Nationwide Layoff Watch: 16 Attorneys Out at Venable
Today’s damage starts in the District. Multiple tipsters report that Venable has decided to make attorney and staff cuts today.
The numbers out of Venable are relatively small compared to what we’ve been seeing over the past couple of weeks: 16 attorneys, 43 staff, 5 paralegals. A firm wide email announced the percentage of cuts:
Approximately 3% of our attorneys (16), 8% of our full time staff (43), and 7% of our paralegals (5) will be directly impacted. The individuals who are subject to the layoff are being offered severance packages, as well as professional assistance in locating new employment. As part of the severance package, the Firm is offering health care coverage that will be paid by the Firm through June 30, 2009. We ask that you provide our colleagues who are affected by today’s action the respect and compassion that they need in this difficult time.
Again, that is not terrible given recent news.
Venable is also pushing back start dates for incoming first years until 2010. But, they’ll be giving those people a little extra money while they wait:
Venable will also delay the start of the incoming class of first year associates from September 2009 to January 4, 2010. The Firm will pay for the costs associated with preparation for, and the taking of, the Bar exam. In addition, the Firm will provide our incoming class with a $10,000 stipend in September 2009.
As we survey the smoldering carnage of the legal industry right now, you have to look at news like this as “not that bad.” Shocking.
Read the full Venable memo after the jump.
VENABLE — MEMO — LAYOFFS
Facing the challenging economic time from which Venable is not immune, we write to inform you that this morning the Firm will conduct a layoff of attorneys, staff and paralegals.
We understand that communicating this action by email is not ideal. However, it is important that you know of the Firm’s action as soon as possible.
Approximately 3% of our attorneys (16), 8% of our full time staff (43), and 7% of our paralegals (5) will be directly impacted. The individuals who are subject to the layoff are being offered severance packages, as well as professional assistance in locating new employment. As part of the severance package, the Firm is offering health care coverage that will be paid by the Firm through June 30, 2009. We ask that you provide our colleagues who are affected by today’s action the respect and compassion that they need in this difficult time.
Recognizing the impact that the Firm’s action will have on our colleagues who will continue their employment, Venable will have our Employment Assistance Program (EAP) personnel on site in Baltimore and Washington, DC on Wednesday, March 11 and on Thursday, March 12 for any employee who wishes to meet with EAP’s professionals.
Venable will also delay the start of the incoming class of first year associates from September 2009 to January 4, 2010. The Firm will pay for the costs associated with preparation for, and the taking of, the Bar exam. In addition, the Firm will provide our incoming class with a $10,000 stipend in September 2009.
Venable has been and is a law firm that is deeply committed to its clients, the communities in which we work, and the remarkable people who contribute to the enduring culture and family that is Venable. We profoundly regret that the Firm had to take these actions. As we all know, the effects of the current economic challenges have greatly impacted business activity throughout the world. For this reason, the Firm had little choice but to act.
Our actions do not change the fact that the individuals directly impacted by today’s layoff are decent and dedicated people. We thank each of them for their contributions to the Firm.
We sincerely believe that the difficult decisions that the Firm has made will enable Venable to continue to provide exceptional advice and service to our clients well into the future. With your determined hard work, the Firm will continue to grow and prosper.
(51) 
Comments
OMG I am first
not good. the rain is getting harder.
first to scream:
DAAAAAAVE!!!!!!!!
first to scream:
DAAAAAAVE!!!!!!!!
and that was the second time I got Venable....
Morgan Lewis, take note. Venable did it correct. They will actually give a stipend. They aren't making it contingent on some bogus public interest work (which means MLB will never pay a stipend).
10k, not bad. but less than orrick and latham 15k and 13k respectively.
All the firms needs to take note. If you are going to push start dates back 4+ month some additional stipend should be given
The ship be sinking...
Not that this firm is in any way relevant (i.e., not a peer competitor) to me; however, I feel compelled to offer some soothing words of advice for the attorneys being affected by the wave of layoffs that are in part due to lackluster performance and also to the sagging economy. Do not take your termination personally. Be a professional, walk tall and refrain from tearing. Your termination was a business decision. I am not here to make your dreams of financial wealth become true. I am not a genie, just a businessman with an acumen for making money. If you cannot bill quality hours, you are not useful from a business standpoint. Thusly, you must go. Some departments are slow. The lack of work means you must go. Again, nothing personal. Understand that older folks like myself built the foundation of most of these firms. We will weather the tough times and survive. If we have to get rid of excess baggage in order to stay afloat, we will not hesitate to do so; after all, I am not running a charity. Nothing personal, just pure business. I wish the terminated associates and personnel good luck in their future endeavors and let us share in communal prayer that this economy recover sooner rather than later.
If a firm pushes start dates and doesn't offer stipends, they must be hoping the employees starve to death in that time period.
How the fuck am I supposed to repay my student loans? The severance won't cover it.
-suicidal laid off 1st year (not from venable)
Goodbye, My Friend
Please do everyone a favor, suicidal laid off 1st year, ....
what are we supposed to do about student debt?
http://www.blackbooklegal.com
10-- How dare YOU sir?
-- Junkyard Dog
these firms laing off 1st years should pay off their student loans. it's the LEAST they coul do.
This seems like a more reasonable cut. Firms that made big cuts and idiotically pushed incoming associates for an entire year (MLB, LW) will regret it when they are short staffed upon recovery and their reputation is destroyed. These firms were overly excited when times were good and now they are overly scared when times are bad. Recovery is not two years away.
8 - At this point if it still involves a job you should probably keep your mouth shut about a small stipend...
For those worried about loans, did you call your lender and explain you won't be getting paid? They'd probably rather give you a deferment than have you default.
pay off my student loans you assholes!!!!!
