* While “Dewey remains a great firm with terrific lawyers” for the time being, check back in after five percent of the firm’s attorneys have been laid off. Then tell us how great and terrific things are, we dare you. [DealBook / New York Times]
* The University of St. Thomas School of Law really “take[s] data accuracy very seriously.” That’s why the employed at graduation rate the school reported to U.S. News was off by 47.7 percentage points, right? [National Law Journal]
* John Edwards has a judge’s permission to use Rielle Hunter’s lawyers at his campaign finance trial. Mmm, there’s nothing like getting some legal sloppy seconds from your former mistress. [Bloomberg]
* After two days of deliberations, jurors in the Dharun Ravi privacy trial still haven’t reached a verdict. Just think, if he had taken the plea, he wouldn’t be worrying as much about deportation right now. [New York Post]
* If Hemy Neuman’s delusions about Olivia Newton-John were about getting physical, instead of getting murderous, maybe he wouldn’t have been sentenced to life in prison without the possibility of parole. [CNN]
* It’s the most wonderful time of the year: March Madness! Are NCAA bracket pools legal in your office? It depends. Either way, all I know is that I’ll be betting on Lehigh. Go Mountain Hawks! [Businessweek]
On Friday, we broke the news of lawyer and staff layoffs at Dewey & LeBoeuf. There have been reports of the firm experiencing financial issues, and these cost-cutting measures appear to be part of a larger plan of attack. According to the memo sent out by chairman Steven H. Davis, Dewey plans to “reduc[e] the number of lawyers and administrative staff globally by approximately 5% and 6% respectively.”
But associates and support staff aren’t the only ones who will be feeling the pain. It appears that Dewey is seeking sacrifices from certain partners as well….
The rumor mill has been churning nonstop over the past week about Dewey & LeBoeuf. In our recentstories about the firm, we’ve discussed reports of financial difficulties, partner departures, and possible layoffs of lawyers and staff.
During this time, firm management has remained fairly tight-lipped. But earlier this evening — a Friday evening, of course — the firm broke its silence. Chairman Steven H. Davis sent out a firm-wide memo, acknowledging the rumors and confirming that yes, Dewey will be conducting some layoffs and engaging in other cost-cutting measures.
We’re getting the sense, based on anecdotal evidence showing up in our inbox, that law firms are quietly making cuts to the ranks of attorneys and staff. They’re doing so somewhat stealthily, however — in dribs and drabs, spread out over decent stretches of time, often invoking performance reasons. So we’re having a hard time obtaining enough information on any one firm to issue a report.
We need your help in keeping law firms honest. If you have layoff news to report, please send it our way, by email or by text message (646-820-8477 / 646-820-TIPS). As you’ve probably already noticed, we do not name our sources.
One firm that’s being commendably upfront about its reductions is Bingham McCutchen. This afternoon, the firm announced some staff layoffs….
The ATL School and Firm Insiders Survey continues to roll along at a nice clip: we expect our 3,000th respondent any minute now. While we’re pleased with this response, of course we encourage all of you who haven’t yet to take 3-5 minutes and head over here to take our absolutely confidential survey. Thanks in advance.
Last week, we shared a few broad trends we’re seeing, and today, we’ll get a little more specific and name some names.
Among other things, the survey asks law students for their perceptions of a select group of firms as potential employers. In our analysis, we’ll look at which firms are considered the most (and least) attractive by law students. We’ll also consider how these perceptions jibe with what lawyers at these firms are telling us….
When I was a kid, before many of you were born, there were ads during Saturday morning cartoons for a program called “RIF” -– an acronym for “Reading is Fundamental.” Started in 1966 in Washington, D.C., it is supposedly one of the oldest non-profit educational programs in existence. I mentioned RIFs in my last column, and trust me, in the corporate world, RIFs are not altruistic attempts to get at-risk youth to read.
RIF stands for “reduction in force” — i.e., layoffs, terminations, downsizing, etc. A RIF can take various forms. For example, a V-RIF, or “voluntary reduction in force,” is when a company offers early retirement or severance packages to certain employees. These are usually offered as a first attempt to reduce work force numbers, and they are the cleanest way to lower the population. At the other end of the spectrum is the I–RIF, or “involuntary reduction in force.” The term is self-defining.
