We’re a little late in reporting this news about Schulte Roth & Zabel (just as we were the last time around). But the firm once again handled the situation quietly — stealthily, you might say — so it took us a while to get adequate confirmation and corroboration.
But we did eventually. We’re now in a position to report the following about SRZ, based on reports received from multiple sources:
1. Earlier this week, approximately 20 attorneys were let go at Schulte Roth & Zabel. Cuts were made in corporate, real estate, litigation, and possibly other departments.
2. How to characterize the cuts is unclear. It seems that some lawyers were told they were being let go for performance-related reasons, while others were told they were being let go for economic reasons.
3. The affected attorneys are receiving a two-month notice period — i.e., two months in which to find new jobs — and outplacement assistance. This is consistent with Schulte’s past practice (see our most recent severance package table).
Additional info, about the summer program and start dates, after the jump.
Meanwhile, at more junior levels:
1. SRZ has shortened its 2009 summer program to 8 weeks (after informing incoming summer associates earlier in the year that the summer program would last approximately 10 weeks).
2. As previously reported, the start date for incoming first-year associates has been moved to the week of January 25, 2010. (We’ve heard either the 25th or the 28th mentioned; the 25th is the Monday.)
3. The stipend for these deferred associates is $20,000 (reduced by bar and moving expenses), to be paid in two $10,000 installments (May and September). There are a “limited number” of public interest deferrals, for one year, with a $70,000 stipend. (This information was also provided in our last start-date round-up.)
We reached out to the firm for comment on these developments, last night and again this morning, but they have not yet responded. If and when they do get back to us, we will let you know.
We’ve also heard a few other tidbits about SRZ, but without the same level of confirmation. If you have information to share about Schulte, please email us. Thanks.