We reported earlier today that Chadbourne & Parke was laying off people today (check out our prior coverage here). We just received this firm wide email:
Accordingly, with deep regret, we are reducing the number of attorneys in our offices worldwide by approximately 25. Today will be the last day at the Firm for many of the individuals impacted by this decision. They are all talented professionals who have made valuable contributions to the Firm. They will all be missed and we wish them well. All affected attorneys present in our offices today have been personally spoken with and we expect to speak with the others in the next few days.
Chadbourne is also imposing a deferred start date on incoming associates, but unlike Venable, the firm doesn’t appear to be offering extra money for 3Ls. New Chadbourne first years won’t start until January 2010.
Not that it’s a particularly safe thing to be a Chadbourne first year. Our reports indicated that 8 of the 25 people laid off were first year attorneys.
On the other hand, the firm is offering a three month severance package. Also, the firm is explicitly forgiving the bar loan that first years received.
Again, most of our sources say that Chadbourne was really “nice” about the whole process.
This layoff news is breaking right now, so we don’t have all of the details. But we understand that “heads are rolling” today at Chadbourne & Parke.
The firm did not respond to an immediate request for comment, but there are multiple reports of the layoff reaper making the rounds at the firm right now.
Layoffs are being done face-to-face and no firm wide announcement has gone out.
However, the firm is firing first years, so we don’t imagine that this is a “performance review.” In fact, one tipster puts it like this:
They were very nice. It is purely economical.
We understand that Chadbourne is giving a three month severance package.
You’ll remember that in October, Chadbourne announced a hiring freeze. That seems like an obvious move now, and not surprisingly it looks like that wasn’t enough of a cutback to ride out the economic storm.
But at the time Chadbourne said that the hiring freeze wouldn’t affect the 2009 summer program. We’ll see if that holds up in the face of layoffs.
Update (4:39): Chadbourne has now confirmed these layoffs. Check here for our continuing coverage.
As we noted in yesterday’s Morning Docket, even the New York Times has taken note of the salary freeze trend at law firms. The Times reached out to Above The Law’s own David Lat for the story:
Although many associates are angry about the freezes, others are relieved, said David Lat, founding editor of AboveTheLaw.com, a blog about law firms and the profession.
“There is this sense that firms didn’t act prudently during the boom and now they are getting religion, and that it’s better late than never,” Mr. Lat said. “Many associates we have spoken to think the freeze probably saved jobs.”
At the beginning of the month, we did a round-up of firms that have frozen 2009 salary rates at 2008 levels. That list was 16 firms long. Since then, quite a few other firms have announced freezes. Due to frequent requests, we’re updating the round-up list since the number of firms with freezes (that we know of) has more than doubled, to 33 32. Check out the as-comprehensive-as-we-can-make-it list, after the jump.
We haven’t yet gotten our hands on the Chadbourne & Parke bonus memo, but a firm spokesperson confirmed what the general numbers look like. According to the spokesperson:
“Our bonuses are on Cravath, Half-Skadden, scale. Individual bonus determinations are based upon individual performance and pro rated for part time attorneys and attorneys who have been with the firm for less than the full year.”
I wonder if somewhere, Cravath’s Evan Chesler is thinking about ways to kill me?
Meanwhile, Chadbourne also announced a salary freeze:
As you know, the world economic outlook for 2009 is uncertain. Accordingly, as a matter of prudence, the Firm is reserving decision on associate salary levels for 2009. We will make a decision on this matter within the next several months as the global economic picture becomes clearer.
Half-Skadden bonus, Latham salary — but no layoffs, so there’s that to be happy about.
The winter wedding announcements are often a prestige wasteland, but we’re actually quite pleased with the caliber of the couples we’ve been able to round up for the first 2009 edition of Legal Eagle Wedding Watch (which admittedly includes some entries from late 2008).
In response to the many queries we receive from couples hoping to be selected for LEWW (yes, we do get them — mostly from grooms, oddly enough), we’d been thinking about drawing up some submission guidelines (sort of like the NYT’s).
But we’ve got a better idea. Three words: pay to play. See, we’ve got this thing, and it’s f****** golden. You don’t just give it away for nothing. Call us; we’ll talk.
Here are this week’s candidates (only two again, because it’s December and the pickings are getting slim):
A firm-wide memo from Charlie O’Neil, managing partner of Chadbourne & Parke, announced that the firm was instituting a legal and non-legal hiring freeze in response to the economic downturn.
The lengths O’Neil went to try and bury this important piece of firm information are slightly amazing. The firm-wide email was entitled “How Are We Doing?” and the first 4 paragraphs read like the “Yay Us” emails we’ve seen from firms like DPW and STB.
