Archive for March 6th, 2009

Options for Incoming Orrick First Years

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Orrick logo.JPGOn Tuesday, we were able to tell you that Orrick would be giving a $75K stipend to 3Ls who are willing to defer for a year. We are now able to bring you additional information on Orrick’s plan for its incoming first year associates.

First and foremost, we understand that the $75K stipend is available only if 3Ls are able to secure a public interest or government fellowship. 3Ls received a memo from Orrick which listed some organizations that are hiring. But if you can’t get a job, you can’t get the money.

That said, the firm is open to suggestions. We talked with an Orrick spokesperson who said that the firm would look at any suggestions that 3Ls had for fellowship options. The firm will look at it on a case-by-case basis, looking at whether the job will give the 3Ls good legal training. The firm has put a full time pro-bono manager in charge of helping incoming first years get placements at other organizations. Speaking about the 3Ls, the spokesperson said that the firm likes all of the people that have offers to return to the firm: “We want them back.”

But that isn’t the only option for incoming first years. Details after the jump.

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Non-Sequiturs: 03.06.09

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Charles Nesson.jpg* You know who really is as cool as everybody says he is? Charlie Nesson. Don’t get me wrong, if the man wasn’t a law professor he’d undoubtedly be one of those people you’d never make eye contact with unless you were packing heat. But, safely locked inside the Ivory Tower, the man’s awesome. [Intellectual Property Colloquium]

* Rodge Cohen for deputy secretary? S&C’s loss could be the Treasury Department’s gain. [WSJ Law Blog]

* Denver law students are live blogging a major Colorado trial. And their professors approve! [Race to the Bottom]

* Yale is offering a three year J.D./M.B.A. program. Put another way, Yale is offering employment gold in exchange for depreciating American greenbacks. [TaxProf Blog]

* Harvard is still a good bet too. I think the right commodity is oil. The price might fluctuate but you still need it to do most things. [The Faculty Lounge]

* It’s funny how some firms still think they can control leaks. Like, you know, pretty much any firm whose name is “K & Any letter of the alphabet.” [Law and More]

* Russell Wetanson “woods” his own post better than I ever could. “Because of Paula Abdul’s negligence, I can no longer stand Straight Up.” [Popsquire]

* Don’t forget to “spring forward” this weekend! [Infoplease: Daylight Saving Time]

Nationwide Layoff Watch: Something Is Going Down At Akin Gump (Update: 47 associates and 57 staff laid off.)

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Akin Gump logo.JPGWe started hearing a lot of reports about impending layoffs at Akin Gump, earlier the week. One tipster put it succinctly:

Expect attorney and further staff layoffs this Friday.

Remember, Akin laid off 65 staffers in January. At the time, Akin indicated that there would be no attorney layoffs:

“There are no planned attorney layoffs,” said [Sheila Turner, a firm spokeswoman]. “But in these difficult times we of course expect to monitor the economy and staff the firm accordingly.”

Akin Gump did not respond to our inquires earlier this week.

Well, it is Friday. And we have been getting a lot of reports from other sources that layoffs are happening at Akin today.

Details after the jump.

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Mayer Brown Chairman to Leave at the End of the Year

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mayer brown logo.JPGWell, it’s been a tough few months for Mayer Brown. And now we are looking at the biggest casualty of all. Mayer Brown chairman James Holzhauer informed the firm that he would be stepping down at the end of the year. From the firm wide email:

Thus, it was with great difficulty that I informed the partnership at a meeting this morning that I intend to step down as Chairman effective at the end of the year, or earlier if a successor is chosen and ready to take over.

AmLaw Daily reports some recent facts from Holzhauer’s tenure:

Mayer Brown has certainly had more than its fair share of upheaval in recent years. Within the past two years alone, more than 100 partners have left the firm, 45 through a mass de-equitization in March 2007.

The firm has lost at least 15 partners since last August, when restructuring group cochair Raniero “Ron” D’Aversa, Jr., defected for Orrick, Herrington & Sutcliffe.

But there were lots of positives too:

“The firm is going to move forward quite well, and we’ve actually weathered some of the financial storms better than our competitors because we are geographically and practice area diversified,” he says. “We’re going to feel some bumps, sure, but our litigation practice is actually quite busy.”

