This Week In Layoffs: 07.11.09
[Ed. note: Above the Law has teamed up with Law Shucks. Law Shucks has done excellent work translating all of the layoff news into user-friendly charts and graphs: the Layoff Tracker.]
Where did that come from? The big news for the week is obviously DLA Piper blasting us back to mid-March form, with the biggest layoff since, actually, completion of its own UK redundancy consultation in May.
More on that later. But first, we’ll take our traditional quick look at the broader economic activity.
The numbers were actually surprisingly good this week, with initial jobless claims down to the lowest levels since January. In fact, the numbers are probably significantly worse than that indicates; early plant closing masks some serious seasonal adjustments that are skewing the numbers. And, of course, overall unemployment was up again, to 1983 levels, as new jobs just aren’t being created yet.
In fact, overall unemployment is getting to record levels. According to Calculated Risk, “the current recession is now the 2nd worst recession since WWII in percentage terms - and also in terms of the unemployment rate (only early ’80s recession was worse).”

As we learned from DLA Piper, layoffs at law firms are still on the table. Details after the jump.
DLA Piper is obviously going gangbusters in this latest round of cost cutting. The firm just laid off 21 lawyers and 100 staff, is reportedly volunteering people who weren’t otherwise planning to participate for deferral until 2011, and announced that it’s “revamping” the associate track.
Even Cadwalader, which kicked things a year and a half ago and was just recently praised for its transparency, laid people off again this week - although there’s some semantic trickeration going on. Thirty-four associates are being forced into sabbaticals with no assurance of re-employment when the year is up. Frankly, we view this as a blatant result, but logical extension of, the Mayer Brown “secondment” program, about which we have a very low opinion (which opinion is not particularly popular, either).
Cadwalader wasn’t the only white-shoe firm to lay people off. Cahill Gordon has also laid off an undisclosed number of junior associates (we still need a number before we can put it in the tracker, though).
The APAC region was also particularly hard hit. International behemoth Baker & McKenzie is cutting 11% of its lawyers and staff in China (HT: ABA Journal) and Australia’s Allens Arthur Robinson is cutting 114 people through a voluntary redundancy program. It was a big week for the firm we rarely hear from - they also came in a surprising #10 on the Bloomberg M&A rankings and #4 on the Reuters league table (largely due to antitrust work on the Pfizer/Wyeth deal).
Couple that with layoffs at Hogan & Hartson and Eckert Seamans, and this week was the worst since early May.




Comments
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a first first?
The spendulous bill isn't working? I'm shocked. I thought governments could just spend their way out of recessions. I mean, that's how FDR helped us rebound so quickly after the crash of '29, right?
more layoffs at milbank are inevitable. there is no work, none at all.
2: You're right. The Hoover/Bush plan is the way to go. Because if there's one thing we've learned, it's that unfettered, unregulated markets are a path to perpetual, sustained growth.
your spaghetti graphs mean nothing to me
The second wave is coming.
When I voted for Barrack Obama, I was 230lbs. I have been unemployed since February and feeding on hope and change. The hope and change diet has made me lose 65lbs. I am down to 165lbs. I cannot afford to see a doctor. I feel my life is slowly losing its zest to keep on going. I am unemployed but at least I am leaner and meaner. I hope Obama's stimulus kicks in soon for my sake.
Are there any initial news of the Baker & McKenzie results for the 2008/2009 year (their fiscal year is July 1 to June 30)? I bet layoffs are a-comin' soon, based on what my friends there tell me about the lack of work.
4 - Conservatives have never promised "perpetual, sustained growth" - but only to not make recessions far worse and longer than they otherwise would have been.
How are things at Milbank?
Rumor has it that the few people getting offers this summer will be measured by who can fart the loudest
How many more people can Latham possibly layoff??!!!
If the U.S. government would stop wasting billions on one of the stupidest, most expensive, and cruelest "experiment" in history (the "war on drugs" it has been waging since the 1920's), and pump that money back into the market... this would all be over rather quickly.
But the U.S. government does not have the U.S. citizenry's interests first in mind.
