Dewey & LeBoeuf: Latest Firm to Offer a Year-Long Deferral to All Associates
Associates at Dewey & LeBoeuf just left a firm wide meeting. Sources report that firm management was very frank with associates about the firm’s financial numbers and future health of the firm.
But the headline news is that Dewey & LeBoeuf has decided to join Skadden (and Shearman & Sterling) in offering a year-long deferral to all of its associates. The program (which is called DL Pursuits) is more similar to Skadden’s Sidebar than the initiative announced by S&S this morning.
Here are the basic facts: one year deferral to do whatever you want, 1/3rd of your D&L salary, full medical benefits, $1,000 in student loan repayment, and bar fees. And if you can get a paying job while you are taking time off from the firm, you still get the 1/3rd salary stipend.
The reasons for the program are made clear in the Dewey’s firm wide memo:
After an encouraging first quarter, the Firm is optimistic about its long-term prospects, despite the challenges that continue to confront the legal community, our clients and the global economy. Nevertheless, the Firm and its peers have seen reduced demand for legal services in recent months and experienced excess capacity for their short-term needs, particularly in the junior classes. To address these issues, the Firm is pleased to introduce a new program, entitled “DL Pursuits,” for its US counsel and associates. With DL Pursuits, attorneys in good standing will have the opportunity to leave the Firm for an extended period to pursue other interests, with the option to return to the Firm at the end of that time.
The demand for junior associates just isn’t there right now. While Pursuits is open to all associates, current first years at Dewey are eligible to take 18 months off, instead of just 12. This first year class is the last class that was recruited the Dewey Ballantine and LeBoeuf Lamb independently, before the merger. Going forward, class sizes should be more tailored to the single entity.
We have some additional details and the full memo after the jump.
When associates return, class standing will be determined on a case-by-case basis. That’s an important option for people who are worried that leaving will stunt their growth.
Sources report that Dewey & LeBoeuf partners have been actively working with their clients who might have openings for interested associates. And of course Dewey’s pro bono attorneys are also offering placement help.
The firm would like people to make decisions relatively quickly. Associates have until May 15th to express interest in the Pursuits program. Practice group heads can still veto people if demand is too high, but sources report that D&L does not have a particular target number in mind.
Skadden had around 125 associates leave the firm.
Dewey has had a couple of rounds of layoffs, and recently a number of partners saw their pay reduced. But giving people a viable option to leave the firm and try to ride out the recession — instead of doing a round of mass layoffs — seems positive.
Is this an option that would work for you? Share your thoughts in the comments.
Read the full memo below.
DEWEY & LEBOEUF — MEMO — DL PURSUITS
After an encouraging first quarter, the Firm is optimistic about its long-term prospects, despite
the challenges that continue to confront the legal community, our clients and the global
economy. Nevertheless, the Firm and its peers have seen reduced demand for legal services in
recent months and experienced excess capacity for their short-term needs, particularly in the
junior classes. To address these issues, the Firm is pleased to introduce a new program, entitled “DL Pursuits,” for its US counsel and associates. With DL Pursuits, attorneys in good standing will have the opportunity to leave the Firm for an extended period to pursue other interests, with the option to return to the Firm at the end of that time.
The program will be for a period of no less than one year for attorneys in the class of 2007 and
more senior and approximately eighteen months for attorneys in the class of 2008. We anticipate that the program will start on June 1, 2009.
While participating in the program, attorneys will be paid a stipend equivalent to one-third of
their annual salary, payable on the regular payroll schedule. In addition, the firm will pay for the
cost of medical insurance and reimburse up to $1,000 a month toward repayment of outstanding
law school student loans at their current repayment rate. The firm will also reimburse attorneys
for their mandatory bar registration fees due during their time away from the firm.
While counsel and associates participating in the program will not be employees of the Firm
during their time away, they will retain their connection with the Firm and receive regular
updates on Firm news and events. Upon return to the Firm, class standing will be determined on
an individual basis and will depend on the activities undertaken during the program.
