Layoffs

Are layoffs becoming daily news in Biglaw once again? Today marks the fourth consecutive day that we have news of reductions to report.

The latest layoffs involve both lawyers and staff, based out of two large legal markets, New York and Washington, D.C….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Negative News From New York and D.C.”

This past Sunday’s New York Times featured not just the Cincinnati IRS exposé, but also a depressing discussion about the job market. Here’s the upshot: “Unemployment is staying high despite the end of the recession because we are now in a historic transition. Because of automation, globalization, efficiency and other factors, we no longer need the share of people working that we have had in the past. With these trends moving in only one direction, it is clear that the job crisis is permanent and will not go away with better economic times.”

That’s the analysis of James B. Huntington, author of Work’s New Age: The End of Full Employment and What It Means to You (affiliate link). In the words of researcher Thomas W. Clark, another participant in the Times forum, “given the rise of the machines, human labor is worth less and less in the marketplace.”

You can see this trend playing out in the way that staff layoffs are spreading rapidly throughout large law firms. Today we have more layoff news to share….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Bad News From Boston”

On yesterday’s post about layoffs at a major international law firm, one of my favorite commenters, “Successful Troll,” took note of our stock photo for such stories: “I feel sorry for the pretty blond woman in the picture. It seems she keeps going from firm to firm being laid off — probably 20 times already this year.”

It was funny, but also depressing. How much longer can layoffs, especially staff layoffs and “stealth” layoffs of lawyers, go on? Who is left to be laid off? Where are laid-off employees of law firms supposed to look for new jobs, in an environment in which it seems that all firms, including some very elite ones, are cutting headcount?

For now, these questions remain unanswered. Today we have more layoff news for you….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Feeling the Pain at Akin”

Summer associates will soon be arriving at large law firms. So, to paraphrase Antoine Dodson, y’all need to hide yo screamers, hide yo sleazebags, and hide yo husband (or yo gun-toting boyfriend).

While summer associates are present, certain subjects are off-limits. Don’t talk about that group of partners with a huge book of business that’s going to defect any day now. Don’t talk about that salacious lawsuit against the firm that’s still pending.

And don’t talk about layoffs — of staffers or lawyers or both. Reductions are such a buzzkill….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Magic Circle Firm Makes Lawyers and Staff Disappear”

Many fine things can be said about Cleary Gottlieb. It’s prestigious (#8 in the latest Vault rankings). It’s profitable (#10 in the recently released Am Law 100 profit-per-partner rankings). It’s pleasant, known for a nice firm culture.

So what are the downsides of Cleary? Here’s one: the firm might be a bit… boring.

As you can see from our archives, we don’t write that much about Cleary. And when we do, it’s not always exciting stuff — e.g., Cravath-matching bonunses. Yawn.

Well, today we bring you some news about Cleary that might be at least slightly juicy: a mysterious partner departure, and possible stealth layoffs….

UPDATE (2:30 p.m.): Now with an important update, a statement from the partner in question.

double red triangle arrows Continue reading “A Mysterious Partner Departure — Plus Stealth Layoffs? — at Cleary Gottlieb”

Mammas, don’t let your babies grow up to be legal secretaries. We’re hearing scattered and somewhat hard-to-confirm reports of lawyer layoffs at various firms — please email us or text us (646-820-8477) if you have news to share — but efforts to reduce the ranks of secretaries are open and notorious.

If you spin through our staff layoff coverage, you’ll see that numerous law firms have shrunk the size of their secretarial staffs. Some firms have done this the hard way, through layoffs, while others have taken the kinder and gentler route, through buyouts.

Today we can report that two leading law firms have jumped on the “voluntary separation” bandwagon. If you’re a recently displaced legal assistant looking for a new position, don’t bother applying to either of these places — one of which is shedding lawyers, too….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Voluntary Separations at Two Major Law Firms”

In the Mob, you know a guy is done for when he is asked to “take a ride.” In Biglaw, it’s when the practice group leader asks you to have a drink after work. In-house is different — there is an announcement of restructuring, there is a rumor cycle of what department is getting hit, then there is a waiting period to see which people “take a package” voluntarily, and then the other shoe falls.

It can be unnerving to see people escorted out of an office with a box or two in hand and a security officer following behind. It is scary how quickly a person gets “wiped” from the intranet. They were there this morning, and a few hours later, all email bounces back. Since you are not a manager, you won’t know until there is a knock at your door.

I remember the first time I saw this occur. I was scared out of my mind at the news of “layoffs.” I visited a senior colleague who talked me out of the tree — she had been through too may of these to count and was nonchalant. First, there is nothing you can do if the decision has been made, and second, a bigger corporation means the odds are ever in your favor. Since that first experience, I have taken the advice to heart, but have also taken steps to ensure I can exit as smoothly as possible if the unfortunate ever happens….

double red triangle arrows Continue reading “House Rules: Don’t Let the Door Hit You On the…”

I asked, and once again the readership delivered. I thought it would be interesting to hear from former Biglaw associates who had been passed over for partnership, and I was happy to receive some thoughtful responses.

As you will see below, and as I discussed in my columns relating to making partner, there are very powerful personal forces at work in these situations. As much as we can learn from our own disappointments, so can we learn from the experiences of others, especially those who have forged ahead despite a setback.

Biglaw can be a brutal business. We need to pause and reflect on the human toll that working in this environment can take….

double red triangle arrows Continue reading “Buying In: Passed Over for Partner (Interview No. 1)”

Last week I wrote about some aspects of client service in today’s Biglaw. Today I want to focus on Biglaw’s embrace of partner de-equitizations and layoffs. These tactics are one of the ways Biglaw has been dealing with the fallout of the Black Death that has struck our industry.

Unfortunately, it seems like this year has gotten off to a bad start Biglaw-wise, in terms of both demand and a continuing lack of creativity by management at nearly every single firm. That brings consequences. Stay tuned. I have already said that I don’t mind if the paunchy mid-section of the Am Law 100 starts embracing a “bottom’s out” approach to the partnership — but at least have the guts to embrace it, not spin it.

I am really starting to dislike the tone that managing partners are starting to adopt when they talk about eliminating partners. Yes, I said eliminate. You may have seen them. Public statements where managing partner X almost gleefully informs the public of the elimination of nearly ten percent of his “partners” in the face of falling revenues. And looks for applause because his firm’s PPP went up $17,000 as a result. Go read some of the recent Biglaw “report cards” for a taste of this rancid stew.

We should be clear about the consequences of such a practice….

double red triangle arrows Continue reading “Buying In: The Bottom Ten”

In round one of our Above the Law March Madness bracket, aimed at finding the law firm with the brightest future, Davis Polk is up against (and currently beating) Latham & Watkins. I actually found that to be a pretty rough opening match-up; both Davis and Latham strike me as firms that should be in the Sweet 16, and maybe even the Elite Eight.

Thanks to its top talent, superb brand, and global footprint, Latham has a bright future as a firm. Of course, working there can be like riding a roller-coaster: it expands like crazy and mints money during good times, then conducts massive layoffs during bad times. But if you can stomach the ups and downs, LW can be a great place to work.

Alas, not everyone at the firm will get to keep working there….

double red triangle arrows Continue reading “Nationwide Layoff Watch: Voluntary Departures at Latham”

Page 10 of 661...67891011121314...66