Archive for March 2009

Non-Sequiturs: 03.13.09

By Elie Mystal

Happy Days are Here Again.JPG* Okay, I don’t want to jinx anything or anybody. I really don’t. But, as clear as I can tell, today is the first business day this month that no major law firm announced layoffs. In fact, I believe that it is the first day since Monday, February 16th that no major law firm announced layoffs. Between that and the fourth straight day of gains on the DJIA, I think it’s safe to say that the recession is over, America is back on track, and they might as well start outlining Obama’s face on Mount Rushmore. Nationwide Hiring Watch to start shortly. [The Street]

* I’m not a fan of all of this morbid Ruth Bader Ginsburg deathwatch thing. [ABC]

* I mean, Barbie is 50 and she’s still going strong. [What About Clients?]

* With all the A-Rod stuff, I almost forgot that Clemens was still hanging around being a huge tool. [Washingtonian]

* A contract written in blood is unenforceable. See, blue pen is still the only way to go. [Legal Writing Prof Blog]

* Finally, Ontario is getting its act together with a reasonable animal cruelty law. We’re one step closer to a civilized society. [Animal Law Blog]

* Students learn better via podcasts. Maybe so. But true scholars learn better via thinking. [TaxProf Blog]

When Can First Years Expect to Start At Pillsbury?

By Elie Mystal

Pillsbury logo.JPGWe have extensively covered the comings and goings at Pillsbury Winthrop. Last Thursday, we told you that 14% of the firm’s associates has left — either voluntary or involuntarily.

Unlike many of the firms that have laid off people this month, Pillsbury left open the question of what would happen with its incoming first years. It’s been over a week now, and still no word from the firm. A tipster reports:

Last week when the layoffs happened, PWSP had a town hall meeting … a few associates asked what they would be doing about incoming first years. They said they weren’t sure. The associates said it would probably be nice if they let us know, so we can plan our lives, apply for other work, higher education etc.

On the one hand, after the firm’s infamous Acela gaffe, it makes sense if Pillsbury gets all of its ducks in a row before it tells first years when (if ever) they can start.

But with associates at Latham, Orrick, a host of other firms, and maybe even Skadden already

competing for the public interest jobs, it would be good if Pillsbury could share some more information with its incoming associates.

Earlier: Nationwide Layoff Watch: Pillsbury’s Voluntary Departure Numbers

Legal Eagle Wedding Watch 3.8: Upper Register

By Laurie Lin

champagne glasses small.jpg

Just two lawyer weddings show up on the Legal Eagle Wedding Watch this week, but both are vigorous, Ivy-licious contenders. There’s even a juicy clerkship in the mix to herald the approach of spring!

Here are our finalists:

1. Allison Podell and Bradley Saft

2. Dina Mishra and Benjamin Shultz

More about these couples’ qualifications, after the jump.

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  • 13 Mar 2009 at 2:18 PM
  • Admin

Enough With The Scare Tactics

By Elie Mystal

Statute of Liberty.JPGApparently, some of you have been receiving emails from your firm telling you not to communicate with “the media” about all the things going on around the office. Thanks, by the way, for sending us those emails.

It seems like some firms want to keep their layoffs really, really quiet. Evidently, these firms believe that not talking about it will simply make it go away. Proskauer, for instance, decided to lay off 23 people on Wednesday (we understand that individual associates were told yesterday and today). It’s not enough that the firm refuses to talk about it (not to us, not to the National Law Journal, not to the ABA Journal), now the firm is trying to scare the people.

Kirkland (somewhat obviously) is sending around all sorts of emails “warning” people not to talk to the media — though trolling in the comments is apparently just fine.

But we don’t believe the hype. Nobody (that we know of) has been fired for tipping to ATL (and we’re pretty sure we’d know if it happened).

Since we’ve gotten a lot of emails asking us about our confidentiality policy, this seems like a good time to clear some things up. Some important points about confidentiality after the jump.