Read the full departure memo after the jump.

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Nationwide Therapy Session

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Legal recession 2009.jpgToday’s National Law Journal takes an interesting look a the mental and emotional health of recently laid off attorneys. Quite obviously, people lose a lot more than a paycheck when they lose their job:

For the first time in their lives, many of these lawyers are struggling with a profound feeling of failure. And while they acknowledge that their troubles are just a part of the jobless scene nationwide, such perspective provides little comfort for these high achievers who are grappling with a loss of purpose and direction.

It’s important to keep perspective during these tough times. We are talking about temporary setbacks, not ultimate failures. But even “temporary” depression is difficult to deal with:

In October, [Scott] Chait was let go from New York’s Wagner Davis, where his work focused on real estate transactions. A 2006 graduate of Brooklyn Law School, he is collecting unemployment and has moved in with his parents in New Jersey. Without providing specific numbers, Chait, 31, said he is burdened with “a full debt load.” Rigorous workouts help keep his spirits up, he said. “It feeds the need inside me.”

He describes himself as competitive, with a “Type A” personality, and said that critical to his daily routine is not sleeping in. He spends much of his day looking for jobs on employment Web sites. He also goes to his synagogue every morning. “I get a lot of positive enforcement,” he said.

Are there good coping mechanisms out there unemployed attorneys should be looking at? A psychologist weighs in after the jump.

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Legal Eagle Wedding Watch 3.1: Love, Sweet Love

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champagne glasses small.jpg

Marking a new low for the legal industry, there was only one practicing lawyer in the NYT weddings section this week. We were able to round out our contestant list with a 3L and a non-practicing JD, but LEWW remains alarmed about this decline in our profession’s visibility. We hope there is no truth to the rumor that couples are staying out of the NYT to avoid exposure on ATL. If that’s the case, we may have to cast a wider net for material — in fact, many commenters have suggested we do just that. We’ll keep you posted.

Here are the three finalist couples:

1. Christie Love and J. Lee Hill Jr.

2. Kathryn Fleming and Garrett Ederle

3. Monica Lesmerises and John Leibovitz

Get the scoop on these newlyweds, after the jump.

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Boom Times for Barry: Simpson Litigation Going Strong

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Last month, Simpson Thacher announced a new public service fellowship program. The move was widely praised as a creative, public-spirited way of dealing with the downturn.

Some commenters wondered whether it reflected work slowness at Simpson. If STB is willing to let 15 junior associates go off and do public interest work for a year, could it mean that there isn’t enough work to go around?

In the corporate department, maybe; but apparently not in litigation. Check out this email from litigation department head Barry Ostrager (he of the poor bathroom etiquette):

Simpson Thacher litigation department email.jpg

In this slow economy, billing over eight hours a day might seem… harsh. Is it fair for STB litigators to stay at work until 10, while the private-equity folks leave by 6?

If you’re a Simpson associate, however, you should refrain from complaint. Instead, after getting staffed on doc review for some stupid reinsurance case, email Barry O. and say: “Thank you sir, may I have another?”

Nationwide Layoff Watch: King & Spalding Is Making Cuts (But Not Talking)

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King Spalding logo.jpgUpdate (5:40): King & Spalding has confirmed this report. Read the statement after the jump.

We’ve heard all kinds of things about King & Spalding over the past week. We now believe that layoffs are in fact happening at the firm today.

The preliminary numbers we are hearing are that about 80 people will be let go today across all King & Spalding offices. But the Atlanta office should be the hardest hit, with half of the layoffs taking place there.

Update (5:45): The firm has now confirmed the news to Above the Law. The official numbers: 37 associates, 85 staff.

Most of our tipsters are surprised that the firm has managed to avoid layoffs for this long.

We understand that laid off attorneys are being offered a three month severance package. However, people are being told about the layoffs individually over the phone. Our sources do not expect an official firm wide announcement to go out. As one tipster put it:

We are told in person, not by email, so you’ll just see someone walk by crying. It’s scary.

After the jump, read the full K&S statement.

Earlier: Prior ATL coverage of law firm layoffs

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McGuire Woods Cuts First-Year Associate Salaries

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McGuire Woods logo.jpgAdmit it, you knew this was coming. We’ve got a firm capitulating to the market realities and cutting first-year associate salaries.