10 -- how the fuck do you think? I have had no work for months.
12 - It's in a death match with Paul Hastings to see who can answer that question. When I interviewed at PHJW (LA) as a lateral almost exactly 2 years ago, more than one interviewer bragged to me that they were the "next Latham."
4 - Who said anything about perpetual, sustained growth? Sounds like more liberal utopianism. The fact is that every economy eventually encounters its recessionary bubbles (e.g., dot-com crash).
But otherwise recessionary bubbles become decade-long depressions when the heavy hand of government steps in to over-regulate, spend like mad, and tax the shit out of everybody. All of which occurred in the 30's under FDR to paralyze any chance of recovery until WWII. History is repeating itself before our very eyes.
16
Except this great depression, like the first, was caused by a lack of regulation. This shit didn't have to happen.
15, PH will ALWAYS be second to Latham in layoffs.
-Laid-Off and Chill Lathamite
17 - You mean lack of regulation like the Community Reinvestment Act, which mandated that lenders loosened their lending standards to accommodate greater non-white home ownership? You mean like the billions lost by quasi-government entities Fanny and Freddy? You mean like mark-to-market? Yeah, good thing none of those regulatory actions were taken, or we might be in trouble.
Did greed play a part? No doubt. But it's that very same self-interest that will also get us out, unlike spendulous bills, corporation takeovers, and bailouts. All that shit just prolongs the pain.
17 -- you are an idiot. Why don't you read up on the very regulation that CAUSED this crisis and then come back and play with the grown ups.
I think all laid off associates should paint themselves black and apply for a job with the Obama Administration. News reports indicate that white folks stand little or no chance for anything other than the top spots, where Obama needs to have folks who can read, write, and speak the King's english. Below the top, being able to communicate or think is optional, but preferred. Bottom line, white folks painted black stand a good shot at employment with Mr. Hope & Change.
Blackface to 190!
2, 9, 16, others -
Anyone who wants to bash on FDR needs to be reminded that he was elected in 1932, to begin serving in March 1933. Conservatives governed for nearly four years following the Crash while the market "worked itself out."
They had the White House and majorities in the House and Senate until sweeping defeats in 1932, 1934, and 1936. (Democrats did gain a bare majority of 217 votes in the House following the 1930 elections.) On conservatives' watch, unemployment skyrocketed to 25% and GDP fell by 30%.
If we're going to discuss the Depression, let's try to use some facts.
19 - Don't hold your breath for a response. He's gone to repeat Obama-team talking points to himself over, and over again.
19, 20
the lack of regulation and enforcement:
1) don't fucking make loans that all indicators suggest will never be repaid
2) fucking verify income. i know someone who worked as a mortgage broker in California and he said there were brokers who weren't even verifying this shit.
a lack of PROPER regulation caused this. it's just mother fucking common sense that lenders should have to do 1 and 2.
25 -- look just a tad deeper, you fucking moron.
26.
you make one compelling motherfucking argument.
die now
I love how conservatives like to blame the crash on minority home ownership.
It fails to take into account the fact that the lenders still had responsibility to make loans that would/could be repaid and to verify the means of the borrowers.
Stop trying to blame minority home ownership, it is unbecoming of your intellect. You know better.
PH layoffs coming.
28,
The truth must hurt when it touches one of your liberal sacred cows.
But the fact is, lenders were required to loosen their standards to accommodate non-whites. A loosening of standards necessarily implicates lower credit scores and less verifiable income. Most of these borrowers later became classified as "subprime."
Again, the ill-advised levels of leverage utilized by banks and brokers played a role, as did NINJA loans. But let's not, um, whitewash over the facts that you may find politically inconvenient.
28 - Banks were REQUIRED to make bad loans by REGULATIONS. The regulations were enacted for the expressed purpose of expanding minority home ownership. That doesn't mean that minority home ownership actually did expand, or that the crash is the fault of minority people. It does mean that the world still does not have an example of liberalism improving people's lives.
I miss the 80's more and more with each passing day. We need a new Reagan to get this country back on track. Big government will literally ruin us all. God help us.