For those interested in taking advantage of DL Pursuits to obtain industry experience, the Firm is working to identify a number of opportunities to place attorneys with client organizations. The
Firm also has excellent contacts with various not-for-profit organizations for those interested in
pursuing public interest work during their time away from the Firm.
To express your interest in participating in DL Pursuits, or to request further details, please email [Redacted]. DL Pursuits is being offered by the Firm on an entirely discretionary basis. While the Firm encourages all attorneys who wish to participate in the program to express their interest, all individual requests will be considered in light of departmental/practice group needs and are subject to department/practice head approval. Initial expressions of interest must be received by Friday, May 15, 2009.
Earlier: Dewey & LeBoeuf: Partners, It’s Your Turn
Shearman & Sterling Offers Voluntary Year-Long Deferral to All Associates
Skadden’s Sidebar: Phase One Complete




Comments
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The end is near . . . .
Firsty!
Don't take the blue pill!
can someone post a link to the law school paper piece that mentioned partner emeritus?
Guest likes this.
They're falling like dominos
Where's me Beef?
Bababooey Bababooey!
I wish PHJW would do this.
Wow, it is fun stuff like this that keeps ATL in business. A million little articles about firms lowering salary, cutting bonuses, laying people off. Then more articles making lists of those firms, in numerous variations. Once every couple of weeks some actual interesting gossip. And then more lists, and the occasional bracket thrown in to mix up how the lists look.
The memo blames "reduced demand for legal services in recent months and experienced excess capacity for their short-term needs, particularly in the
junior classes."
Now that's conclusive proof that the Class of '09 is the Lost Generation. You guys will never work in Biglaw.
i hear they have good art there ..... DIBS
This may not be the best place to ask, but here goes. The partner that I am working for just asked me to "burdog" (sp?) something on a deal that we are working on. I have no idea what his means, and I have consulted my legal dictionary and everything. My officemate has no idea either. Please help!
Listen, I kind of like that dealbreaker ad, when you actually watch it. Slightly amusing when she slaps him and all.
But seriously, it distracts too much -- just doesn't work well. Why not make it a freeze frame, where we have the option to click play and watch it? Your ad for your sister site will still be there, and you will piss less people off and make your site more readable.
This may not be the best place to ask, but here goes. The partner that I am working for just asked me to "burdog" (sp?) something on a deal that we are working on. I have no idea what his means, and I have consulted my legal dictionary and everything. My officemate has no idea either. Please help!
This may not be the best place to ask, but here goes. The partner that I am working for just asked me to "burdog" (sp?) something on a deal that we are working on. I have no idea what his means, and I have consulted my legal dictionary and everything. My officemate has no idea either. Please help!
What's this nonsense about discretion at the bottom? Aren't they just going to say "no" to the people they intend to fire anyway and then fire them?
Ropes did this weeks ago and supposedly a good number of associates signed on.
the partner asked you to BIRD-DOG it.
http://www.merriam-webster.com/dictionary/bird-dog
geez, this is why junior associates are worthless.
The market's not buying what Bernanke's selling. Given the continued downward trend in the Dow, reflecting the continuing contraction of the economy and the resulting lessening of the demand for legal services, Dewey is pursuing a wise course with DL Pursuits.
What happened to Dewey Ballantine?
Not long ago, it used to shine.
Now paired with LeBoeuf
It behaves like a spoof
Of a lawfirm, and is way past its prime.
So what did they say at the meeting regarding the financial health of the firm? Obviously not good, but how bad?
So what did they say at the meeting regarding the financial health of the firm? Obviously not good, but how bad?
Still no post about the massive swine flu outbreak at Kirkland Chicago. This site is worthless.
13/14/15: I think this is the ATL comment of the year, and I don't mean that in a good way. You are a royal dunce (that means moron).
BIRD-DOG
Layoffs today at Thompson Knight... sad.
From wiki:
"A bird dog is a person, in various business contexts, who earns fees for research that results in finding business opportunities for the fee payer.