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Husch Blackwell Follow-Up

By Elie Mystal

Thumbnail image for Husch Blackwell logo.JPGFor a Midwestern firm, Husch Blackwell drew a lot of comments (and a huge amount of email) yesterday. Perhaps that had something to do with the fact that firm chairman Dave Fenley

declined to use the term “layoffs” in connection with the firm’s actions, saying the term wrongly implied the attorneys were let go because business at the firm had slackened.

Well, there was a firm-wide meeting yesterday at the large Midwestern firm (yesterday, I incorrectly categorized the firm as “mid-sized” — my bad), and Fenley apologized … almost. A tipster reports:

Fenley admitted being a “bonehead” in his communications yesterday.

But Fenley couldn’t keep his foot out of his mouth for a whole meeting. More wisdom from Husch after the jump.

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Jon Stewart v. Jim Cramer

By Elie Mystal

This isn’t really our beat, but Dealbreaker has the full video of smackdown Jon Stewart gave Jim Cramer on The Daily Show last night. It’s great television YouTube.

Granted, Stewart’s grasp of macroeconomics is not great. But it is significantly better than Bill Maher’s (who asked Erin Burnett last week why “growing” was important for the economy). And picking on CNBC over the financial crisis kind of like picking on the ABA for doing nothing to stem the tide of legal layoffs. (Wait a minute, it’s nothing like that. What is the ABA waiting for, the freaking Bat Signal?)

But, if you ever wanted to see what it looks like for a grown man to put his foot up the ass of an annoying man, you’ll enjoy this clip. Part one is below, click over to Dealbreaker for parts two and three:

Dealbreaker has the rest.

Job of the Week: A Hot Time In Hotlanta

By Elie Mystal

Job of the Week Lateral Link ATL logo.gifWhether you miss whistlin’ Dixie or are just in the mood for some Chicken ‘N Beer, now might be a good time to head south. There is a fair amount of hiring activity going on down south these days, with firms in Atlanta, Raleigh and Charlotte looking to pick up talent. As always, the Job of the Week is brought to you by Lateral Link.

Position: Employee Benefits and Compensation Associate

Location: Atlanta

Description: A national firm is seeking a junior attorney with 1-3 years of experience in all areas of employee benefits and executive compensation, including qualified and non-qualified retirement plans, equity based compensation, health and welfare benefit programs, and merger and acquisitions. This person should also have experience working with public companies. Due to the small office environment, the successful candidate will have the opportunity to work one on one with the Atlanta practice group leader.

For more information about this position or to apply, please see Position 9441on Lateral Link. Membership in Lateral Link is free and you can apply at www.laterallink.com.

Interview Tips: Biglaw to Small Law (Part II)

By Elie Mystal

Small Law interview tips.JPG[Ed. Note: There are a lot of associates out there who have been recently laid off from Biglaw jobs. Many of them are trying to get jobs at small to medium sized firms. But the mechanics of getting one of those precious jobs are a lot different from what people experienced during on-campus interviewing season. Therefore, Above the Law asked somebody who knows the game for ten tips on going from Biglaw to small law. Check out part I here.]

I work for a small law firm in a major metropolitan area that is in the enviable position of hiring right now. We are getting a flood of BigLaw resumes. I get to hear all of you pedigreed, ambitious, driven, hard-working and talented attorneys crash and burn without even knowing you’re doing it. Here is my advice on how to actually get the job, especially if it’s with a smaller, scrappier law firm than you’re used to. In no particular order:

6. Know Your Audience. My law firm is small, old, and is known for specific practice areas. The smarter applicants come into the interview already knowing what these practice areas are, but an excellent way to set yourself apart is to make yourself aware of what cases the firm is involved in right now and to mention how your particular skills will assist in those cases. Fire up Google, look up the law firm, look for pending cases, look up those cases on the courthouse website, see what’s going on.

