I can't decide if "Kim Koopersmith" is a totally awesome name, or totally ridiculous. Votes?

Bet that super expensive Manhattan lease looks really good right now...

Bravo. If an associate hits 2000 client billable hours, she deserves a bonus even if symbolic and/or paltry.

My Gump is frozen!

Only 16 associates in the whole firm qualify for the raise, though.

Could this be . . . some vaguely good news?

Although not a peer firm, I think Akin Gump's salary structure is fair and merits mild praise. I am not against giving raises to the individuals that bill above and beyond the requisite hours. I am a firm believer of perpetual performance results. If an associate helped the firm close a multi-million dollar deal last week, there is no carry over effect. I expect a new set of results week in after week. Over the weekend, I read about about Winstead's outplacement of associates and the rescission of summer associate offers. Winstead is far from a peer firm. I do applaud its sincerity in letting the associates go with no severance. It gets under my skin that most of you brats complain about getting free money. Take the severance you ingrates. No one ever gave me free money. I believe in tough love. In some cultures, you throw a child in the water and they learn how to swim. With associates, I believe we should throw them on the pavement and they can use their mighty skill and wit to land on their feet. Bravo Winstead for exercising tough love. Although your accomplishment happened last week, I will make a one time exception to the "no carry over effect" rule. You are the firm of the week until some real firms start adopting your true to heart outplacement policies.

Although not a peer firm, I think Akin Gump's salary structure is fair and merits mild praise. I am not against giving raises to the individuals that bill above and beyond the requisite hours. I am a firm believer of perpetual performance results. If an associate helped the firm close a multi-million dollar deal last week, there is no carry over effect. I expect a new set of results week in after week. Over the weekend, I read about about Winstead's outplacement of associates and the rescission of summer associate offers. Winstead is far from a peer firm. I do applaud its sincerity in letting the associates go with no severance. It gets under my skin that most of you brats complain about getting free money. Take the severance you ingrates. No one ever gave me free money. I believe in tough love. In some cultures, you throw a child in the water and they learn how to swim. With associates, I believe we should throw them on the pavement and they can use their mighty skill and wit to land on their feet. Bravo Winstead for exercising tough love. Although your accomplishment happened last week, I will make a one time exception to the "no carry over effect" rule. You are the firm of the week until some real firms start adopting your true to heart outplacement policies.

Akin's not going up, it's going down. Read the fine print.

This will only apply to lawyers in financial restructuring and some litigators. Through February, average hours firm wide were under 120/month (and that's with bankruptcy people billing 220+). Even with the layoffs, there's not enough work for most people to make up the deficits they accrued billing 60-80 hours in Jan and Feb.

Good morning, Partner Emeritus.

How is that prostate thing going? Hope you are OK.

Elie:
You should have redacted Ms. Koopersmith's name from the memo excerpt you published.

Elie you fat fuck, stop with the "slurpee freeze" shit, you sound like an ignorant trendy fat fuck. Oh, wait, you are.

@ 8-9:

I'm guessing your secretary still prints out each of your emails for you to read.

Partner Emeritus, it looks like even you lack attention to detail! Forgetting to log in before you post!

That being said, what is the mandatory retirement age at your venerable institution?

Good for them.

It is nice to see that the people who are working still get paid. I have been wondering about how the people in counter cyclical practice groups have felt about freezes. To bust your ass and get a reduced salary because others are slow is not cool. In good times many of these people were left behind because they didn't bill the most hours, now they get dragged down despite billing the most hours.

Sutherland has already done this. They just don't pay the bump up in quarterly installments; it's all at the end of the year when you hit 1950.

Yay to sort of good news!

8, 9 = EPIC FAIL.

The management of this firm was apparently fooled by the March bear market rally. The Dow is down today, and will continue to trend down for the month of April. There will be no economic recovery in 2009.

This comment is addressed to post no. 15.

It amazes me that with all the technological advances that are offered in today's modern world, law students and lawyers are not as smart or savvy as they were, say even as early back since the mid 1990s. In law school, I had to type all of my exams on an Olivetti typewritter that was manufactured in the 1940s. There was no white out or correction tape. We were trained to be flawless. Today, attorneys are more error prone than clerks. Law graduates and attorneys today are not worth a fraction of what we pay them. It irks me, and unless peer firms start emulating Winstead's wonderful outplacement policies, we will continue to give free money to an undeserving class of low caliber "professionals."

Elie,

Why haven't you done a story about regional or mid-size firms (100-300) that have not laid-off young attorneys--choosing instead to share the pain and operate honorably. There are firms out there that have partners who have decided to take a pay cut because they recognize a good law firm is more than a profit centric business.