* A referral fee, or "bird dog fee", is sometimes used in business. If Jake hires a company to perform some type of service and then recommends the company to Chester, who then hires the company and gives Jake as a reference, the company may give Jake a bird dog fee as a bonus for "retrieving" a new customer. [1]
* "Bird dog" can also be referenced to the real estate market, which is a person who locates properties for investors or silent partners. In many U.S. states this practice is illegal unless the person receiving the fee has a valid real estate license. A person may be subject to fines or even jail time.
* A regional baseball scout. "Bird dogs" are generally not team employees but instead are members of a network of contacts established by a full-time area scout, and earn fees by suggesting youth players worth watching to the team."
Don't quote me, this is just my belief:
This firm just created some grief.
They got pushed back a year...
But the recession's end's near?
Can't be Dewey. It must be The Beef.
Don't cry, take the money and run
And go spend a year in the sun.
You're choices are ample,
Don't take the example
of Mark Levy who consulted a gun.
-- by: The Lim Ricker
lol @ 12/14/15
"Bird-Dog it"??? You MUST work in Texas...
Agree 100% with 10. The 2009 class will never step foot inside their firms.
Listen, I kind of like that dealbreaker ad, when you actually watch it. Slightly amusing when she slaps him and all.
But seriously, it distracts too much -- just doesn't work well. Why not make it a freeze frame, where we have the option to click play and watch it? Your ad for your sister site will still be there, and you will piss less people off and make your site more readable.
(repost -- didn't want it lost in that dumbass burdog crap)
This is yet another example of why I think current 2Ls and 1Ls are screwed. (I'm a 1L). As firms continue to push back start dates, the class of '09 (will replace '10 or '10 will replace '11. Whatever way you want to look at it, as associates keep getting pushed back, there will be less and less room to hire in new associates, especially the '10 class and probably the '11 class as well.
14 - Instead of burdogging [sic] it, just give the partner a rundown.
Any news on how many Skadden first years took the deferral?
Bird dog means he wants you to sleep with his wife
34 - Yes, see here: http://www.youtube.com/watch?v=Yu_moia-oVI
32, you're right about the class of '10 and probably the class of '11 being screwed. Doesn't change that fact that the class of '09 will never work in biglaw. The class of '10 has some time to work out an alternative game plan, but you're right, they are still probably going to end up screwed. At least the class of '09 can start dropping out of law school now, when they will have gone into debt for just one-year's tuition, rather than three years.
Pity the poor class of '09, the Lost Generation.
FREE CONSULTING ADVICE FOR LAW FIRMS IN THIS POST:
1) You have excess capacity. Your associates aren't currently busy.
2) You were complaining (in good times) that your associates didn't have enough time in their day to engage in professional development. You feared that associates billing 2100+ hours per year were gaining good experience in performing legal work, but they weren't getting any experience in maintaining a legal BUSINESS.
3) SEE #1. Now is the time to focus on training the next business generators. Now is the time to engage in marketing efforts. Now is the time to attend trade meetings. Now is the time to allow your mid-level and senior associates to become visible in the legal community. In short, now is the time to INVEST in your PEOPLE so that FUTURE BUSINESS will be BETTER.
END FREE CONSULTING ADVICE
Class of 2011 will not have OCI jobs. Class of 2010 and 2009 are pwnt.
YOU ARE ALL IDIOTS
SKADDEN SECURE
Suck it, Mystal.
38, what you don't realize is that partners don't care about the future of the firm. They care about the now. They care about how much their present draw is.
If we were to turn law firms from partnerships to corporations, and if partners were to be shareholders (and if they wanted the value of their shares to increase even after they left the firm's employ), your advice would be more applicable.
YOU ARE ALL IDIOTS
SKADDEN FIRED (I mean Sidebar, I mean Secure....)
I just mailed in my application for the program. I'm hoping they don't notice that I don't actually work at the firm.