I stated before that I have witnessed an I-RIF period, and that it was awful. By “awful,” I meant that seeing people let go from their jobs was uncomfortable for me, having come from private practice where such reductions were not (at the time) as publicized as they are today. My company handled the situation with as much grace as could be expected, and I honestly believed our then-CEO when she stated that the dignity of our people was at the forefront of how the reduction would take place….
Don’t shoot me, I’m just the messenger. I bring tidings of woe not because I’m trying to rob you of your right to pursue a legal education; I’m trying to help you. Call me Elie Stormcrow.
Actually, today The Atlantic is the messenger reminding you of the serious financial peril involved in starting a legal career. The recession might be over but the recovery hasn’t happened for all. And we’re not just talking about the Occupy Wall Street people. No, no, things remain pretty bad for lawyers and bankers. Here’s the money quote from the Atlantic: “In 2011, finance, insurance, and law were the three primarily white-collar professions that managed to shed workers, even as the rest of the economy trudged forward through a slow recovery.”
Yeah folks, even in 2011, the legal economy was still shedding jobs. But it’s not like law schools were spitting out fewer graduates, so… you do the math.
Here, the Atlantic has put things in a fancy chart. Pictures people, it’ll be like an LSAT game: how many people made a terrible investment in higher education?
A few months ago, one of the public relations staff at Linklaters invited me to have lunch with him in the firm’s canteen. Now, I know that if I was a client, or even a journalist of greater rank, my PR acquaintance would have probably deemed me worthy of a trip to a restaurant on the expenses account. But, hey, times are tough, so I didn’t hold it against him. And in any case, I was curious to see what a Biglaw canteen looked like.
To my surprise, it looked a lot like a school canteen. A super-deluxe school canteen, you understand, with all sorts of fancy food options, and tasteful decor, and wholesome-looking — if oddly mature — students. Having finished my generous portion of chicken curry, side salad and smoothie, I relaxed back in my chair and, looking around me, wondered how those Linklaters people stayed so slim. Then I remembered the on-site gym I’d read about somewhere, which, I assume, nestles alongside the on-site doctor, dentist, physiotherapist and dry-cleaners, deep within Linklaters’ lovely womb-like central London offices.
In that moment, I wanted to never leave. It all just felt so… safe. But was it?
The Occupy movement has reached the legal profession, with an unemployed law graduate launching a campaign to occupy the Inns of Court (London’s legal quarter).
“Through no fault of our own, a generation of [law school] graduates find ourselves with no jobs — or no jobs as lawyers anyway,” wrote the graduate under the alias “OccupyTheInns” on Legal Cheek, a blog I edit. “The lucky ones are paralegals. The unlucky ones work in bars (not the Bar)… It is for these reasons that I propose peaceful direct action. It is time to occupy the Inns of Court.”
Responses to the plan have mostly been negative, but the broad sentiment of discontent has struck a chord. Catrin Griffiths, editor of The Lawyer magazine, summed up the mood: “I don’t buy much of [OccupyTheInns'] argument, which smacks too much of entitlement, but it signifies something bigger, related to the growing crisis of a million young people unemployed in the U.K.”
However, even with our spiralling unemployment rates, and love of protesting, I’d be surprised if an occupation of legal London took off. While many U.K. law school graduates are jobless and indebted, most still have a decent shot of making it into the profession. As such, they have too much to lose by winding up the establishment.
Maybe OccupyTheInns should instead re-direct their energies to recruiting the potentially far more vulnerable, high-earning, senior lawyers who look set to lose their jobs over the next few months?
Over the summer, we wondered: what can law firms do to prepare for a possible double-dip recession?
One obvious answer: firms can “right-size” themselves, by making sure that they are as lean and as mean as they can be. And this seems to be what has been happening over the past few months.
We haven’t seen much in terms of lawyer layoffs lately, but staff layoffs are another story. In fact, on the staff side, we seem to be looking at a trend of firms reducing their permanent staff positions in favor of outsourcing.
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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