If your lawfirm begins with an "O", do you always have to have it floating above the other names in your firm? I am just curious.

Was only a matter of time I guess.

OMM is not giving a good "O" face, you know what i mean, "O" "O".

I raised this issue on the other thread, but will again try to raise it here. There seems to be a strong link between geography and the firings (i.e. there are national, but highly concentrated among Pennsylvania firms and traditional California powers).

Is there something about the management of these firms that have led to this results? I could guess it is because CA-firms have tried to expand into new markets too rapidly (ala Latham in NY). For PA firms, it could be because that is an ever declining legal market and the firms there are in engaging in rapid expansions to remain viable in the future.

Any other theories or facts to suggest there is something to this theory?

"no firm could rule out layoffs of staff or lawyers."

I'm pretty sure some could, O'Melveny (e.g. Cruel & Boring).

Any other 3Ls wishing they'd done JAG?

what a typical response from the always classless OMM management. just get it over with already.

"no firm could rule out layoffs of staff or lawyers."

I'm pretty sure some could, O'Melveny (e.g. Cruel & Boring).

The sink be shipping.

who's resizing the JPGs these days around here?

The ship be sinking...

Well- (but over-)played #10.

"In the current economic environment, no firm could rule out layoffs of staff or lawyers. "

That sound you just heard, was every OMM Associate crapping their pants simultaneously.

How bout the situation for 3L's?

# 8 -- do you think OMM management will read these comments, come across your insightful (inciteful) one, and decide, "you know, #8 is right, we are classless. Let's just get it over with."

Michael Ray- The ship be sunk and the scraps be sold

Yours truly,

Stephon Marbury

Let's hear from some OMM insiders. Other than the staff lay-off information, this post really communicated nothing.

Is this just the NYC office? Or firm wide?

5 -- you ask an excellent question: why California?

My guess is that what you said: some California firms expanded too quickly - esp. into risky finance work, esp. in NY (see Latham) - and are not well-hedged. Back in '06, word was OMM-NY was not well managed, so that may have contributed as well. The only CA firm we haven't heard negative things about is Gibson. That seems attributable to their litigation-heavy portfolio and low-leverage, low-growth conservative managing style--which, by the way, kept GDC's PPP below Latham levels at the height of the boom. Looks like there is a real upside to that model now, though.

Let's compare CA to other major markets.

DC firms are more litigation- and regulatory-heavy, so they probably have more of a cushion.

I would think NY firms would be in more trouble for obvious reasons but I think a gentlemen's culture still reigns among NY white shoe firms, which may mean layoffs will be done by stealth (or attributed to performance). But recall that Cravath kicked this whole thing off with a 50% reduction in bonuses.

I believe Chicago firms have had some serious problems. Not only is there talk of K&E layoffs, but I believe most of the leading firms there have frozen salaries (unlike NY, say).

As for Pennsylvania, I think smaller firms in secondary markets are just hurting generally now, along with their clients. I imagine firms in Miami, Denver, Baltimore, etc. are having similar difficulties.

Texas appears to be an exception in that the effects of the oil boom are only dissipating now, but we will see what happens in a few months there.

That's my best guess. But I think the angle you take is interesting.

"In the current economic environment, no firm could rule out layoffs of staff or lawyers."

Lame comment - who did they speak to - Office Services??

W&C?

W&C?

W&C?

W&C?

LOL PWN PWN PWN

maybe they'll lay off that douchebag partner who's on the amazing race.

Cruel & Boring?

Firm wide or just NYC?

#16 = OMM management

some people don't think it be like it is....but it do.

Yes, they deserved to die and I hope they burn in hell!

- Carl Lee Hailey

Yes, they [parnters] deserve to die and I hope they burn in hell!

- Carl Lee Hailey

W&C?

W&C?

Why do you say "open thread?" All the threads are open.

California's unemployment rate is over 10% and the state is almost bankrupt. There are reasons why California firms are feeling the pinch more than most.

very nice response 20 -- very insightful. Thanks

37 and 20 are the same poster.

Nice, 20. But let's be honest. None of us has a clue.

Why does ATL pick on some firms by reporting some vague allegations with no factual basis whatsoever (so they are having conferences or meetings, does not prove anything as long as nobody steps forwards saying they were actually laid off), yet chooses to ignore some firms such as STB where a number of people came forward saying that they know that people were asked to leave or where some have personnally been laid off.

39 - you're right, I don't really know. Just my best guess, which may amount to a summary of conventional wisdom but I have no inside knowledge.

37 - gracias.
--20

The comment by the firm solidifies that layoffs will occur. That's why ATL posted it.

W&C?