Sure 10 and 30,
Believe that if it makes you feel better. As a deferred incoming associate, I acknowledge that it's possible I will never set foot in biglaw. But, no one really knows how this will all shake out.
Additionally, it's really pathetic that you would rub that in and celebrate that 2009 might get completely screwed. But hey, ATL attracts the finest of people.
Was unaware that people still rick roll'd until I fell for it. Well played.
To stop that obnoxious "GREED IS GOOD" advertisement that loops on ATL's main screen, simply right-click on it and select "rewind." It freezes it. You're welcome.
32,
As a 1L, you're probably in the best position right now. The current 2Ls are the most screwed, because they're not all getting hired at the end of the summer (the spots they're interviewing for as SAs are already filled). And not getting an offer as a summer associate is a scarlet letter that's really hard to shake off. The 3Ls are also screwed. If they start in the fall they're at high risk of getting laid off by spring. And if they start a year later, they lose out on a ton of money.
When 1Ls interview in the fall, firms will be looking to 2011, which should be a vastly improved economy.
The limericks are getting old (and really, really suck). Can you guys start doing Haiku?
Leave 13/14/15 alone. He asked, didn't he? Maybe if his partner didn't use slang from 1954, the kid would've known what to do.
Putting aside the stupid law student and low level associate questions/banter, I wonder how much of the deferral/we'll pay you to go away meme has to do with firms trying to keep their lines of credit from banks that are demanding monthly or quarterly updates? If I remember correctly the agreements usually had a clause where the credit line was pulled when there was a sudden drop in attorney utilization and/or billing. Once a line of credit is pulled, it's weeks until implosion. (See: Heller).
I think you are wrong 47. I would guess firms will barely hire anyone and have tiny SA classes. If they need more people in 2011, they can always bring back the deferred people. That said, I agree that current 2L's and 3L's are screwed. However, OCI will be a bloodbath this year.
ty, 45 :)
Anyone have any idea how payments to recipients of DL Pursuits will be treated for tax purposes -- W-2 or 1099?
When I was a summer associate, we spoke of Cadwalader Chris and that fat douchebag from Duke who couldn't even hack it in the Bay Area during the Tech Boom. There were amazing stories about summer associates working for two firms over the whole summer, showing up to work for each half the time (with cover from various projects and events) and collecting double paychecks.
Over the next year, the stories will be about summer associates and incoming associates managing to get deferred at two firms. Blowjobs at summer events and hippy broads jumping in the Hudson won't even be on the radar.
How the times, they have changed. To spice things up, in honor of our summers starting next week, let's all post our favorite lesser-known summer associate stories.
I'll start shortly.
35--best post of the day!!!
so even DEWEY didn't pull a Latham by laying off 45% of its NYC associates, including more than half the first years?
FUCK YOU LATHAM NY YOU REACTIONARY ASSHOLES
51,
I agree that OCI will be vastly reduced this fall, with a really small summer class in 2010. But if I had to choose between graduating into the legal job market now, the legal job market a year from now or the legal job market 2 years from now, I'm picking 2 years.
47
To # 18, I think you're right, the slurred speech partner (either age or a three martini lunch) was asking the associate to "bird dog" the project. I'm reminded of an arrogant young partner who in my first years of practice asked a number of associates to "list the proofs" in a case he was working on. None of them had any idea what he was talking about and he got quite huffy about it when they said so and asked him to explain . I still don't know what he meant by "the proofs".
19 - The market is down because people are selling off to lock profits made over the latest run. If you had been watching over the last couple weeks you'd see that. Some stocks have run up a few dollars and a sell off like this is typical after that kind of rally. It's hard to know what exactly is going on with the economy, but significant indicators do support Bernanke's view on the recession losing steam. The market is very volatile, but the reason it is down today has nothing to do with the economic outlook.
Do you guys mind if I come out of the closet here, now, on ATL? Here goes...for the first time ever...
I'm gay.
If these associates are laid off, do they have a Restatement 90 claim against the firm -- ie, a reliance (ie promissory estoppel) claim?