This is why I did not go into "BigLaw." Big on promises, big on prestige. Small on things that matter--integrity, compassion, professionalism, and respect.

This is not good news. Almost no one will bill 2000 hours this year so in essence this is cementing the pay freeze. Its also the first step towards abondoning lock step compensation. This is bad for associates as a class.

Just found out from a friend that they are delaying start dates too...

http://legalunemployers.blogspot.com/

Even better news - they are giving 5000% bonuses for those who are on pace to bill 3000 hours and corporate jets to those on pace for 4000. Akin is the new compensation leader!

@2:

Were her ancestors C/Koopers or Smiths? Couldn't they make up their minds? (Is there some other meaning of "Kooper"?)
The double K business is also a mouthful.

24: not quite. How exactly is this bad news? The firm is NOT "cementing" the salary freeze; it is doing the opposite. And why shouldn't firms reward the high-billing associates? Better to have basic lockstep compensation/bonuses where lazy associates like you are rewarded for my hard work? This is the right way to go.

23: There are a good number of not-so-small firms that appear to be in the category of those who are operating "honorably." You don't have to go far down the list of the largest firms in the country to find these. Just in the top four, Skadden and Jones Day seem to qualify.

29: As I said, almost no one will bill 2000 hours. The previous compensation structure guaranteed raises based on seniority. Akin then froze everyone salaries and has now changed its compensation structure to a merit-based one. Because they did this in an environment where almost no one will be able to hit the hours, they are de facto keeping them frozen for everyone. Here's a flow chart

associates on pace to get raises -> salaries frozen, no more raises -> impossible hours target instituted -> no one gets raises

I liked Tony Pierce when I was there. Good guy.

Have the people that AG laid off left yet? I was looking at the website, and saw that some of my DC peeps were gone. Wonder how they feel about salary bumps when there were lay offs being made.

They gotta do something to keep people....didn't they lose 30+ rainmaking partners/associates to Hunton lst year?

They gotta do something to keep people....didn't they lose 30+ rainmaking partners/associates to Hunton lst year?

They gotta do something to keep people....didn't they lose 30+ rainmaking partners/associates to Hunton lst year?

They gotta do something to keep people....didn't they lose 30+ rainmaking partners/associates to Hunton last year?

30--Skadden laid-off some staff (I know, not the same). Maybe my point should have been that someone should do a list of where the layoffs are NOT happening (BigLaw or MidLaw).

I have not seen a post on this site about a meeting where partners have said "There will be no layoffs at this firm, we will get through this together by reducing salary and benefits." Are these type of meetings just not happening?

What is Akin's start date?

Finally some of you are opening your eyes as to how the business of law firms work. Akin's salary boost is illusory as few if any of their associates will bill the amount of hours to qualify for the increase. Akin's raise is akin to my offering full equity partnership to any associate that will bill 5,000 hours in one year. It won't happen. This reminds me of the times I have had to write off 10 hours from an associates' annual tally just to disqualify him from a different tiered bonus. Enjoy the salary increase Gumpers.
On the subject of illusory packages, I am disheartened by the lack of sincerity in some of the deferral starting programs. It's a cold offer. It is a a strong hint that the firm hopes that you will go away as your limited skills begin to wither by being idle. If and when the economy recovers (I may be six feet under by then), the firms will hire 3Ls and leave you folks in the cold. If given a severance, take the money and hang a shingle, or go to Brazil and live like a king for a year before bowing out to a life of abject poverty.

23,

Because no one gives a shit about mid-law firms.

Love,
Everyone else

23: Smaller =/= more secure.

Thompson Hine (Ohio): layoffs + rescinded offers
Bricker (Ohio): Layoffs
Ice Miller (Indianapolis): no-offered most of its summer class.
Bose (Indianapolis): Layoffs
Fredrickson (Minneapolis): start dates deferred
Faegre (Minneapolis): layoffs
Michael Best (Milwaukee): Rumors abound, in reputable sources (not ATL)

I was feeling pretty good about my midlaw job in flyover country (not one of the above firms) until my start date got pushed back to January. Just because ATL doesn't report it doesn't mean it didn't happen.

-- State school 3L

40--23 here.

Actually I think they do. Evidenced by the thousands of former BigLaw associates begging for jobs at MidLaw firms right now.

The work is really not that different in most every practice group, except M&A, etc. The salary is not that different, unless you are a partner whereupon you take a pretty big pay cut by practicing in MidLaw.

I am not saying that BigLaw is dead, just that maybe it is time to acknowledge MidLaw as a better option for most young attorneys.

