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Update: If You Show Me Yours, I’ll Show You Mine
(Or: A less casual comparison of severance packages.)

severance.jpgHello, 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

FirmSeverance / Notice
Arent FoxNone (3 months notice)
Baker & McKenzie3 months
Baker Botts3 months
Bilzin Sumberg2 months
Bingham McCutchen3 months
Blank Rome1 month
Bracewell & Giuliani2 months
Cadwalader Wickersham & Taft 3 months (1st round); 5 months (2nd round)
Cooley Godward Kronish3 months
Cox Castle & Nicholson6 weeks
Davis Polk & WardwellNone (3 months notice)
Dechert LLP3 months
Dewey & LeBoeuf3 months
DLA PiperVaries (2-3 months)
Fish & Richardson2 months
Fried Frank3 months
Goodwin Procter3 months
Greenberg Traurig2 months
Hogan & HartsonNone (3 months notice)
Jones DayNone (3 months notice)
Katten Muchin RosenmanNone (3 months notice)
Kaye ScholerNone (3-4 months notice)
Kirkland & EllisNone (3 months notice)
Latham & Watkins3 months (1st round); 6 months (2nd round)
LinklatersVaries (3-5 months)
Loeb & Loeb2 months
Mayer Brown3 months
McDermott Will & Emery3 months
McKee Nelson4 months
MilbankVaries (1-3 months)
Morrison FoersterVaries (2-6 months)
Morgan Lewis2 months
O’Melveny & Myers2 months
Orrick Herrington & Sutcliffe5 months (1st round of layoffs; 2 months thereafter)
Paul Hastings3 months
Pillsbury2 months
Reed Smith2 months
Schiff Hardin3 months
Schulte Roth & ZabelNone (2-3 months notice)
Shearman & SterlingVaries (1-2 months)
Sonnenschein Nath & RosenthalNone (2.5 months notice)
Squire Sanders3 months
Sutherland3 months
Troutman Sanders3 months
White & Case3 months
Willkie Farr & GallagherVaries (4-6 months)
Wilson Sonsini3 months
WinsteadNone (1 month notice)
WolfBlock2 months

Earlier: If You Show Me Yours, I’ll Show You Mine
(Or: A casual comparison of severance packages.)

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