I have never heard of this firm.
60, im just a 1l but if you relied on your heteroness im thinking you might have a promissory estoppel claim against either nurture or nature. Ill read over restatement §90 and get back to you.
58 - Sheeiiittt.
As a young associate in Baltimore we had to list the proofs all the time.
End schtick. I think he meant to show all work for the assertions you made -- something that is commonly said outside of law for work product not produced by, you know, people trained in citation. However, that being a legal brief, it sounds really stupid, unless he wanted the propositions and supporting cases actually distilled into a list.
59 -
From the mouth of the oracle:
"the prospective recovery is likely to be subpar and only gradually gain momentum, Bernanke said.
In addition, the nation's labor market will continue to be weak "in coming months," he said. "
Translation:
No recovery in 2009. No uptick in the demand for legal services until 2nd quarter 2010.
Makes you wonder if this years 3Ls and 2Ls will ever get jobs, and if they do, will there be anything for 1Ls. And people still apply to lawschool in huge numbers. No jobs and tens or hundreds of thousands of debt. People are stupid.
As a current 2L, I dread a cold-offer this summer, but I try to remind myself that my firm, unlike the rancid TTTs that grace this site every day, has thus far avoided public layoffs, deferrals, sidebars, and pay decreases.
50, that's exactly what is happening.
Where is that old shoe salesman PE? Golfing...my a$$. From the looks of his picture, I would say another round of rice & wine enemas.
I ask again - why didn't my firm offer this?
-Laid-off biglaw associate with no prospects
That settles it. EVERY BIGlaw firm is better than LaTTTham.
LATHAM, ROT IN YOUR FIECES INFESTED HELL CALLED LIPSTICK BUILDING.
sucks for those 300+ associates who have already been chopped.
sucks for those 300+ associates who have already been chopped.
Wouldn't it make most sense for firms to deal with the backlog of incoming associates by reducing their 2010 summer classes and future summer classes as needed? If a firm no-offers a ton of this year's summers, they will have more trouble getting future T5 2Ls to accept their offers for the summer of 2010, 2011, and so on. It makes most sense, then, to keep summer offer ratios high and simply reduce future summer class sizes as needed.
Are you serious, 61? Section 90 is of no significants.
Give up the idle dreaming that you will have a job, 74. Nothing will save the class of '09 now.
I really don't get the logic with all this class of 2009 is the most screwed.
1) It is already completely obvious that the Summer Associate class of 2009 has been substantially reduced. Some firms went from 150 to 30. That means the 120 class of 2010ers that would have had a position at that one firm have NOTHING, not even a chance to be deferred.
2) With money invested in 2009 associates and a public relations / law school recruiting monkey on their backs for every decision they make about anyone who has already been extended an offer (whether deferred or not), the firms are going to be cautious with the people they already have.
3) With all the side-bar programs, experienced junior associates on the market, and deferred 2009ers and most likely 2010ers, the summer class of 2010 is going to be the worst in the history of law firms. They already have their class of 2010 and 2011 filled with deferred associates, so why bother recruiting 2Ls. The class sizes will drop by 90%+.
So if you talk about the incoming class in terms of those who are lucky enough to actually get a BigLaw job, everyone is exactly right, the class of 2009 will be the most screwed. However, if you consider the graduating class of 2010 and 2011, they are clearly the most screwed. They won't even be getting the summer associate positions and a chance to get fired.
I can't believe these firms are paying out good money to young associates and law grads not to show up for work. It's a total waste of money. It's not warranted. The partners have no balls, or their balls are being sucked off at the moment.
72- It does. DL is a follower. They aspire to Skadden status. So Skadden needed to do it first - make it acceptable. Then DL the aspirer would follow.
74 & 77: AGREED
19, 65 - You're right about legal services. It might take even longer than the 2nd quarter of 2010. I was only commenting on your down market comment. Today's down market is based on a sell off after a strong rally. That's all I'm saying.