McGuire Woods chairman Richard Cullen left a voice mail (!) to his attorneys last night. He let everybody know that the firm was cutting 10% off of first-year salaries, from $160K to $144K.

UPDATE: There is some variation in starting salaries by office. New hires are making $144,000 in Northern Virginia, D.C., Los Angeles, Chicago, and New York, while new hires in Richmond, Charlotte and Atlanta are making $130,500.

But that is not the only cut future McGuire Woods juniors can expect. Cullen also told the firm that the 2009 summer program is being scaled back to an eight-week affair.

Salaries for all the other associates at the firm have been frozen at 2008 levels.

But, and this is important, no layoffs at McGuire Woods.

Richard Cullen did not respond to an immediate request for comment.

For weeks, the ATL commenters have been claiming that “no first-year attorney is worth $160,000!!!!!!!!!!” At McGuire Woods, that is now true. And there are a lot of laid off first years who would gladly take a $144,000 a year job.

We’ve seen a lot of contraction in the legal industry. But now we could start to see serious deflation in the industry.

Breaking: Bernie Madoff Plea Agreement?

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Bernie Madoff Bernard Madoff.jpgThe T.V. people are saying that there may be a plea deal in the works for Bernie Madoff:

Prosecutors have filed a motion indicating a Bernard Madoff plea deal is in the works, according to the Associated Press.

I hope the deal includes an opportunity for all the people he swindled to slap him in the face. If you charge people for it you could probably get enough for the next bank bailout.

Prosecutors indicate Madoff plea deal in works [MSNBC]

What’s Going On at Kirkland?

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kirkland ellis logo.JPGWe are hearing a lot of chatter about Kirkland & Ellis, perhaps in response to our post last week about possible layoffs there.

In New York, at least four associates were recently let go. And conference space has been blocked off by partners today and no one knows why. There was a time when partners booking conference space was no big deal, but after Latham’s and Orrick’s conference room-facilitated mass layoffs, the mysterious booking is freaking people out. Writes a tipster:

Everyone at the NY office is talking about the rumors of layoffs coming this Friday. The rumor is that 1st/2nd years will not be targeted (no one can substantiate that though). Conference rooms have been booked through the week by Thomas Yannucci and Jeff Hammes (both on the Firm Committee — one in lit, one in corporate) and are the only bookings without a client-matter #. Another room next to Hammes is booked by Adam Carnese, the office manager in the NY office for Friday afternoon. Those who get fired are escorted from the building by Adam and his staff (at least in the past).

Does anyone know what’s happening in Kirkland NYC today? Are the conference room booked for some kind of happy announcement, or is Kirkland Latham-styling?

Kirkland spokespeople have no comment on this.

The conference room schedule for the day, along with rumors circulating in Kirkland’s D.C. office, after the jump.

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Job(s) of the Week: The BK Hour

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Job of the Week Lateral Link ATL logo.gifAlthough hiring has slowed (putting it eh…mildly) in the recent weeks, there is one group of attorneys that are very much in demand. And, BK does not stand for Burger King. New York alone has over 20 active mid-level bankruptcy associates searches at the moment, at all varieties of firms. Do you know your options, from boutiques to branch offices to traditional powerhouses? As always, the Job of the Week is brought to you by Lateral Link. Join Lateral Link and keep your ear to the ground.

Position: Mid-level Bankruptcy Associates

Location: Chicago, Los Angeles, New York, San Francisco, pretty much everywhere!

Description: Take your pick of firms. In New York alone, we currently have Vault Top 20 Prestige firms (9 of them to be exact), smaller offices, boutiques, and everything in the middle. At this point, real bankruptcy/restructuring experience is a requisite, ideally classes of 2003-2006. However, with exceptional credentials, class years may be flexible. For more information, register with www.LateralLink.com or contact your Lateral Link search consultant for more information. As always, if you make a move through Lateral Link you can make that up by earning a $10,000 guaranteed signing bonus. For employers, please contact Michael Allen, Principal of Lateral Link, for more information about how Lateral Link can assist filling your attorney hiring needs: T: 213.785.2344 / E: michael.allen@laterallink.com.