Milbank Tweed

Is Milbank Setting Up For Stealth Layoffs? Not According to Milbank

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milbank logo.jpgAs we’ve pointed out in the past, it’s difficult to tell the difference between “normal business practices” and “stealth layoffs” in these difficult economic times. Milbank has made a change in their annual review process, but what that means — if anything — is anyone’s guess.

At this point, we don’t know if Milbank is planing any attorney reductions. But our tipsters report these early warning signs:

Milbank sent an email around to all junior and senior associates that the performance review cycle would begin tomorrow. They moved the review up by 6 months. The reviews are normally done annually and the normal review period for juniors and seniors is June. Apparently the firm can’t wait that long to shed attorneys. …

Milbank has laid the groundwork for stealth layoffs.

But Milbank told us that this change has been a long time coming. A firm spokesperson told ATL:

We did an overhaul of our evaluation system in late 2007 to early 2008 that was part of a broader firm excellence initiative. The new review process was designed to encourage excellence and provide more meaningful feedback, forward-looking career guidance and greater focus to the professional development of our associates. The roll-out of our new evaluation process was communicated to our associates in April 2008. This included split timing with a cycle for junior and senior associates commencing in January and another cycle for mid-level associates commencing in August. Last year, we started our junior/senior cycle in April simply due to planning and timing issues. The January start we are doing this year was the exact timing contemplated by our announcement to our associates last April.

Either way, we’d encourage Milbank associates to take the review process seriously this year.

Earlier: In This Market: Are You Getting Laid Off or Fired? A Kaye Scholer Case Study

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Despite Mumbai Tragedy, Outsourcing Continues

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outsourcing biglaw aba tsunami.gifThe terrorist attacks in Mumbai reminded everyone that we live in a dangerous world. But as India takes the steps necessary to improve its homeland security, we shouldn’t expect the tragedy to stem the tide of outsourcing American legal functions to Indian companies.

The National Law Journal reports that firms are increasingly proud of their outsourcing initiatives:

As outsourcing becomes more commonplace and corporate counsel and law firms are under increasing pressure to reduce costs for clients, law firms such as Baker & McKenzie; Greenberg Traurig; Milbank, Tweed, Hadley & McCloy; and Shapiro Sher Guinot & Sandler are actually touting at conferences the benefits of outsourcing.

Baker & McKenzie was the last best hope for Heller Ehrman, Greenberg Traurig is conducting stealth layoffs, and Millbank just announced Half-Skadden bonuses. But their outsourcing operations are thriving.

And the wave of firms outsourcing legal services to India is only going to get bigger:

Forrester Research projects that legal outsourcing to India will reach $4 billion by 2015. Some experts, however, find that number too low and others too high. Regardless, other numbers don’t lie — there are an estimated 800,000 lawyers in India and nowhere near that many jobs. Attorneys there charge, on average, $35 an hour, or no more than half of what an upper paralegal or lower-level associate bills, and up to three times less than an upper-level associate’s time.

After the jump, will global terrorism have a chilling effect?

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Associate Bonus Watch: Milbank Tweed

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law firm associate bonus watch 2008 biglaw bonuses.jpgA match of Cravath — no surprise there. There’s not much suspense left to this process (with the possible exception of what S&C and maybe Weil will do).

From a Milbank tipster:

What is funny is all the false Milbank “no bonus” rumors, posted as comments to other posts (e.g., here), probably made associates here less upset, if anything, when the real announcement came out.

I’m sure there will be a spectrum of reactions. I’m not upset, but my expectations were not unrealistic to begin with.

Memo after the jump.

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Sex Blogger Finds Love At Milbank

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Jessica Cutler Washingtonienne Abovethelaw Above the Law blog.jpgFormer Capitol Hill staffer/sex blogger/author/bankrupt babe Jessica Cutler has taken a husband. According to the Washington Post:

Jessica Cutler, 30, the Hill aide turned “Washingtonienne” sex blogger turned author, to Manhattan lawyer Charles Rubio, 28. … The couple plan to wed at New York City Hall on an early December weekday, followed by a happy-hour reception. (Not pregnant, in case you’re wondering.) How’d they meet? “Randomly in a bar,” Cutler told us. “I wish I had a more romantic story to tell you!”

Isn’t that always the way? You write stories about the exciting escapades of others while you yourself marry a lawyer you met in a bar. Yawn.

The lucky man after the jump.

