We’ve been receiving reports of layoffs at Schulte Roth & Zabel since last summer, but were unable to confirm them until now. These days, it can be difficult to differentiate between layoffs and performance-based dismissals.
Schulte’s spokespeople say all dismissals in 2008 were performance-based. They deny any recent layoffs in their office, saying that any departures in 2009 have been voluntary. Between 20 to 30 associates left in the fall; “approximately” 20 of them were let go for performance-based reasons after their reviews in November. The others were supposedly voluntary departures. The firm said this is not out of the ordinary and is “business as usual.”
The recent involuntary departures in Kirkland’s NYC office, which are now pegged at “at least” four associates, were described by a source there as “performance-driven, market-boosted.” That may be the most succinct phrasing we’ve heard yet.
One of those laid-off from Schulte informs us there was no severance package, though associates were given 2-3 months notice at Thanksgiving, asked to leave at the end of January or the end of February. Back in the day, that is how true “performance-based” dismissals went down. Back in the day, the firm would say, “Hey, we like you. But we don’t love you. We think you might be better off with someone else. We’ll let you hang around for the bonus, but then you should shack up with someone else.”
But these days are different. Those who were asked to leave were considered “not in good standing” with the firm. Though they were allowed to hang around ’till January/February, they did not get bonuses or pay raises.
But enough about Schulte’s past, what do people think about Schulte’s future? Send in your stories to email@example.com and we’ll try to track them down.