W&C?

41

"I have no inside knowledge."

Really?

There will probably be layoffs, just like there will probably be layoffs everywhere else too. This post is still information free.

How do I know if I am prestigious?

Focusing your life solely on making a buck shows a certain poverty of ambition. It asks too little of yourself. Because it's only when you hitch your wagon to something larger than yourself that you realize your true potential.

- BHO

I just pulled a Half-Gaynor off of my desk and everyone screamed "OH, OMELVENY!"

47

Easy enough to confirm; do you wear a Fedora?

50 -- No Fedora. I usually rock a Kangol hat.

I love the smell of napalm in the morning

anyone know what the sizes of these firm were before all these bubbles hit? it would be interesting to see how close they go (if they are still around) to original numbers.

As I recall, OMM NYC bet heavily on private equity in the rah-rah years a few years ago when it merged with the law the botique private equity shop O'Sulivan (insert O' jokes here). During this period OMM shed everything that was not directly related to Private Equity (lost its bankruptcy department, Real Estate, Latin America, entertainment). That plan went to poo even before the downturn in the market when many of the O'Sulivan people left (a huge group when to Akin Gump I believe). This isabout as insider scoop as I could give, I haven't worked there in years.

I hear the OMM office in NYC will shut down before the end of the year.

Does the person repeatedly posting "W&C?" have a point?

55, I hear you're a patron of the short bus.

56 - no, it's a question (the question mark kind of gives it away).

I heard some things. The NY office is going to get rid of some of the nice little perks, like the free soda (converting to vending machines) and Wednesday night dinners. There will be bigger changes as well, like squeezing everyone on 26 FL into the other floors (not that there isn't plenty of room). And yes, there will be more staff layoffs.

Oh noes! No wednesday night dinners?

At night go the f*ck home. If you are doing something that requires you be in the office you are either very old, very stupid, or work in some support capacity.

Nighttime is for sleeping. That is at least one thing this current Obama caused Depression is teaching us - all those sleepless nights and foregone vacations and weekends mean dick under the Obama Depression Rules.

If at first you don't succeed, remove all evidence you ever tried.

You said it 60 - - good-bye long hours, so long missed weekends - - hello good life! At least for those of us with no student loans and mortgage. Sign me up for the Obama nanny state.

Blah blah blah, I didn't realize Hannity read ATL. If I asked you why January was slow would you tell me it was because of the impending threat of an Obama administration? (Please don't, and if you do at least put it in video form like those Northwestern kids.)

If 60 and 62 are representative of today's Republican party, all I have to say is:

THIS IS VERY GOOD NEWS FOR SARAH PALIN!

Good to know that lame, right-wing arguments that make no sense didn't die with the McPain ticket.

I wouldn't worry, after what I saw on the Amazing Race I doubt the partner coming to fire you at OMM could find your office anyway and, even if they somehow do, they'd be too emotional to go through with it...

It is really weird, and dumb, that OMM sent a statement like that to ATL. If layoffs are going on, then you wait and send something official after its announced internally. If not, you either send a denial or hit delete. Instead, they try something in between and send the whole firm into a panic. bizarre.

66, GREAT comment.

63, 65, don't worry, all these jobs will come back once Obama raises taxes on law firm partners.

It's not like businesses faced with lower profits will try to cut costs.

69. thank you. good night. don't forget to tip your waitress on the way out you motor boatin son of a bitch

Time to move on beyotch! Thanks for playing!

So when is ATL going to post a retraction for the Irell rescinding offers story yesterday?

You want musings? O'Melveny better bring the ax down and hard if its partners want to keep leading the same luxurious lifestyle I do. Speaking of which, my $5000/hour escort is here. Gotta go.

Muse on that.

I'm rooting for OMM partner Victor Jih on "Amazing Race." If he wins, he'll take home $500,000, which I'm sure he will use to save jobs at his firm. Right?

Are all the rumors about the NY office? What about DC and CA?

LOL, 66. Nicely played.

I have an ulcer now. I blame Elie.

Back. Holy moly, that was good sex!

So what did you losers accomplish in the meantime besides more whining about the layoffs?

Hey Rich Fat Partner, I like your style. I tell you, two go-go 80's Reganauts like us, we could rule this world!

When you leach you can't survive. Adios

To all my friends and former colleagues at OMM who will be fired today (Wednesday), I wish you the best of luck in your endevours. Use the time to get some perspective on life and don't forget that all of the law school loan payments can be postponed.

31/32- Good film

OMM just got the official memo - 90 attorneys, 110 staff, 10%. No word on severance packages yet, just "made valuable contributions, will be receiving assistance during this transition"