7. A Multi-Stage Interview Does Not Mean You’re Doing Well. Many people seem to assume that the longer an interview takes, the better they must be doing. Not necessarily so. The hiring attorneys may have scheduling problems and might have to come in late or leave early. They also might do this to see if you answer one way in the first hour and a different way in the third hour, depending upon whom is doing the asking. The smaller the law firm, the more likely they will have a “consensus” decision-making process, and believe me, after the interview is over, they all compare notes.

Some additional notes on respect, after the jump.

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Morning Docket 03.13.09

By Kashmir Hill

hulk hogan above the law.jpg* Welcome to the second Friday the 13th of 2009, and the end of another horrific week in law firm layoffs. “Layoffs are heading inland as firms that were initially buffered from the financial crisis start to see business slow down as with their coastal competition.” [National Law Journal]

* After Senate confirmation, USAG Eric Holder finally has his #2 and #3 deputies in place: David Ogden of WilmerHale and Thomas Perrelli of Jenner & Block. [New York Times]

* Will President Obama make good on bipartisanship promises in appointing U.S. attorneys? [Washington Post]

* California Attorney General Jerry Brown is going after Anna Nicole Smith’s doctors and ex-lover/attorney, Howard Stern, for giving her lots of drugs. [Reuters]

* R.I.P. George Hedges, lawyer to the stars and discoverer of the fabled ancient city of Ubar. [Los Angeles Times]

* To end the Docket on a lighter note than it began: Hulk Hogan and his wife’s lawyer got into a bit of a fight. There were no elbow drops, body slams, or throwing of chairs, just angry words. [Impact Wrestling]

Non-Sequiturs: 03.12.09

By Elie Mystal

Bob Ross wouldn't lay me off.JPG* I used to like watching Bob Ross. He used to remind me that you could always create something beautiful using very basic tools. And he was so peaceful. I like peace. I like things that are great…. Sorry, do you want a hit of this? [The Complete Lawyer]

* Things are pretty hard in the legal recruiting market too. [TechnoLawyer Blog]

* A legal retreat? Excellent! Oh wait, you mean a legal retreat. Oh. Well, that could be cool too. [What About Clients?]

* “According to most reports, firms are targeting only the most forgettable associates in the hopes that the stealth layoffs will generate minimal buzz among the remaining employees.” Sounds about right. [Litination]

* Can you imagine reading about all the carnage while in law school and your summer program has been canceled, and then some tenured professor asks you about some ludicrous hypothetical? I think I’d just get up, go home, and sleep with my back against the wall of my closet. [Courtoons]

* Somewhere in the world, they are still singing. “Well tonight thank God it’s them, instead of YOU.” [Holy Hullabaloos]

Nationwide Layoff Watch: Midwest Firms Have Lawyers, Fire Them Too

By Elie Mystal

Husch Blackwell logo.JPGThe mid-sized large Midwestern firm of Husch Blackwell laid off a number of attorneys and staff today, proving once again that nobody is safe from the economic downturn. Husch laid off 17 attorneys, including partners, and 45 staff today.

For some strange reason, Husch Blackwell doesn’t want to actually admit that these layoffs were due to the recession. According to the Kansas City Star:

Citing performance reasons, Husch Blackwell Sanders has terminated 17 lawyers and 45 staff members throughout its 13 offices….

[Firm chairman Dave] Fenley declined to use the term “layoffs” in connection with the firm’s actions, saying the term wrongly implied the attorneys were let go because business at the firm had slackened.

He said that Husch Blackwell was “going gangbusters” in certain areas and was meeting its numbers this year, “which is pleasantly surprising.”

Mr. Chairman, on the coasts we’ve explored the studio space with layoffs undertaken despite gang-busting-business. It turns out, people get really annoyed when you say things like that. Most people are able to identify the substance “raining” down on them. HTH.

