Interesting things are afoot at Kasowitz Benson these days. Last month, we wrote about the prominent litigation firm’s “benchmark” bonuses — which some tipsters told us were bogus, but other sources defended (see the updates to the post).
Over the weekend, we received a cryptic tip about KBTF: “Kasowitz will be laying off a large number on Monday. From staff all the way up to partner.”
It’s now the end of the business day. Has this prediction come to pass?
(Please note the multiple UPDATES added to this post after its original publication.)
Today’s Biglaw layoff story involves a firm that’s even more impressive. This firm has been recognized as a great place to work by Fortune, Crain’s, and Above the Law. In fact, it topped our list of the 12 top rated firms for 2013.
Which wonderful law firm is parting with some people, and why?
* According to Justice Kagan, Justice Ginsburg “is responsible for eliminating sex discrimination from American law.” Whoa, that’s a nice thought, but let’s not get ahead of ourselves with wishful thinking. [New York Law Journal]
* After handing out pink slips staff, Heenan Blaikie lawyers sat down and voted to dissolve the Canadian firm’s partnership and wind up its business. It’s kind of like Dewey, but with maple syrup! [Legal Post / Financial Post]
* Jack W. Butler, the bankruptcy bigwig who managed to negotiate the American Airlines / US Airways merger, will leave his home at Skadden Arps after 23 years and head to Hilco Global. [DealBook / New York Times]
* Vermont Law School has partnered with several historically black colleges and universities in order to put warm bodies in empty seats promote the expansion of racial diversity in the legal profession. [VT Digger]
* David Savner, a corporate partner at Jenner & Block, recently donated $1 million to his alma mater, Northwestern Law, to fund a high-tech classroom. It must be nice to be rich. [Crain's Chicago Business]
* The ABA Journal wants to know what the “oddest” elective course you ever took in law school was. If you took a “Law and _____” class and didn’t get an “A,” you should hang your head in shame. [ABA Journal]
Now that the holidays are behind us, it’s likely that law firm layoffs will resume. Earlier today, we covered a reduction in force at one firm that recently went through a merger.
As you can see from looking through our past coverage of layoffs, many of Biglaw’s biggest names have laid off lawyers and staff over the past year. Prestige and profits are no protection from the grim reaper of jobs.
Let’s not mince words: Patton Boggs is stuck in the muck. In the most recent Am Law 100 rankings, the firm showed a 15 percent decline in profits per partner — one of the biggest dips in the entire survey, contrasting with the modest growth that most of Biglaw enjoyed. Gross revenue also fell, by 6.5 percent.
The Am Law 100 rankings looked at 2012 performance compared to 2011 performance. Perhaps things have improved for Patton Boggs in 2013?
Alas, no. While many firms have resorted to voluntary buyouts or layoffs of support staff this year, few have laid off lawyers (at least not openly). But Patton Boggs has already been through two significant, open and notorious rounds of layoffs in 2013 to date, affecting not just staff but lawyers as well.
How is Patton Boggs trying to save itself, and will its plan work?
As we get closer and closer to the Thanksgiving holiday, staff members and now attorneys — thanks, Patton Boggs — grow more and more worried about the possibility of their own impending doom. This week alone, we’ve seen one firm offer buyouts to employees and another firm hand out pink slips like candy.
And now, with just two weeks until Black Friday, we’ve got some news that’s sure to make employees’ lives at one firm just a little more dim.
Which Biglaw firm is offering voluntary buyouts to a significant chunk of its employees (rumored to be in the triple digits) this time around?
It was just two weeks ago that we told you about the merger talks between Patton Boggs and Locke Lord. At the time, we wondered about redundancies between the two firms’ offices. We thought that “most jobs” would be safe, considering the fact that there were only three overlapping locations.
Well, it looks like we were dead wrong. Guess which firm just laid off both support staff and lawyers?
Hot on the heels of the layoffs at Fried Frank, we’ve got the details on yet another Biglaw firm that’s tightening its belt. Perhaps Fried Frank’s layoffs can be excused by the fact that its profits per partner dropped by 16.8 percent year over year, according to the latest Am Law 100 rankings. The latest firm has no such excuse — its profits per partner increased by 7.8 percent from 2011 to 2012.
But apparently that increase was a little too modest, because the firm is now opting to kick its older employees to the curb in favor of the latest technological advances (just like every other firm).
Which one is offering voluntary buyouts to its employees in order to welcome our new computer overlords?
November marks the beginning of the holiday season, and people are brainstorming about what they should be thankful for so they’ll have something thoughtful to say at the Thanksgiving dinner table. We’ve got a suggestion: you should be thankful that you’ve still got a job, because some of your colleagues aren’t so lucky.
Which Biglaw firm offered a significant number of employees a cornucopia of despair yesterday?
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at firstname.lastname@example.org or email@example.com. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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