We can only hope that 14/15's partner reads ATL comments. At least then there will be one termination that is unambiguously performance based.
54 here, one of my favorite stories from my firm was a certain plus-sized female senior associate who, every summer, would offer a spare bedroom in her apartment to summer associates at a below-market rent. She would invariably select a male one and he would move in, thinking that he was getting a good deal on rent and maybe having someone to hang out with outside of work, perhaps even hoping that she would be attractive.
She would hit on him constantly over the summer, and the lock on the bathroom and his debroom were usually broken. Sometimes, there would be a problem in the other bedroom (water leak or painting going on or something), or there would be things stored in there, so that the male summer associate would either have to sleep on the couch or share her bed. She encouraged the latter, especially after boozy summer events.
On occasion, she would offer reductions on rent, and tried to work with the summers so that she would have additional leverage over them. Eventually, after half a dozen incidents that would have gotten any male summer associate fired, the firm forbade her from offering housing to summer associates.
That "burdog" thing can't be real, can it? Even Gen Y lawyers aren't that stupid.
There's no reason for classes to turn on one another. We're all pwned.
Any word if they are going to withhold taxes or 1099. If they withhold that means its a lot less $ to hold us over.
78 - You're an idiot. They're paying them so that valued associates will come back. It's costly to recruit and train attorneys. This is a good way to have attorneys you've invested in come back and start producing for you once there is renewed demand for legal work. Sidebars, Pursuits make a great deal of sense. They will actually save money long term. Short sighted thinking on your part.
Any word if they are going to withhold taxes or 1099. If they withhold that means its a lot less $ to hold us over.
Any word if they are going to withhold taxes or 1099. If they withhold that means its a lot less $ to hold us over.
I really don't get the logic with all this class of 2009 is the most screwed.
1) It is already completely obvious that the Summer Associate class of 2009 has been substantially reduced. Some firms went from 150 to 30. That means the 120 class of 2010ers that would have had a position at that one firm have NOTHING, not even a chance to be deferred.
2) With money invested in 2009 associates and a public relations / law school recruiting monkey on their backs for every decision they make about anyone who has already been extended an offer (whether deferred or not), the firms are going to be cautious with the people they already have.
3) With all the side-bar programs, experienced junior associates on the market, and deferred 2009ers and most likely 2010ers, the summer class of 2010 is going to be the worst in the history of law firms. They already have their class of 2010 and 2011 filled with deferred associates, so why bother recruiting 2Ls. The class sizes will drop by 90%+.
So if you talk about the incoming class in terms of those who are lucky enough to actually get a BigLaw job, everyone is exactly right, the class of 2009 will be the most screwed. However, if you consider the graduating class of 2010 and 2011, they are clearly the most screwed. They won't even be getting the summer associate positions and a chance to get fired.
All of you are dumb. None of this has anything to do with associates or summers or whatever. See 50.
72 - I agree. Sucks for the 300+ they have laid off already. DL aspires to be Skadden, but they aren't and will never be. They lag behind in recruiting, PPP and overall prestige. If you are at the bottom of your class at NYU, Columbia, G'Town this is the firm to go to. Seriously, look at the bios. They don't get clerks or honors grads, they get the bottom of the class. It took a move by Skadden for DL to decide to pursue this. A follower, an aspirer, not a leader.
87 = kool-aid drinker
93 - You lack business sense.
if Latham did this, I would not have to explain to every potential employer why I am not a bad attorney even though I was laid off as part of the 45% bloodbath. Latham, if you let me just leave as part of this program, I could have had a better chance. However, you decided to simply defame me.
BECAUSE YOU FUCKED ME, I WILL FUCK YOU WHEN MARKET PICKS UP, INCLUDING INDIVIDUAL PARTNERS.
93 - Keep on drinking
95 - "when the market picks up", eh? Cute.
The guy who asked about "burdog" really Schruted it.
Andy: I really 'Schruted' it.
Michael: What?