I thought the "stimulus" was working?! What about the "green shoots"? Obama lied, jobs died.
Those green shoots are weeds, and Obama is a poor gardener.
Oh by the way, all this talk about regulation is only good if you enforce the regulations. Look at the SEC and other regulatory agencies. They've missed every large scandal in the 30 years. They missed Enron, they missed Madoff, they missed the risk loans being traded above what they should have been, they missed everything. Why? Because idiot liberal politicians take money to look the other way. Barney Frank ring a bell?
35 - I'm not positive, but I think you got your spelling wrong. It's Bawny Fwank.
As an Obama supporter, I'm willing to concede that the stimulus hasn't worked so far. But our current President is not a criminal, which is more than I can say for the guy that preceded him.
35: You know, I could show you why you're wrong, and you are. But who cares. How's it feel to be in the minority for the forseeable future.
Also, how's the NEXT-GOP-RISING-STAR-DEBACLE rotation work? Is Jindhal back on deck?
"Couple that with layoffs at Hogan & Hartson..."
Thank you for speaking the truth, ATL. Keep it up. Honesty is refreshing since it seems to be in short supply at the aforesaid. Isn't is odd when you trust a blog more than your law firm?
38, "we won, so shut up" isn't very becoming. It's what the damn Republicans did back in 2000 and 2004, and it's both wrongheaded and stupid. Given what a uneven start the Democrats in Congress and in the WH have had since Jan, I wouldn't start gloating.
Sincerely,
Certified Independent
Dewey &LeBoeuf just removed over 50 attorneys from their NY office database in the past 2 weeks
Dewey &LeBoeuf just removed over 50 attorneys from their NY office database in the past 2 weeks
25, did all these profit-seeking banks purposely want to lose money by making these obviously uneconomical loans? No, it's because the government subsidized these loans, through Fannie Mae and Freddie Mac, and otherwise forced these loans to be made to poor (read: minority) people through the Community Reinvestment Act.
If only the Bush administration could have proposed regulations to rein in Fannie Mae and Freddie Mac. Oh wait, they tried to do so in 2003:
http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?pagewanted=all
Read the article carefully and see who eventually blocked the regulations. It was the Democrats, especially Barney Frank, because tighter regulations would have meant fewer loans to poor (i.e., minority and Democrat-voting) borrowers.
40,
Congratulations on being a certified independent. I'm sure you're really proud that you likely live in a state where your vote for President doesn't matter and you probably don't vote for local and state reps. If you do, you probably slide in Republican votes to convince yourself that you're balanced despite complete ignorance on the various individual policies. However; you like to show that upon political issues that you, more than anyone else, has the balanced opinion. You see through these people, don't you? Faggot.
-Certified Independent as Well.
atl do a poll...how many laid off new york 1, 2, or 3rd years who were formerly making 160k+, now nada, and have had maybe three interviews in four months? i am contemplating moving to montana, god help me. then again, maybe it would be a terrific move...big sky country...fresh air...it feels like there won't be any hiring for a year or more, and at that point all of the deferred folk will be rotating back in, maybe...so really, is there any point? shite.
Great find, 43. Unfortunately, the liberals are too blinded by their hatred for Bush to recognize reality.
44, where did that come from? Internet tough guy isn't going make your life any better. Did your mother not love you? Or maybe loved you too much? Something tells me you don't pull out that namecalling when you're in public.
I live in a swing state, have voted in every state and national election since I was 18, worked for a Republican on Capitol Hill and volunteered for a Democrat who lost for a House bid. I know as much or more about local and state issues as I do national issues. I didn't like it when the Republicans acted like total douches in 2000 and 2004 and I certainly don't like the Dems acting like a bunch of spoiled children on a Toys R' Us shopping spree now that they're in charge. HTH, tough guy.
Democrats pissed off that republicans even proposed addressing the problems at Fannie and Freddie:
http://www.youtube.com/watch?v=_MGT_cSi7Rs
You can only deny what is true for so long.
