 months notice)|
|Jones Day||None (3 months notice)|
|Katten Muchin Rosenman||None (3 months notice)||Kaye Scholer||None (3-4 months notice)||Kirkland & Ellis||None (3 months notice)||Latham & Watkins||3 months (1st round); 6 months (2nd round)|
|Linklaters||Varies (3-5 months)|
|Loeb & Loeb||2 months|
|Mayer Brown||3 months|
|McDermott Will & Emery||3 months|
|McKee Nelson||4 months|
|Milbank||Varies (1-3 months)|
|Morrison Foerster||Varies (2-6 months)|
|Morgan Lewis||2 months|
|O’Melveny & Myers||2 months|
|Orrick Herrington & Sutcliffe||5 months (1st round of layoffs; 2 months thereafter)|
|Paul Hastings||3 months|
|Reed Smith||2 months|
|Schiff Hardin||3 months|
|Schulte Roth & Zabel||None (2-3 months notice)|
|Shearman & Sterling||Varies (1-2 months)|
|Sonnenschein Nath & Rosenthal||None (2.5 months notice)|
|Squire Sanders||3 months|
|Troutman Sanders||3 months|
|White & Case||3 months|
|Willkie Farr & Gallagher||Varies (4-6 months)|
|Wilson Sonsini||3 months|
|Winstead||None (1 month notice)|
(Or: A casual comparison of severance packages.)