This isn’t even the first round of layoffs at Husch Blackwell. Back in February, a tipster reported:

Although they weren’t called “layoffs,” Kansas City and St. Louis based Husch Blackwell Sanders has laid off at least 24 lawyers…. When confronted with news by Missouri Lawyers Weekly that at least 24 lawyers had been laid off, co-chairman David Fenley reported in the article that (1) he didn’t know how many were let go; and (2) the lawyers let go were the result of the normal review process.

Aren’t midwesterners supposed to be more “forthright” than “the fat-cats on Wall Street?” I mean, this firm is based in Missouri, home to Harry Buck Stopping Truman himself.

In any event, good luck to the many associates, partners, and staffers LAID OFF reviewed away from Husch Blackwell.

Husch Blackwell lets go of 17 attorneys, 45 staff [Kansas City Star]

Earlier: Prior ATL coverage of law firm layoffs

Prior ATL coverage of Husch Blackwell

Skadden Offers a Voluntary Deferral Option

By Elie Mystal

Skadden logo.JPGIs there not enough to go around, even at Skadden? Maybe so. The firm just sent around an internal email announcing the expansion of the firm’s “Sidebar” program. For the uninitiated, a tipster describes the Sidebar program:

Sidebar allows attorneys to take extended time from the Firm to pursue personal interests while maintaining a connection to the Firm.

Spending an extended period of time away from the firm? That sounds about right in today’s market. The firm-wide memo explains the reasoning behind expanding Sidebar:

In response to the current economic climate and the decreased demand for legal services, we are offering a supplement to our existing Sidebar program. During this period of diminished development opportunities, the program affords associates and counsel in US offices in good-standing the ability to pursue personal or professional interests for a one-year period with the option to return to the Firm at the end of that period. We are also offering a similar program to our class of 2009 incoming associates who may wish to defer their arrival until the fall of 2010.

After the jump, we look at what Skadden is offering to entice associates to take themselves out of the game for a year:

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Nationwide Layoff Watch: Blank Rome Cuts 79

By Elie Mystal

blank rome summers no offers.jpgIt’s one of those days. We told you that we expected Blank Rome layoffs to come today. And here they come.

Blank Rome just confirmed that it has laid off 79 people: 27 associates, 52 staff.

And that’s not all. The firm is pushing back start dates for incoming first year associates until “at least” January 2010. No word on whether there will be any kind of extra money for those not-quite-yet first years.

But wait, there’s more. Blank Rome will also be scaling back its 2009 summer program from ten weeks to six.

I know that Friday the 13th is supposed to be a bad luck day, but honestly somebody needs to make a Saw-style movie about Thursday the 12th.

Read the full statement after the jump.

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Nationwide Layoff Watch: Sidley Austin Cuts 229 At Least

By Elie Mystal

Sidley Austin new logo Sidley Austin Brown Wood ATL Above the Law blog.jpgIt looks like Sidley Austin decided to just get it all over with today. We reported earlier that Sidley was planning layoffs, and now we have official firm numbers: 89 associates, 140 staff.

Above the Law obtained the internal memo sent out to all Sidley employees:

In addition to routine departures, 89 associates and staff attorneys and approximately 140 staff in our U.S. offices have been told their jobs are being eliminated. We have provided these lawyers and staff with financial and other assistance to help with their transitions. All affected individuals have been notified. The London office has also today announced a period of redundancy consultation.

As we reported earlier, 17 attorneys in London are on their way out. That accounts for over 20% of the associates in that office.

What should we make of the “In addition to routine departures” line? Clearly, it seems like some of the stealth layoff rumors have been true. Since the firm won’t release those numbers, we can’t say what the full Sidley damage report has been. But at least the firm didn’t try to layoff over 200 people under the radar.