Thank you for acknowledging the Hogan & Hartson layoffs.
THINGS WOULD BE SO MUCH DIFFERENT IF OBAMA WEREN'T PRESIDENT. I DON'T KNOW HOW BUT THEY WOULD BE.
/every conservative commenter on this site, about 5% of whom actually know what they're talking about and can make a coherent argument about the economic situation rather than just pointing the finger at someone they don't like
Has anyone had a good experience with laterallink?
OBAMA DOES EVERYTHING RIGHT. HE'S SO SMART (AFTER ALL, HE WAS EDITOR OF LAW REVIEW AT HARVARD!!!!) THAT NO MATTER WHAT HE DOES, EFFECTIVE OR NOT, IS A GREAT, NON-BUSH POLICY CHOICE.
/every liberal commenter on this site, about 5% of whom actually know what they're talking about and can make a coherent argument about the economic situation rather than just pointing the finger at someone they don't like.
ME EAT COOKIE! AWWWWN NOM NOM NOM!
/cookie monster
I'm a jobless rising 3L at Michigan and I want to kill myself.
54, I hope you're joking about the last part. If not, please seek help. Please don't take your joblessness so seriously. Yes, it troubling. But life is about family, friends, adventure, etc. Not about working at some sweatshop law firm.
53: That's sooo 10 years ago. He eats veggies now too.
40: These are also anonymous posts on a blog that describes itself as a "legal tabloid," so who gives a $hit? I listened to how the majority had "spoken" for 8 years (even though it hadn't), so forgive me if I indulge in a little schaddenfreude.
52: Sucks losing, don't it?
--38
57, anonymity is all the more reason to show integrity and be civil. It's too easy to be an a-hole when nothing is attributable (look at all the posts on here for a decent sample size). I'd like to think that one day when a party takes control of both houses and 1600 PA, it has the humility and magnanimity to realize that it speaks for all Americans and doesn't do a Chad Johnson dance when it wins. I suppose people don't tend to confuse you with D.P. Moynihan very often.
I am one of the fallen. 8th Year Associate, Top 4 Chicago Firm, Capital Markets. I lateralled in 2006 from a small market
I've been on the BigLaw Train for almost 10 years now, and I can say without a doubt, getting laid off in March was the best thing my Firm could have done for me. Thank you Tom Fitzgerald and Hasta La Vista BIGLAW.
Having "Transition Time" as I call it has allowed me to enjoy trips to Asia, Africa, Europe and S. America. It has given me the time to network whereas before I was too busy closing deals. Instead of the daily grind, I can play some golf on a Tuesday, and even surf the web at my Starbucks.
At somepoint, everyone, and I mean Everyone will lose their job, so I'm just glad I got it overwith and have positioned myself ahead of the curve.
Thanks Biglaw and Cest La Vie.
-Biglaw 2001-2009.
The partisan bickering misses the point --- both parties are to blame.
U.S. policies towards domestic labor (disguised as "trade policy") and heads we win (a/k/a financial deregulation) and tails you lose (a/k/a Latin Am. Loan bailouts, S&L bailout, commercial bank bailouts, LTCM "rescue" and the "AIG Window" to the treasury) have screwed almost everyone.
The deflation will probably continue. Those who predict another round of layoffs this fall have general economic forces on their side.
While most of the policies that created our current problems can be traced to the R's, the DLC Dem's who have controlled their party are far from blameless in the 28 years of corporatization of American society.
(Over 75% of the political contributions from hedge funds went to the D's).
The link is to a recent Rolling Stone article about Goldman :
http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine/print#
It's worth listening to. (The clips are approx. 1 min. each).
The partisan bickering misses the point --- both parties are to blame.
U.S. policies towards domestic labor (disguised as "trade policy") and heads we win (a/k/a financial deregulation) and tails you lose (a/k/a Latin Am. Loan bailouts, S&L bailout, commercial bank bailouts, LTCM "rescue" and the "AIG Window" to the treasury) have screwed almost everyone.
The deflation will probably continue. Those who predict another round of layoffs this fall have general economic forces on their side.