Someday you will learn to stop saying stupid things--hopefully before you graduate law school.

Love,

Rational Thinking.

Dear Rational Thinking,

See 41 above. And go be friends with Queens-mortgage guy from earlier posts, I think you'd get along with your short-sighted perspectives. Him and all the Texans who think the U.S. economy doesn't affect their job prospects.

Everyone Else

Agree with 41. And take another look at Michael Best, ATL. Don't let firm management tell you to $#&! off.

Midsized firms in Texas = Epic WIN

32 - yes, bios were off the website after friday, march 20.

33-36 - they lost one rainmaker and about 30 revenue generators. but that one rainmaker had several of akin's largest clients.

25 - what have you heard about incoming start dates?

'Partner' Emeritus, if there aren't at least some associates billing over 2000 in some busy practice groups at your firm, you are cleary not a peer firm. Of anyone. Sorry.

Everyone Else,

I didn't say that the U.S. economy doesn't affect MidLaw. My point, in my earlier post, was that I would like to see a list of where layoffs are not happening. Then some moron gave the typical "Nobody gives a shit about MidLaw" response, which is not true at all for those thousands looking for a job right now.

I don't know how to respond to that being a "short-sighted perspective."

43: Do you realize how pathetic you sound, that you can't even acknowledge other career paths might be worthwhile? And hardly "out of the box" crazy career paths -- just that maybe -- just maybe! -- mid-law has some advantages. Wow. My guess is you are overcompensating for some massive shortcoming. Sorry you can't get laid, bro.

Love,
Not 23

Irrespective of the impact of Wyatt's loss at AG, many folks at Hunton have said that his group has not lived up to its billing in terms of work production, and a number of Hunton partners are questioning Wally's judgment in essentially giving him the keys to the firm.

i heard that kinky spalding gave all lesbian partners a pay raise - i guess to pay for the strap ons ?

51- That's good to hear.

Dear colleagues:

Due to some unfortunate developments that transpired this afternoon, I have begun to see the error of my ways and thus would like to take this opportunity to set the record straight. Simply put, I have grossly underestimated the intelligence, hard work and passion of the many young lawyers who contribute to this vibrant forum. Notwithstanding my prior expressions to the contrary, you are each to be commended and, more importantly, justly rewarded for your devotion to your profession. Huzzah to all!.

Yours sincerely,
Former Partner Emeritus

I wanna buy a vacuum.

PE,

Don't you mean how the business of law firms "works"?

FYI Akin Gump has let go of some 1st years.

31 - I beg to differ. I will be getting the raise as well as just about every associate in my section.

I fail to see what this program (or its caveats) has to do with "meet[ing] the needs of [Akin's] clients." They're not making billing rates dependent on capacity -- just salaries.

57 - Yes, and? I mean, BFD.

Elie, Sidley decided to freeze salaries of everyone in March!!!

I'd like to know which associates won't make it. No one in my office will be short of 2000. We're slammed.

to 38 & 47: sorry for the delay: here are the start dates.

AG Bankrupcty & some niche lit groups - Sep 2009 (some later dates in NY office)

AG general lit, labor & employment- Dec '09/Jan '10

AG Corp & Securities; Gen Corp; Tax-March 2010

They say dates are not hard fast and if stuff turns around sooner, then you can get called up earlier. Also, the stipend is $15k but you can do whatever you like while deferred or even withdraw.

U still get your bar expenses and pre-start date bonuses and they will offer benefits coverage, but you need to keep checking with the office regularly in case something pops up sooner or some partner really wants you sooner cos of some skill or whatever.

There is a risk that things could get worse in which we should all just go back to porn.

Elie, Sidley decided to freeze salaries of everyone in March!!!

According to NALP, there's no billable hour requirement at AG.

AG has millions of hours and costs tied up in this dumb contingency fee IP case. I don't know much about it - but apparently it is not working well for us. And we are stuck with it from Wyatt! Thanks. I'm glad that becase we have loser case, we wont get paid...

Akin Gump is awesome. They are giving you the potential to get a base salary jump if you meet minimum billables.

Look, people who complain about salary freezes are either morons or juniors. There's no free lunch. In times like this, anyone who doesn't have a book should be very afraid.

The firms should reward the bankruptcy associates and others who have work. Corp associates just don't right now. Junior corp. associates are WAY overpaid.

They should really get rid of more 1st and 2nd years, some unproductive partners, and a LOT of staff. There's still a LOT of fat.

When you cut mid levels, senior associates, service partners, you cut the bone. Then you risk not being able to do work when the work comes.

Good to hear that this is happening.