Andy: 'Schruted' it. It's just this thing that people say around your office all the time. Like, when you screw something up in a really irreversible way, you 'Schruted' it. I don't know where it comes from though. Do you think it comes from Dwight Schrute?
Michael: I don't know. Who knows how words are formed.
Class of '09: Falls into three groups.
1) Those who are on schedule to start this fall like normal.
2) Those who will have a deferred start date and start up in Jan. or sometime thereafter next year.
3) Those who got a deferred start date and will never set foot in the firm.
Class of '10: their real worry right now is that they get a no-offer at the end of their summer this year.
Class of '11: will have a terrible OCI as the firms are already backlogged with the class of '09 and '10.
I think it's easier to at least get your foot in the door (e.g. by having a SA job or having a deferred start date) than never getting an offer at OCI this year to begin with. It's much less of a reputation hit for a firm to just not make offers at OCI then make an SA no-offer or, worse yet, defer start dates and revoke an offer. That's why I think '11 is worst off.
What kind of muffins did they have at the meeting? That's your best indicator of future prosperity.
Ah yeah. About time you Big Law Brats feel the pain and misery of the TTToileteers. The legal profession has been dying for ten years now, but Big Law didn’t notice in their fancy skyscrapers. Welcome to the world of insecurity, depression, high debt loads and piss poor paying jobs in shitlaw.
101 - Please go back to JD Underground. I imagine your friends there miss you.
if the market does not pick up, you are fired as well.
Another TTTer here. I just wanted to say that it feels really good to have a job and a marketable set of useful legal skills right now.
101 - not the time to be sticking your head in the lions cage... the inevitable result of a bigaw collapse is that the TTToileteers will sink into further shitiness as the natural Darwinian trickledown works its way through the legal profession. BigLaw lawyers will only drop down one tier and inevitably so will everyone else.
101 - not the time to be sticking your head in the lions cage... the inevitable result of a bigaw collapse is that the TTToileteers will sink into further shitiness as the natural Darwinian trickledown works its way through the legal profession. BigLaw lawyers will only drop down one tier and inevitably so will everyone else.
Nah, the economy isn’t linked to shitlaw. People are always slippin’ and trippin in good times and bad (if anything a down economy means more auto accidents, not less). Oh sure people are fired from shitlaw all the time, but not because of the economy. Still, how does doc review prepare you for shitlaw? And do you really think some shitlaw partner is going to hire some T14 know it all? Good luck!
bingo
Did they tell associates at the meeting that the firm is sinking?
74/77/90: You are wrong-o. Firms are NOT afraid of any negative PR fallout these days. They can rescind offers if they deem it to be the most profitable current move for them. These firms are the only game in town. When they start hiring again, law students and unemployed lawyers will gladly and anxiously compete for whatever high-paying positions are available. They will NOT even consider past layoffs/deferments/whatever. Current 1L/2L/3L's are SCREWED for the most part, and your naive optimism won't change that one whit.
LOL because I'm free from the Biglaw hamster wheel.
#26:
"Layoffs today at Thompson Knight... sad."
Do tell....
I'm amazed at how short-sited everyone is on this board.
1) Regarding 106 comments, of course it will take some time for things to work itself out, but in the end the end of biglaw is not good for everyone. The question is not whether a shitlaw partner will hire a biglaw associate. It is NOT even whether a client will higher a shitlaw partner over a group of former, laid-off biglaw associates or income partners, especially those that have handled complex litigation in the past. It is about the long-term where all the good jobs and work always goes to the smartest, most savvy, and most productive people. Smart and savvy people will always dominate in the end.
2) Regarding the PR issue, of course it is a problem. Latham will be forever tainted with the crap they pulled. When faced with a choice of two semi-equivalent firm, no 2L will ever pick Latham... same goes for laterals. Latham will always get the worst candidates in their peer group or worse drop into a lower group. Also, what could possibly benefit these firms economically better than just rescinding offers. $75,000 to take the year off? It appears that the best long term economic decision is to be prudent in handling this situation and defer or reduce salaries, rather than rescind.