However, in the sixth paragraph, O’Neil gets to the part where he talks about keeping control over firm expenses:
That said, expenses have been under constant review and we have taken a number of steps to better position us for the remainder of this year and next. Among the more significant is the decision to delay much of the planned technology upgrade. We recognize the need to improve technology and certain of the more important upgrades will continue. Others, including the upgrade to new desktop computers and software, will be postponed. We will review this decision in 2009 as the economic picture becomes clearer. Should conditions improve we will begin the upgrade sometime in 2009; otherwise it will be delayed until 2010. We will be issuing new guidelines pertaining to controls over Firm business expenses, including travel. We will also more closely monitor and limit certain other expenses which in a more robust economy might otherwise be acceptable We have also instituted a freeze on hiring legal and non-legal personnel. To the extent a practice area has need of additional legal personnel, we will seek to temporarily shift lawyers from a less-busy practice area to assist, rather than hiring laterally. We will take the same approach with non-legal personnel and departments. We welcome your thoughts on other cost saving measures.
Catch that? I bet O’Neil hopes you didn’t.
More after the jump, including the full Chadbourne memo and the firm’s response.
The Vault 100 march continues! In this series of open threads, we list the firms, and you all discuss their upsides and downsides. We’ll be wrapping this puppy up this week.
Here are the next ten (with prestige scores in parentheses):
Usually, we have fun with the “notable perks” chosen by Vault. But as we move down the list, the perks are becoming distinctly less notable — e.g., gym membership discounts, free parking, and “good views.” Oh well.
You know what to do! Have at it in the comments. Earlier:Vault 100 Open Threads – 2009
Yesterday at around 5:30 p.m., just as the New York office was getting ready to head off to the firm holiday party, Chadbourne & Parke issued its bonus memorandum. The upshot is that Chadbourne is paying year-end and special bonuses to “eligible” associates in New York, Los Angeles, Washington, and Houston (yes, Houston — wow).
The bonus table is your standard table, with the most senior associates getting $115,000 in bonuses ($65,000 year-end and $50,000 special). But it’s not a lockstep match due to the “eligibility” requirement. It’s not clear what the eligibility criteria are, but here’s the relevant language from the memo:
As in the past, eligibility to receive a full or partial year-end bonus will be performance based, with the quality of performance as well as billable or quality non-billable hours expectations each taken into account. Eligibility for a partial or full special bonus will be based on meeting or exceeding all of the Firm’s expectations.
It seems that Chadbourne is going with the Fried Frank model. Some people will get full special bonuses, some will get partial special bonuses, and some might get no special bonus at all. In addition, it appears that some CP associates might not even get a full year-end bonus, based on the memo raising the possibility of getting a “partial year-end bonus.”
In sum, it pays to be an eligible young associate.
Some notable moves within the legal profession: Government to Private Sector:
* Former Maryland Lieutenant Governor Michael Steele, to LeBoeuf Lamb in DC. Last November, Steele lost his bid to represent Maryland in the U.S. Senate.
* Michele Hirshman, who served as Eliot Spitzer’s top deputy at the Attorney General’s office before he became Governor, is joining Paul Weiss, as a litigation partner. Described by the New York Times as “very smart, very tough and rather short,” she sounds perfectly diva-licious. Lateral Moves:
* Antitrust superstar Charles “Rick” Rule, to Cadwalader, from Fried Frank. This truly IS like musical chairs: Cadwalader, Rule’s new home, recently lost its antitrust group to Skadden.
* Celebrated criminal defense lawyer Abbe Lowell — who did an excellent job defending Hamlet against murder charges — is moving from Chadbourne & Parke to McDermott Will & Emery.
* Mark Holscher and Jeffrey Sinek are joining the Los Angeles office of Kirkland & Ellis. They’re coming from O’Melveny & Myers and Thelen Reid, respectively. From the Law Blog:
Holscher and Sinek are best friends. They were roommates when they served as federal prosecutors in Los Angeles. Holscher, 44, served as an assistant U.S. Attorney from 1989-1995; Sinek, 46, served from 1989 to 1994. Sinek was the best man at Holscher’s wedding; Holscher was a groomsman in Sinek’s. Both graduated from Boalt Hall law school. Holscher told the Law Blog they’ve always wanted to work together.
Watch to find out what some of our subscribers received in their May box!
The proper hair styling product might just be the only thing standing between you and your dream job. And the best way to find what works for you is to try the best stuff on the market. Join Birchbox Man for $20 a month and you’ll get customized shipments of the best grooming and lifestyle gear on the market every month—everything from haircare and shaving supplies to style accessories and tech gadgets.
As the leading discovery commerce platform, Birchbox is redefining the retail process by offering consumers a unique and personalized way to discover, learn about, and shop the best grooming and lifestyle products out there. It’s a full 360-degree process: try, learn, buy. Once you sign up and fill out your profile, head over to Birchbox Man’s online magazine to find article and video tutorials on how to get the most out your monthly box products. Pick up full-size versions of anything you like in the Birchbox Shop and earn points for every purchase.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!