Nationwide Layoff Watch: Chadbourne & Parke Update
We reported earlier today that Chadbourne & Parke was laying off people today (check out our prior coverage here). We just received this firm wide email:
Accordingly, with deep regret, we are reducing the number of attorneys in our offices worldwide by approximately 25. Today will be the last day at the Firm for many of the individuals impacted by this decision. They are all talented professionals who have made valuable contributions to the Firm. They will all be missed and we wish them well. All affected attorneys present in our offices today have been personally spoken with and we expect to speak with the others in the next few days.
Chadbourne is also imposing a deferred start date on incoming associates, but unlike Venable, the firm doesn’t appear to be offering extra money for 3Ls. New Chadbourne first years won’t start until January 2010.
Not that it’s a particularly safe thing to be a Chadbourne first year. Our reports indicated that 8 of the 25 people laid off were first year attorneys.
On the other hand, the firm is offering a three month severance package. Also, the firm is explicitly forgiving the bar loan that first years received.
Again, most of our sources say that Chadbourne was really “nice” about the whole process.
Read the full memo after the jump.
CHADBOURNE & PARKE — MEMO — LAYOFFS
For some time now the Management Committee has been conducting an extensive review of our business and reducing the Firm’s cost structure in response to the unprecedented economic downturn in which we are now operating. Unfortunately, due to the severity of the recession and its continuing effect on the demand for legal services, our prior efforts have not been enough to align our cost structure with the level of business we are now experiencing.
Accordingly, with deep regret, we are reducing the number of attorneys in our offices worldwide by approximately 25. Today will be the last day at the Firm for many of the individuals impacted by this decision. They are all talented professionals who have made valuable contributions to the Firm. They will all be missed and we wish them well. All affected attorneys present in our offices today have been personally spoken with and we expect to speak with the others in the next few days.
We have also determined to defer the start date for our incoming first year class in the United States to January 2010. This was also a difficult but necessary action in light of the anticipated lower demand for legal services through the remainder of 2009.
These actions to align our staffing levels with the current demand for our services, while extremely unpleasant, and our ongoing expense reduction measures, coupled with the diversification in our practice mix and geographic dispersion, will position us better than many firms to meet the challenges of this severe recession.
Thank you for your commitment to the Firm and our clients.
Earlier: Nationwide Layoff Watch: Chadbourne & Parke Joins the Party
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FIRST!!!!!!!!!!!!!!!!!!!!!!!!!!!!
First
First
First
no stipend for 3Ls- fuck them
Doh!
DAAAAAAAAAAVE!!!!!
What's the Dave schtick all about?
Solid as Iraq.
Good! This should make room for current 1L's when 2L on-campus interviews rolls around this fall.
Classy. Too bad there are still shit firms like SRZ that refuse to admit they're getting clobbered by this economy.
9 beat me to it.
http://the-op.com/episode/202
PLEASE PLEASE PLEASE KILL THAT DEALBREAKER AD!!!!!
lose the DB ad. now.
first, bitch
"Today will be the last day for many of the individuals impacted by this decision. "
Thank you for your commitment to the Firm and our clients.
Second that motion. Kill the GD Dealbreaker ad. Now. Please!
Only in the law biz is classy defined as not lying about economic reality. It only took the near collapse of our economic system to do it. At this rate, the end of the world may actually up the expectations to "human."
Only in the law biz is classy defined as not lying about economic reality. It only took the near collapse of our economic system to do it. At this rate, the end of the world may actually up the expectations to "human."
Only in the law biz is classy defined as not lying about economic reality. It only took the near collapse of our economic system to do it. At this rate, the end of the world may actually up the expectations to "human."
Not giving money to 3Ls is bad. Although Chadbourne is giving 3 months severance to their first year associates. The 3 months is better than what was received by Nixon Peabody first years.
22-What did the NP first years get? Do you know how many NP first years got axed (specifically in NYC)?
My friend was one of the first years laid off from Chadbourne today. Sucks.
Which practice areas affected for first-years?
lat is the king of bad news, even mentioning his name might lead to disaster.....
We were not "nice." Who keeps spreading those rumors about Chadbourne? Must be one of our now ex-associates.
Raise your hand if you think that firms in solid financial condition are taking advantage of the carnage and laying off associates simply because it is acceptable to do so in the current climate--"Hey, we're doing fine, but if we lay off a few dozen associates it'll mean an extra twenty grand in my pocket this year."
very kind to inform their 3Ls over abovethelaw...
Only 29 comments? If a tree falls in a forest........
It is sad that things got to this point,but at least they were honest about why they were letting people go. If only the rest of the industry could be as honest. Best of luck to the newly created alumni.
Awkward (and Cowardly) Use of Passive Voice Alert: "All affected attorneys present in our offices today have been personally spoken with". Mistakes were made!
Sadly for those staying, they will be squeezed even more!! There are only 24 in a day but these people seem to think that they can make associates work up till the 25th hour!
What for?? To be "spoken to" and asked to leave on the same day?
How many more heart attacks and broken families will this firm create?
Chadbourne has today closed it's Houston Office