What’s particularly interesting about the (now announced) “stealth” layoffs, is that Sidley specifically tried to calm its associates in the immediate aftermath of Lehman’s collapse. On September 16th, Sidley sent around an internal memo. We reported:

While Sidley Austin declined to comment to ATL on the Merrill Lynch/Bank of America merger, they did send around an internal memo to their associates. Sidley essentially told their people: “DON’T PANIC!!!!!!!!!”

Apparently, the firm opened up their books to show the percentage of their business that comes from the companies affected by the yesterday’s meltdown. Merrill Lynch represents well less than 10 percent of the firm’s overall business, so they think they should be fine.

But September was a long, long time ago.

Read the full Sidley memo after the jump.

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Winstead Cancels 2009 Summer Program

By Elie Mystal

Winstead logo.JPGThe news keeps flying (galloping?) in from Texas. And of course, the news insists on being bad.

A couple of days ago, we received a tip that Winstead has canceled its 2009 summer associate program. We’ve now been able to confirm that information through multiple sources.

One bright note is that our sources tell us that the firm is offering $5,000 in “severance” for the 2Ls who no longer have a place to work for the summer. That should buy some nice interview clothes when they hit the 3L recruiting circuit next fall.

The firm declined to comment for this story.

The news puts Winstead on the short list of firms that have canceled their 2009 summer entirely. But Winstead is also on the layoff list, which has a lot more company. The Texas Lawyer Layoffs at Winstead [Tex Parte Blog]“>reported:

Winstead is laying off lawyers for economic reasons, according to two partners who request anonymity. Shannon Tipton, a spokeswoman for Winstead, confirms the layoffs, but she says management at the firm declines to discuss the number of lawyers being asked to leave.

Our sources didn’t have the overall number of cuts either. But we understand that associates, staff, and even partners were part of the reductions. Sources report that three partners are leaving, though we are not sure if that was by mutual consent or not at this point.

Texas, you are being “messed” with! I think we’re about to see if the clever moniker is an idle threat or a solemn promise.

We’ll update you with additional information if the firm decides to comment.

Layoffs at Winstead [Tex Parte Blog]

Earlier: Luce Forward: Rescinds 3L Offers, Cancels 2009 Summer Program

Prior ATL coverage of law firm layoffs

Nationwide Layoff Watch: More From Texas

By Elie Mystal

Gardere Wynne logo.JPGNot many people outside of Texas have heard of Gardere Wynne Sewell. It’s a mid-sized firm with about 300 attorneys based in Dallas.

And, it is undergoing a round of layoffs. It’s a bad day to work in Texas.

Just how many layoffs is a little bit unclear. Our sources tell us that 60 people have been let go from the firm: 20 attorneys and 40 staff. We’ve received these numbers from multiple independent sources.

But the firm is denying the numbers. In a statement obtained by Above the Law, a firm spokesperson says:

To protect the privacy of the people impacted, we do not plan to release any details regarding the practice areas or number of people involved; however, we are aware that there are reports that the number of people affected were 20 attorneys and 40 staff. Those numbers are incorrect, and the number of people involved in both categories was substantially less. We regret the loss of these talented people who have made valuable contributions to our firm.

I’m not entirely sure how reporting the actual number of cuts impacts the privacy of those who have been fired. It’s not like we asked the firm to list the names, addresses, and DNA profiles of those who have been laid off.

But what do I know, I’m not from Texas. For me, privacy is achieved when I can turn up the television loud enough to obscure the sounds of love making emanating from my neighbor’s apartment.

Even so, some tipsters strenuously disagree that the number of Gardere Wynne layoffs is anything other than what we are reporting. A tipster emerged after Gardere Wynne issued the above statement, specifically to point out:

It is an absolute lie…. the firm laid off approximately 20 lawyers, many at the partnership level. The layoffs began on Monday March 2, 2009…. They shouldn’t be allowed to fire people and then pretend that all is well at their firm.

Whether or not we are talking about 60 people or “substantially less,” I think it’s safe to say that Texas is no longer immune from the global economic meltdown.

