Last week we told you that Jenner & Block held a firm-wide pep talk to assure associates that everything was going great.
Apparently, this is the new trend. Terrified associates are being told that they have nothing to fear, for now.
Last week Ropes & Gray’s chairman Brad Malt sent out this email:
We’re living in extraordinary times, and I know many of you are concerned about what the current turmoil in the financial markets might mean to us here at Ropes & Gray. I’d like to offer some thoughts on why we are well positioned to weather the turbulence in the marketplace.
Our firm is over 140 years old, in no small part because we always build for the long term. We have weathered many recessions, starting with the Panic of 1873, and we have always emerged stronger. Today, we possess many competitive advantages, including diversified practice offerings and a diverse client base. Thankfully, we do not depend for our bread and butter on the kinds of companies or markets that are most troubled right now. While recent events have felt unsettling for many people, nothing that is happening should distract us from continuing to execute our strategic plan and deliver excellent client service.
The recent turmoil in the financial markets has also presented the firm with important opportunities to advise clients, including some of the companies affected by recent events. Among the many examples, we obtained a temporary restraining order for our broker-dealer client, Ameriprise Financial Services, in the first case involving a money market fund to â€œbreak the buck.â€ An extraordinary cross-disciplinary and cross-office team reached a multi-billion dollar agreement to purchase Neuberger Bermanâ€™s investment management business and Lehman Brotherâ€™s fixed income and alternative asset businesses. We are representing various senior officers of major financial institutions in investigations of sub-prime lending activities and related class action lawsuits. And we have advised numerous hedge funds, CDO funds, mutual funds and other clients on other aspects of the market situation, including analysis of distressed securities, advice about credit default swap counterparties, advice about the new short-sale restrictions, and bankruptcy rules.
In the longer term, we are very well positioned to take advantage of opportunities that will arise from the changing market environment, and we continue to invest in lawyers and staff to help us do so. We were delighted recently to welcome our associate Class of 2008, and we actively continue to hire for summer 2009 and beyond.
To be clear, we are not immune to what’s happening in the wider world. However, I believe the strengths we have built in our firm, our proven agility in addressing changing market landscapes, and the dedication and high caliber of you, our people, will enable us to withstand the short-term market challenges. As always, we are grateful for your continuing hard work and commitment.
O’Melveny & Myers shows firms how to send a spooky reassurance email after the jump.