While most of the policies that created our current problems can be traced to the R's, the DLC Dem's who have controlled their party are far from blameless in the 28 years of corporatization of American society.
(Over 75% of the political contributions from hedge funds went to the D's).
The link is to a recent Rolling Stone article about Goldman :
http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine/print#
It's worth listening to. (The clips are approx. 1 min. each).
How can CWT claim to be "white shoe" when they were hiring SUNY Buffalo law grads in 2006 with nothing on their resume?
A partner in the LA office has confirmed that Paul Hastings is doing another round of layoffs at the end of the month. It also seems that the partnership is having problems with their credit line. It is peculiar that PH would chose to raise their billing rates (as of July 1) under these circumstances. But then, since all PH clients are "rate insensitive", they shouldn't mind.
No entity except the U.S. Government is insensitive to price. PH clients are sensitive to rates unless Jesus Christ himself has PH on retainer.
63 - I heard that PH's creditor is asking for personal guarantees from the partners. This will not sit well with PH's very few rain makers.
64,
If Jesus Christ had to hire a lawyer, what firm would He turn to for legal services?
65 Expect them to jump when it cannot be fended off by Seth and Greg. This shithole be sinking.
Jesus was poor
61 and 62--thank you, thank you. i have had to put up with years of lawyers describing my brothers and sisters in labor as "peasants"-which i always assaulted them for- as their other law colleagues devalued the hell out of domestic labor.
61 and 62-one lawyer we union organizers will not have to beat the crap out of.
64 -- Are you sayin' that Jesus Christ couldn't hit a curve ball?
I'm not worried. Since I go to a T6, I know my skills will always be in demand. Sure, it might be shitty (e.g. long hours, tough, demanding work), but there will always be Biglaw, and they will always need young, bright, articulate, lawyers ready to cut their teeth with the big boys. No matter how shitty the recession becomes, if you work your ass off in undergrad, kill the LSAT and coast through a badass law school, you WILL always get an awesome job. Plus, if you can prove yourself by shrewed legal analysis and hard nose business acumen, you WILL eventually make partner if you have the right pedigree. And yes, I know you might be on the chopping block after a little while when your salary gets high enough and they need to cut, but your wallet is going to be so fat by then and your contracts so deep that you will little problem making bank.
@71, As a partner at a V5 Biglaw, I look forward to you working in my office. Your enthusiasm, your forthrightness and your blinding naivete are just what I look for in Junior Associates. I look forward to bending you over my desk and fucking you up the ass, knowing you will love every second of it, as a necessary part of your upward climb. The only thing I look forward to more is firing your stretched out asshole in the next downturn, so I can hire a newer, cuter and more enthusiastic junior associate. I would also like to thank the ABA and the Law School system at large for providing me with such a wide variety of indentured ass slaves.
@59, This is 72 again. I enjoyed using your ass, and I am glad you enjoyed it too. However, please stop muddling the board for serious commenters, has beens need to provide input.
I'm sorry, but these blogs are less qualified to analyze and issue opinions on unemployment numbers than the federal government (and that's saying some shit). Besides, ATL and these other blogs just want to generate clicks, and they'll use sensationalism and fear mongering to do it.
51- the few times i've dealt wtih lateral link, i've been very unimpressed. I think it only works well during a hiring boom.
I recall an economic downturn about 20 years ago when BOA asked for all the partners to sign personal guarantees. As a compromise, the firm moved it's 401k to BOA, whereupon BOA started taking huge fees and providing piss poor returns. When times get bad, even the best law firms can have trouble with their lines of credit and loans for building upfits. There are few, if any, true friends in the world of big business, so you little associates best learn that you're actually getting an excellent deal with your deferals and half-salary giveaways. I can't believe the partners will continue to be so generous.
74 - You're partially correct. This blog's discussion is overly simplistic. But, unemployment rates prior to Clinton are based on a broader definition of unemployed so the current rates understate the U.E. rate. The problem is much worse than the government statistics indicate. Go to :
http://www.shadowstats.com/alternate_data
Scroll down to the Unemployment chart and also note the changes in the official (Bureau of Labor Statistics) definitions.
