Credit Crisis

  • Credit Crisis, Layoffs, Partner Profits

    More Layoffs Expected in 2009

    Dan DiPietro, client head of the Law Firm Group of the Citi Private Bank, doesn’t think we’ve seen the end of lawyer layoffs. In the American Lawyer, he writes: Among our 175-firm sample, head count for fiscal 2008 was up 4.5 percent from fiscal 2007. I showed the flash report of our sample to a […]

    74 Comments / / Apr 30, 2009 at 10:20 AM
  • Conspiracy Theories, Constitutional Law, Credit Crisis, Laurence Tribe

    Bill of Attainder? Communist Revolution? Fire Bad?

    Let’s take a closer look at the torches and pitchforks the U.S. Congress is brandishing. As you have undoubtedly heard, Congress overwhelming passed the 90% tax on “things we don’t like.” 85 Republicans joined the fracas, so this is a bipartisan ex post facto effort. Our sister site, Dealbreaker, has already weighed in on the […]

    141 Comments / / Mar 20, 2009 at 11:51 AM
  • Credit Crisis, Wall Street

    Jon Stewart v. Jim Cramer

    This isn’t really our beat, but Dealbreaker has the full video of smackdown Jon Stewart gave Jim Cramer on The Daily Show last night. It’s great television YouTube. Granted, Stewart’s grasp of macroeconomics is not great. But it is significantly better than Bill Maher’s (who asked Erin Burnett last week why “growing” was important for […]

    114 Comments / / Mar 13, 2009 at 12:09 PM
  • Biglaw, Credit Crisis, Money

    A Financial Makeover in Chicago

    It goes without saying that the recession is forcing all sorts of Americans to confront the prospect of financial ruin. But lawyers have a particular cross to bear, one that involves a crushing amount of educational debt that was supposed to be serviced by the income from lucrative, highly secure law firm jobs. Now that […]

    201 Comments / / Mar 10, 2009 at 1:37 PM
  • Credit Crisis, Money, Salary Cuts, Salary Freeze

    McGuire Woods Cuts First-Year Associate Salaries

    Admit it, you knew this was coming. We’ve got a firm capitulating to the market realities and cutting first-year associate salaries. McGuire Woods chairman Richard Cullen left a voice mail (!) to his attorneys last night. He let everybody know that the firm was cutting 10% off of first-year salaries, from $160K to $144K. UPDATE: […]

    170 Comments / / Mar 6, 2009 at 12:13 PM
  • Biglaw, Credit Crisis, Secretaries / Administrative Assistants

    Open Thread: Standard of Living During the Global Economic Crisis

    Cutbacks are hitting every level of Biglaw. Firms have gotten very creative in their attempts to wither cut or control costs. Because of all these rollbacks, weathering the global economic crisis is more challenging than simply holding on to your job — though that is hard enough. How is the economic crisis affecting people day-to-day? […]

    65 Comments / / Feb 2, 2009 at 12:45 PM
  • Biglaw, Credit Crisis, Money, Wall Street

    Biglaw: Welcome to the Credit Crunch

    It’s a new year, and for Biglaw that usually means it is time for firms to go out and get a loan. Obviously, this year it might be a little more difficult than usual. The American Lawyer is reporting that the credit crisis is coming to a partnership near you: Law firms, typically considered good […]

    43 Comments / / Jan 5, 2009 at 1:16 PM