15,
what am i supposed to be looking at on the blackbooklegal.com site? theres only an open thread that was posted, nothing specific about what we'resupposed to do to payoff our debt.
12 - There's plenty of ways to pay off student loans, believe me! ;)
"Have the designated associates report to the conference room. We are ready to give them their severance."
10 - the best shtick on ATL EVER
I am compelled to respond to poster no. 15. I neither know nor care to know how you were raised but I do know you are part of the problem America faces today. We are in a financial crisis because people like yourself acted irresponsibly with regards to money and financial decisions. No one put a gun to your head or coerced you to leverage yourself to the tune of hundreds of thousands of dollars in student loan debt. You gambled with your future and you are now letting a temporary setback justify your request for loan forgiveness? You are no better than a drug junkie that goes into a methadone clinic to ask for real heroin. People like you disgust me. Stand up to your responsibilities and pay your student loans. I recall testifying in Congress back in 1996 about the fact that people who discharged student loan debt in bankruptcy deprived other students from getting loans in the future to futher their education since the William D. Stafford program would become insolvent if student loans were discharged. I was very relieved that my testimony was part of the impetus that galvanized Congress into making student loans non-dischargeable as part of the 1998 amendment to the Bankruptcy Code. Now quit whinning, be a productive member of society and re-pay your student loans!
17- Actually, the least that the firms could do would be to do nothing.
@10 gave me a scorching case of Venable all over my Cravath. Thanks a lot.
18--In two years (assuming your crystal ball is accurate), there will be a long line of attorneys anxious to get into (or back into, as the case may be) Big Law, notwithstanding any actions firms are taking now. Have you read the articles regarding the broken Big Law model / Even with a change in the economy, there is a good chance that Big Law is going to look very different at the end of the tunnel.
18--In two years (assuming your crystal ball is accurate), there will be a long line of attorneys anxious to get into (or back into, as the case may be) Big Law, notwithstanding any actions firms are taking now. Have you read the articles regarding the broken Big Law model / Even with a change in the economy, there is a good chance that Big Law is going to look very different at the end of the tunnel.
27--Exactly!
lol 23. i would have preferred that to the severance i received!
-suicidal laid off 1st year
19, after the deferment period, then what? my firm has ended my biglaw career, and toilet law doesn't pay enough.
-suicidal laid off 1st year
15: go figure out how you got yourself into debt in the first place, moron.
33, i had a 160k job lined up you stupid fuck. with ls tuition being what it is, it's not hard to figure it out.
10/25 has it exactly right.
"not that bad?" Yes, its plenty bad for the people who lost their jobs. When you say "not that bad" you JUSTIFY this firm's actions and obvious attempts to avoid a huge press hit by nibbling around the edges.
ATL - DON'T LET THE TERRORISTS WIN!
This is not that bad - only because they've been hiding layoffs for months. Attorney head count was reduced since December from 619 to 591 before this round, and then it will be 575 with another 16 people.
Thats a lot more than 3%.
This is not that bad - only because they've been hiding layoffs for months. Attorney head count was reduced since December from 619 to 591 before this round, and then it will be 575 with another 16 people.
Thats a lot more than 3%.
37/38 - That's exactly the point. And the firms that are doing this staggered de-leveraging are even worse. All these assholes were just waiting for something like Latham/Orrick/OMM cuts to bump off a handful more. It's cowardly and pathetic. It's worse in so many ways for morale and productivity.
suicidal laid off first year:
actually my $95k/year in toilet law is looking pretty good compared to your $0 ex-biglaw career. You might want to reconsider.
-19
If you are still an associate at a law firm and you still have a lot of CLE credits to get, I would advise signing up for whatever CLE programs you can NOW. You might as well milk the firm for that before you get laid off. At least you won't have to worry about paying out the a@@ for some CLEs once you are laid off. I quit as an associate at a law firm last year and did just that. They paid for a CLE conference (conference/CLE fee + hotel) and I dropped my 2-week notice two weeks later.
You can forebear on your student loans for up to 2 years - just call your lenders.
37/38 is right. Venable has been doing stealth layoffs for months.
Venable's been laying people off since last summer...they've just been doing a decent job of hiding it until now.
Venable's been laying people off since last summer...they've just been doing a decent job of hiding it until now.
Venable has laid off a hell of a lot more than 3% - it has just been a very slow and quiet bleed until now.
Venable has laid off a hell of a lot more than 3% - it has just been a very slow and quiet bleed until now.
Venable has laid off a hell of a lot more than 3% - it has just been a very slow and quiet bleed until now.
It is clear that most of you were too young to recall the recession in the mid 90's when a third of the graduating classes were in the same boat as now. I was fortunate to have been working for the govt while going to school and was able to land a legal govt job after graduation. The legal profession will not disappear. It will come back as it has before.
It is clear that there are many recent grads out there, including people I know well, that gave little or no regard to how much debt they were taking on to go to law school, or college for that matter, and expected there would always be the 180K starting salary when they were done. All they had to do was play by the rules and they would get their prize. Well, welcome to reality millenials! Nothing is guaranteed...
It is clear that most of you were too young to recall the recession in the mid 90's when a third of the graduating classes were in the same boat as now. I was fortunate to have been working for the govt while going to school and was able to land a legal govt job after graduation. The legal profession will not disappear. It will come back as it has before.
It is clear that there are many recent grads out there, including people I know well, that gave little or no regard to how much debt they were taking on to go to law school, or college for that matter, and expected there would always be the 180K starting salary when they were done. All they had to do was play by the rules and they would get their prize. Well, welcome to reality millenials! Nothing is guaranteed...
16--
Elie, you're really dating yourself with that Clear and Present Danger reference. Oh, wait a minute...