I litteraly almost drank myself to death last night just because I can. I am also with a doubt wealthier than all of you.
Dr. Louis Ziccarelli Esq
TO PROSPECTIVE LAW STUDENTS: Biglaw will never again be what it was. If you decide to go to law school, plan on being on your own when you graduate (and that is even if you think you are super smart because many people who had amazing grades in college do not do well in law school and vice versa). And if you think that is unduly harsh, then ignore me and see. Of course, if you are an entrepreneur at heart, then this comment is of no consequence to you and I bid thee well.
I heard that that Michigan State College of Law is the Suffolk Law of Michigan. Is that a good thing?
Venable will announce the dissolution of the firm tomorrow.
I got a spiffy brand new nickle for anyone that can find me language in the CRA that required banks to lend money to risky borrowers. For a bonus nickle, find me the language in the CRA that states it covers non-FDIC covered mortgage brokers, who did most of the risky lending.
82, nickel. duh
mysTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTal
82, make it a quartre and you got yourself a deal.
The only reason defaults on bad loans broke the economy is because these loans repackaged and sold to investors as risk-free. The problem isn't that the administration encouraged home ownership. The problem is that banks played hot potato with bad loans until everyone got burned.
All this focus on the CRA is misplaced. It existed during the 1970s and 1980s without the problems that Republican talking points assert.
In addition, let us not forget that the housing bubble existed in the UK, Spain, and many other countries. Iceland is fucked. Ireland is fucked and so is Latvia.
So much for the bullshit CRA argument.
71 you sound like a little arrogant prick
41/42 - That is because they did stealth layoffs in March/April and allowed associates 3 months to remain on the website.
82 - forget 85. i'll do it for a diem.
59 - I'm glad that you were able to save money. Many of us laid-off were 2005/6/7/8, and have tons of debt and expenses. While I didn't live like I made $60k (and how is that even possible when single in the Bay Area?), I wasn't wasteful for the most part, and my current decisions are more along the lines of "When do I absolutely have to give notice to my landlord because I can no longer afford my rent?" and "Hmm...which is less per square inch: Little Caesar's or Boboli?" than "Do I go to Africa or Asia next?"
71 - You're kidding right? You have to be a troll.
--Laid-off T6 (and V20), one interview at a shit firm since March. NO ONE IS HIRING CORPORATE RIGHT NOW.
P.S. It's Little Caesar's. Not even close. And if you eat it while it's fresh and sprinkle some herbs and red pepper flakes on it, it's not too bad.
I wonder how this is affecting young lawyers' practice area choices. I've always wanted to litigate, so mine is unchanged. What about someone who thought they wanted to do transactional work? People must be scared to go into those areas now? (assuming they could go into them right now, even if they tried...)
I lied, jobs died.
I'm Barack Obama?
87 - Look at the changes that were made to the act in the 90's. Especially 1992 and 1999. Idiot.
Damn it. I thought that law shucks was going to be about paris hilton and corn cobs.
So let me get this straight..........
We can pin every problem we have on either Obama or Bush or the Dems or Repubs?
I have an idea, why don't a couple of you take responsibility for your own lot in life. If you are miserable and your life sucks it is probably your fault. Stop being such pussies and do something about it.
Do I think spending a trillion dollars to "stimulate" the economy was a good idea? No. Do I think spending a trillion dollars fighting a bullshit war was a good idea? No. But arguing over which idea was worse seems pretty foolish to me. Our government wastes trillions of dollars on a regular basis (see, Medicare, Military waste, social security, etc). I don't think either of these terrible ideas is going to doom us all. So stop whining, stop worrying and take care of your own shit.
That is all.
Someone with a clue and without any panties in a wad
93 - If that was a Ron Burgundy teleprompter reference, it was awesome.
65: Yes, but despite their creditor problems, PHJW continues to hire useless bdev hacks to crank up their propaganda machine. Bdev is PHJW's sole growth area.