Read the full Gardere Wynne statement after the jump.

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Nationwide Layoff Watch: Texas is Starting to Look Like It’s Part of America After All

By Elie Mystal

Baker Botts logo.JPGWell, it appears Texas is starting to feel the burn of the global economic recession. And that is not good news at all. We received word from Baker Botts today that the firm has decided to fire attorneys. This is from a firm wide email that just went out:

We initially hoped that by imposing a hiring freeze last year, we would be able through attrition to match staffing levels to the business environment. The recession has been so deep and long lasti ng, however, that we regrettably have also had to reduce our lawyer and staff levels through selective layoffs, particularly in those areas most impacted by the reduction in demand. This has been a painful process for all of us involved. The individuals affected by these reductions are our colleagues and friends, and they have performed admirably for the Firm and our clients over the years.

The memo does not contain the overall number of people the firm will be letting go. Our sources tell us that the cuts will affect “around 30″ attorneys. We don’t have any information on how deep the staff cuts will be. There is also no word on how these layoffs will affect incoming first years.

But don’t get us wrong, just because layoffs are coming to Texas, doesn’t mean that Texas isn’t maintaining its Texas sized sense of pride:

Back in 1933, when the Great Depression was at its peak, many who worked at the Firm feared what the year had in store for them. In January of that year, then-Managing Partner Walter Walne wrote a memo to partners dedicated to that topic. The closing paragraph of that memo is timely, relevant and speaks eloquently across the decades about who and what we are at Baker Botts:

“With the character and ability possessed by each person in the organization; the splendid spirit of cohesive team work that we know exists; the inspiration that comes from the efforts and lives of those who have gone before; the idealism which our creed and our traditions instill, we face the new year resolutely and with the assurance that in our hands the standard of this institution will not be lowered and that our forward steps will not falter.”

We date our Firm’s origins back nearly 170 years, to just after Houston was founded and when Texas was still a nation, not a state. We have been through the U.S. Civil War, two World Wars, the Great Depression and countless recessions, and together, we will get through this.

Update (4:19): We are now getting reports that Baker Botts is offering a three month severance package, but associates have to pack up and leave by tomorrow night. It looks like most associates were prepared for the news when the arrived to work this morning. According to a tipster:

When I go to work this morning and noticed that we were losing our free parking, I knew we were in or a long day.

Read the full statement after the jump.

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Student Loan Bailout. Just Do It.

By Elie Mystal

Student Loan Bailout.JPGDear President Obama, First Lady Obama, Treasury Secretary Geithner, Education Secretary Duncan:

Hello all. I am writing on behalf of the massive amount of educational debt that I am no longer able to pay. Like so many young Americans, I got into a much better and more expensive school than my family could afford. After being told approximately 5,000,000 times that education was the “silver bullet” that was necessary to live the “American Dream,” I decided to fund my education through various loan programs. At the time, it seemed reasonable.

After I completed my four year degree program, I sadly learned that I wasn’t qualified to do anything particularly interesting. I’m not really good with computers, so creating the web application that simulates blow jobs or farts wasn’t an option for me. Based in part on the advice of nearly every intelligent person I’ve ever met, I decided to double down on the “education” gambit and get a post-graduate degree.

Mind you, I did eventually want to do real work and earn real money for a living, so I didn’t pursue a Ph.D. Instead I opted for a professional degree. A J.D. if you must know.

Once again, I decided to go to the best school that I could get into, instead of the cheapest school I could find. Once again, I received a significant amount of federal aid to accomplish this. At the time, I knew that I was signing myself up for years in a grueling job that I wouldn’t really enjoy, but I understood that there was “no such thing as a free lunch.” I was willing to sacrifice.

But, it looks like America is not holding up her end of the bargain. Please continue reading.

