Depressing Things

There’s no doubt about it: Weil Gotshal & Manges is the reigning drama queen of Biglaw. In June, the firm laid off 60 lawyers and 110 staffers. Last week, the firm lost eight partners to the Dallas office of Sidley Austin, including some pretty heavy hitters (and basically all of Weil’s women partners in Dallas).

Today we bring you (1) additional information about the Dallas moves and (2) a report from Weil’s Boston outpost, where some people are not happy….

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Earlier this week, we asked readers to submit possible captions for this photo:

Let’s have a look at what our readers came up with, and vote on the finalists…

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Did you lose all your money? Did your girl leave you? Is your life in shambles? Do you feel like you’re trapped in a bad country song?

Perhaps you’ve visited this sad little strip mall and stepped into all three of these stores one time too many…

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You already know the job market is rough out there. Lawyers are taking contract jobs, paralegal gigs, becoming shepherds, and generally debasing themselves. But how low can it really go?

This leaked cover letter from a law grad seeking employment is the latest tale of woe from the market.

The letter, reprinted below, describes the applicant’s law school education, right before begging for a job in food services…

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Partner, can you spare a dime?

Last week, we discussed the first part of an interesting essay by former managing partner Edwin Reeser that appeared in the ABA Journal. Today we’ll tackle part two.

Are you still depressed after reading in-house lawyer David Mowry’s recent reflections on the legal profession? If so, maybe stop reading here and come back later.

But if you’re willing to wallow, on this Friday the 13th and Yom Kippur, venture beyond the jump….

double red triangle arrows Continue reading “Biglaw Today: ‘Looking For Change In All The Wrong Places’ (Part 2)”

The legal profession in happier times.

A few pending anniversaries to mention: the twelfth anniversary of the 9/11 attacks; my 45th birthday tomorrow; I have been practicing law for 14 years; and my second year of writing this column for Above the Law is fast approaching.

Really, the only date of any import is 9/11. A “first world problem” for me is that my birthday is forever the “day after” — but at least I have a day after. So many families were destroyed that day, and so many of us will forever duck a little bit when airplanes fly past our buildings. I cannot imagine working in downtown San Diego, where the approach from the East is so close to so many skyscrapers.

I won’t dwell too much on lower Manhattan today, as by now I think everyone remembers in their own way, but I will always cherish my thirtieth birthday, a surprise party held at Windows on the World, surrounded by friends and a swing band in the background. I found a picture from that party — I am hugging some buddies, and was a young buck associate at Coudert Brothers, a 150+ year old firm driven to ruin by poor cash management. Anyway, today will forever be bittersweet as I prepare to look to the future tomorrow, and will always remember that awful day 12 years ago….

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We’re in the middle of law firm interview season. We’ve offered you both cheerful and depressing takes on the summer associate recruiting process.

Speaking of depressing things, interviews are frequently followed by rejection. Trust me, I know; I’ve received many rejections over the years. I recently contributed one of my “favorite” rejection letters to an online compilation (see page 27 of the pamphlet, or page 15 of the PDF, reprinted with the permission of Justice Scalia).

That was a kind and gracious rejection letter, which is what you’d expect from a genteel institution like the U.S. Supreme Court. When Biglaw firms turn your dreams to shame, they aren’t quite as nice….

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My parents are pressuring me to get a full-time job, even if it’s not in law.

Scott Neal, a recent graduate of Thomas M. Cooley Law School, offering insights on what it’s like to live and work in the “new normal.” Neal has three part-time jobs: one at the Law Offices of Derrick E. George, one as a building supervisor at the North Oakland YMCA in Michigan, and one as a tree trimmer. Neal currently lives with his parents.

With nothing else to rank at the moment, U.S. News decided to try its hand at “news” and put out an article analyzing the expected fallout from the new mortgage lending rules coming down from the Consumer Financial Protection Bureau. The new rules are intended to stem the tide of future foreclosures by clamping down on profligate lending.

But all clampdowns leave people out in the cold.

To put this more directly: if you thought being a lawyer with good credit would put you in a position to buy your own home, you’re probably wrong….

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Earlier this year, K&L Gates generated some (generally positive) press by issuing an unusually detailed disclosure of its firm financials. The report reflected a reassuringly conservative financial position, with zero bank debt and limited retirement-plan obligations (a trouble spot for many other law firms).

It looks like K&L Gates is keeping to its conservatism. It’s trimming its headcount in D.C. and Seattle, presumably to reduce expenses….

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