"Smart and savvy people will always dominate in the end."
Luv it! it's so true. the 43rd President of the United States is a perfect example of this. they don't just let anybody go to Yale!
Good example 113. The political sense, charisma and skill it takes to garner a presidential nomination and then pull out a win against a more qualified opponent is a perfect example. it takes 1 in a 10,000,000 talent to get elected president, not the run of the mill top 1% talent it takes to make partner at Ernst & Young (i.e. the average Yale grad).
112- In the last line change than to then and we can agree
and get rid of the word rather too
Comment removed by moderator.
116 - It took me a few minutes to get it... funny... we'll see.
89: I am not positive but I would bet they withhold at the firm level like regular compensation.
Can someone get the CraigsList $5 law expert on here to explain to everyone how this precisely comes under the Restatement (Second) Sec. 90 Contracts. ie, a reliance (ie promissory estoppel)
thanks, dewey, for getting to lead the race-to-the-bottom in terms of how LITTLE firms can offer their associates while deferring them. really shows how much you value us.
YOU'RE AWESOME.
thanks, dewey, for getting to lead the race-to-the-bottom in terms of how LITTLE firms can offer their associates while deferring them. really shows how much you value us.
YOU'RE AWESOME.
at my IP firm we'd never think about deferring or laying people off.
-K
thanks, dewey, for getting to lead the race-to-the-bottom in terms of how LITTLE firms can offer their associates while deferring them. really shows how much you value us.
YOU'RE AWESOME.
You should just be fired. The economy sucks and your essentially being given a paid vacation vs being fired. Yet you still bitch. Talk about ungreatful. The offer on the table is pretty generous if you compare it to an unemployment check. God only knows that whole five hours of billable time you put in this year is worth so much.
DL's plan doesn't sound so bad and it's following Skadden. Ultimately they're just providing a voluntary severance package should the firm's business fail to pick up, but if the firm's business does pick up those takers get to return to their jobs (if they even want to after some time away from the billable hour schtick).
I suspect that this is the last program you'll see before a sizable round of "performance" based cuts this summer.
DL's new Pursuits program is really a very savvy, cynical move. The firm has been doing stealth layoffs for the last six months - "outplacing" small numbers of associates every couple of months and calling them "individual performance-based employment decisions." Of course, performance equates to billables, so associates who hadn't been able to find enough work (read: the partners they worked with weren't making enough rain), were let go.
The way DL handled this - not owning up to laying off associates combined with the "death by a thousand cuts" approach (new rounds of layoffs every couple of months) completely destroyed the morale of the remaining associates. Even some of the top billers whose jobs were secure started looking to leave - and some already have, to the chagrin of management. I think this is DL's way of trying to put a more positive spin on things, but it's probably too late. Not sure what the fine print is, but I bet alot of associates would like to take the 12 months at 1/3 pay and then simply not come back.
DL's new Pursuits program is really a very savvy, cynical move. The firm has been doing stealth layoffs for the last six months - "outplacing" small numbers of associates every couple of months and calling them "individual performance-based employment decisions." Of course, performance equates to billables, so associates who hadn't been able to find enough work (read: the partners they worked with weren't making enough rain), were let go.
The way DL handled this - not owning up to laying off associates combined with the "death by a thousand cuts" approach (new rounds of layoffs every couple of months) completely destroyed the morale of the remaining associates. Even some of the top billers whose jobs were secure started looking to leave - and some already have, to the chagrin of management. I think this is DL's way of trying to put a more positive spin on things, but it's probably too late. Not sure what the fine print is, but I bet alot of associates would like to take the 12 months at 1/3 pay and then simply not come back.
I'm curious - so if the economy picks up, are you obligated to rejoin the firm if they call before the year's up? Sort of like sending you to the minors and waiting to be recalled?
112: "short-sited"?? Really? Are you fucking kidding me?
God, I hope you're neither an attorney or in law school.
I hate Dewey! I hope the bastards Fold!
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