96 - Someday the terrible idea will come along that does doom us all. Vigilance is a duty of citizens in a democracy. 96, meet naivete.
Oh noes 99, its the end of days! Save your bullshit rhetoric for your other pansy friends.
We have tried to screw everything up so many times we have lost count. Maybe that idea comes "someday" but I doubt it. I think it is more likely that it is a collection of ideas combined with a bunch of worriers like yourself who would rather bite your nails all day thinking of the what if's rather than getting off your ass and taking care of your own business that screw everything up. If people would simply focus on crazy ideas like independance, productivity and self-reliance rather than finding someone to blame for all the world's ills -- as if that person exists -- I think we will be just fine.
But go ahead and go back to debating who is worse and what one idea will "doom" us all. I will continue to be just fine without giving a rats ass. Thanks.
99
98 - PHJW management is now putting the final touches to their end of July layoff list. Big blood bath coming.
@ 71 -
If you are a troll, congrats - that was a work of art.
If you are for real, I pity you - you are about to get the worst raping you can imagine over the next 3 years.
The fact that anyone is doing layoffs now, coordinated stealth layoffs or "real" ones, with summers in the office should tell us all how bad things really are.
Over-under on associate layoffs in August to September, before the end of fiscal Q3, has to be about 1,000. I'll take the over and be very comfortable with that.
100 - I am very productive, independant, and self-reliant. It is my son I am worried about. If he has to pay for everyone else's needs, how is he to be productive, independant, or self-reliant? If your government by force of law forbids you from looking out for yourself, then your arguement of "just look out for yourself and don't worry about what government does" is pretty stupid. Idiot.
The CMA is about as close to wholly irrelevant to this crisis as a promissory estoppel argument for rescinded offers. Cheap money, thanks to Alan Greenspan, put tremendous economic pressure to create worthy borrowers when none existed. The CMA is not responsible for the collateralization, re-traunching, synthetic re-traunching, and credit default swap arrangements that tore down the system.
As an aside, if pure unregulated capitalism is so damn efficient, why couldn't it create its own market for credit derivatives? 60 trillion in CDS activity on 6 trillion of underlying debt, vast netting of positions, and no one knew the extent of their counterparty's liability. When one giant goes down (i.e. Layman), it takes the rest of the party with it, and freezes up credit markets to the point where you have Hank Paulson--a man who devoted his life to the idea that any regulation is an intrusion in market efficiency (similar to the views espoused in these comments)--marching into Congress and telling them that if they didn't give him $700B overnight, the economy would collapse.
Yeah, the damn CMA is really the problem. Ignorant dumbasses.
I just read the lawschucks charts. It's amazing that Ballard Spahr has managed to get everyone to believe they haven't laid any attorneys off yet, even after laying off two dozen in December, and rumors of several more via 'stealth' over the past couple of months. Partner Emeritus, please confirm my suspicion that Ballard is not a peer firm.
101: This will include staff. Other than some IP litigation and bankruptcy, there is NO WORK in the Paul Hastings US offices. It is rumoured that the PH Atlanta office will be closed later this year. This office has been hammered by the loss of a rainmaking banking partner and the entire immigration group.
71 -- I hope you do make it to BIGLAW so you can regret your arrogant words ... you will be used and abused, treated like garbage and thrown under the bus at the earliest opportune moment (BIGLAW class of 1999)
107 - I'm still shocked that they admitted to laying off 40-some in March, considering the few times that who have been stealthed since the end of last summer (and some have even said back to late 2007, but that overlaps slightly with the hire, Hire, HIRE! trend that was all the rage across PHJW).
Closing Atlanta, though? Really? Is this PHJW's idea or part of a restructuring of its line of credit? They were so proud of being the top-paying firm there (with rates hovering around 40% higher than the real ATL players). Such a fast rise, and an even faster fall.
Anyway, good luck to you if you're still there. I was part of March Madness...
109: I'm in the PH NY office. We keep getting calls from the Atlanta office begging us for overflow work. Word is, Atlanta is dead in the water. I wouldn't be the least bit surprised if that office is closed by the end of the year.