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Fall Recruiting Open Thread: Vault 21-30 (2009)

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comparing.jpgIn connection with on-campus interviewing season, we’re giving you a chance to assess the firms that made this year’s Vault 100 list of most prestigious law firms. The previous open threads listed firms in groups of five, but to up the pace, we’ll list them by ten from here on out. Here’s the next group, with prestige scores in parentheses:

21. O’Melveny & Myers LLP (6.815)
22. Clifford Chance LLP (6.772)
23. Jones Day (6.763)
24. Morrison & Foerster LLP (6.657)
25. Hogan & Hartson LLP (6.579)
26. Linklaters (6.574)
27. Milbank, Tweed, Hadley & McCloy (6.512)
28. Ropes & Gray LLP (6.501)
29. Mayer, Brown, Rowe & Maw LLP (6.494)
30. Paul, Hastings, Janofsky & Walker (6.481)

We note Magic Circle firm Linklaters making a big leap from the high 30s in the 2008 list to #26 this year — perhaps because its “notable perks” include group retreats to Europe, a drinks trolley, and an on-site doctor and dentist.
Compare. Contrast. Discuss. Thanks.
Earlier: Vault 100 Open Threads – 2009

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Legal Eagle Wedding Watch 3.9 and 3.16: Deposing Marriage

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For LEWW, one of the best things about spring is the return of a reliable stream of lawyer-lawyer couples to the NYT wedding pages. Soon we’ll even be seeing SCOTUS clerks! This week five out of our six newlyweds sports a JD. Here they are:

1.) Michelle Lieberman and Daniel Lubetzky
2.) Michelle Davidowitz and Jed Schwartz
3.) Jessica Zeldin and Johnston Whitman Jr.

More about our finalists, after the jump.

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What’s Up at Milbank Tweed?
(Parental leave, for one thing.)

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Milbank Tweed Hadley McCloy AboveTheLaw Above the Law blog.jpgDespite the recent turmoil in the economy and the stock market, all appears to be well at Milbank Tweed Hadley McCloy. A tipster provided us with the highlights of chairman Mel Immergut’s “State of the Firm” address from last week:

1. Primary caregiver leave is now 18 weeks paid.

2. Blackberries will get replaced every two years instead of three.

3. “We’re not getting fired.”

It appears that Milbank has effectively made a “no layoffs” promise. It learned that lesson the hard way:

Mel stressed that in the last downturn, they had slowed hiring, and then found themselves at a loss for mid-level associates when things picked up later. So the plan is to continue to hire new people (our summer program is the largest to date at 100+) and retain, but not really hire laterals.

Will other firms make a similar pledge? We’ll see.

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Update: Do the Cadwalader Shuffle

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Cadwlader Official.JPGHere’s the most comprehensive bit we’ve heard from a tipster:

[N]o longer at CWT anymore (thankfully), but I did hear that Chris White (the Partner who deposed Link) is attempting a major realignment of practice groups. Apparently he wants to move the Corporate department into the Real Estate and somehow make it a sub group. As expected, this is not going over well with the Corporate partners (imagine Dennis Block being told he needs to move?) and there’s all kinds of infighting and threats from the Corporate partners in regards to this.

Is this the source of the rumblings we’ve been hearing? We’ll update you as we find out more information.
UPDATE #2: This tip just came in the comments from someone in the office at Cadwalader today:

I’m in the office today and something is definitely going on. There is absolutely no work going around. I asked a partner if everything was OK and he told me to mind my own business. This is not a joke. I also have some friends at other firms (Milbank) who say that they are also extremely slow.

So, we have confirmation that “something” is going down. Could this be just another slow Friday, or are we on the verge of a serious scandal?

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Associate Bonus Watch: Milbank Matches

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associate bonus watch 2007 law firm Above the Law blog.jpgWe’ve had this news for a while, but technical difficulties prevented us from posting on the main page. We did note it in the comments.
Milbank has matched. Memo after the jump.
Due to the aforementioned technical difficulties — we’re switching to new servers later this month, thankfully — we’re signing off for the day. If any more bonus news surfaces while we’re gone, feel free to discuss it in the comments (and also please email us, since we don’t read every last comment). Thanks.

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Fall Recruiting Open Thread: Vault 21-25

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Morrison Foerster 425 Market Street San Francisco Above the Law blog.jpgOkay, folks, you know what to do. Here are the next five law firms up for discussion (in Vault 100 order, with prestige scores in parentheses):

21. Arnold & Porter LLP (7.012)
22. Jones Day (6.932)
23. Morrison & Foerster LLP (6.898)
24. Milbank, Tweed, Hadley & McCloy (6.752)
25. Clifford Chance LLP (6.747)

The virgin territory of the comments is yearning for your touch.
The Vault Top 100 Law Firms [Vault]
Earlier: Vault 1-5; Vault 6-10; Vault 11-15; Vault 16-20

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