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Interview Tips: Biglaw to Small Law (Part I)

By Elie Mystal

Small Law interview tips.JPG[Ed. Note: There are a lot of associates out there who have been recently laid off from Biglaw jobs. Many of them are trying to get jobs at small to medium sized firms. But the mechanics of getting one of those precious jobs are a lot different from what people experienced during on-campus interviewing season. Therefore, Above the Law asked somebody who knows the game for ten tips on going from Biglaw to small law. We'll do the first five tips today, and give the "intermediate" level class tomorrow.]

I work for a small law firm in a major metropolitan area that is in the enviable position of hiring right now. We are getting a flood of BigLaw resumes. I get to hear all of you pedigreed, ambitious, driven, hard-working and talented attorneys crash and burn without even knowing you’re doing it. Here is my advice on how to actually get the job, especially if it’s with a smaller, scrappier law firm than you’re used to. In no particular order:

1. Nobody Cares. Your resume speaks for itself, and the attorneys who are interviewing you are well aware that you come from BigLaw stock, have an Ivy League degree, fancy clerkships or once worked for Famous Attorney. Keep in mind that right now, you’re sitting across the table from attorneys who once did not get the job with BigLaw, probably because of you. They have not forgotten this, and Schadenfreude is still alive and well. Bragging about your BigLaw experience will make them loathe you. If they ask you about BigLaw, answer the questions but don’t go on and on about how much you loved that high salary and perks that kept you tethered to your desk. Your interviewers absolutely do not want to hear it. Conversely, avoid denigrating your BigLaw experience because…

2. Nobody Likes A Whiner. Don’t bitch about how you’re secretly grateful you’re out of that hellhole because you hated the BigLaw experience and the high salary and perks that kept you tethered to your desk. Your interviewers might believe you, but if you’re denigrating your prior firm, you’re most likely going to also bad-mouth ours. Keep in mind that your interviewers might once have had, or still have, BigLaw connections. Their spouses might still work for BigLaw. Their parents, siblings or children might work for BigLaw. This law firm might have once poached a chunk of attorneys from BigLaw. You never know.

Some notes about fitting in, after the jump.

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Clerks: Can’t Go Home Again?
(Or: An open thread about post-clerkship job prospects.)

By David Lat

clerks screwed in recession.jpgOn that ill-fated Thursday last month — aka the Valentine’s Day massacre, in which hundreds of law firm employees lost their jobs — a federal judicial clerk quipped: “I know the budget is set, but this almost makes me want to chain myself to my desk so they can’t make me leave. People at firms must be quaking in their Manolos.”

Well, law clerks are quaking in their Keds. Many of them have requested coverage of the plight of clerks in this economy — similar to the post we did back in February 2008, when the job market for clerks was already starting to soften. So here you go.

Once upon a time, clerks were a hot commodity, wooed by major law firms with constantly increasing clerkship bonuses. The market-rate clerkship bonus rose to $50,000 for one clerkship, $70,000 for two clerkships, and $250,000 for Supreme Court clerks. But times have changed since 2007 — and clerks, despite their general orientation towards the somewhat more recession-proof field of litigation, are not immune.

Back in February 2008, we wrote about firms no longer welcoming back former associates who left their firms to clerk, contrary to past practice. We also covered the trend of firms imposing freezes on hiring clerks who didn’t summer there.

The bad news continues to roll in. More recently, we’ve heard reports of firms cold-offering clerks holding offers to return. Now we’re hearing reports — anecdotal, admittedly — of firms outright rescinding offers to current clerks:

I know one friend, who is clerking for a federal judge, who had her offer from a large law firm formally revoked recently. My fellow clerks and I have not been allowed to accept our offers yet and are afraid they may be revoked as well.

Also, we are not sure if the firms will pay out the typical clerkship bonuses in this market. The bonus is obviously the least of our worries, but nonetheless it definitely factored into our decision to take clerkships in the first place.

More discussion, including a Latham & Watkins case study, after the jump.

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(Or: An open thread about post-clerkship job prospects.)”