Following the lead of Kilpatrick Stockton, Orrick, and other Biglaw firms, Greenberg Traurig has created some new non-partnership-track attorney positions. They pay less than traditional partnership-track — or, in GT parlance, shareholder-track — positions, but the billable-hour requirements are lower and the training is better.
What do these positions look like? Let’s find out….
When combined with the January layoffs, which hit around 35 lawyers, CWT has axed upwards of 130 attorneys. This makes it “America’s firingest law firm.” (We can’t claim credit for that turn of phrase, which was coined by a tipster, but we will try to popularize it through frequent usage.)
As we reported earlier this week, résumés from Cadwalader refugees are flooding the market. But will they find a welcome reception?
Maybe not. Here’s an email that a boutique law firm in New York sent to a legal recruiter who tried to submit CWT résumés for an opening:
CORRECTION: Actually, the email was sent to the recruiter UNSOLICITED, not in response to anything. It was apparently sent, out of the blue, to a group of legal recruiters.
Sent: Tuesday, August 05, 2008 To: [Legal Recruiter] Subject: FW: Resumes
Thank you for staying in touch with our firm. Please note that we are not going to be accepting resumes for Cadwalader candidates.
Duval & Stachenfeld | 300 East 42nd Street New York NY 10017
Ouch. Are Cadwalader lawyers now the Untouchables of the law-firm caste system?
(It should be noted, however, that the Duval firm is more elitist when it comes to its lateral hiring. As discussed here, for entry-level hiring, the firm looks well beyond the top-tier law schools. But for midlevel and senior associates, it tends to poach from the Skaddens and Lathams of the world — and pay accordingly.)
UPDATE / CLARIFICATION: We have received a letter from Bruce Stachenfeld, founding partner of Duval & Stachenfeld, clarifying the situation. An excerpt:
When I (the managing partner of D&S) heard about the CWT layoff news my immediate reaction was that I felt very bad for my friends at CWT. It is a great firm suffering from some market turmoil and all of us running law firms know that adverse market forces can happen to any of us.
My other reaction was that since we are hiring junior lawyers a possible win/win/win would be for us to talk to CWT directly about whether we could hire some of their adversely affected people. This would permit us to find some super-star-high-quality associates – would permit CWT to help its people locate new jobs – and would permit some of the adversely affected associates to get new jobs promptly.
So I did the logical thing and contacted one of my friends at CWT to discuss this. After my discussion I sent a letter to be sent to some of the associates who had the requisite background to fit into our real estate group. It remains to be seen if we will end up hiring CWT associates. My hope is yes.
Since resumes had started to come in (through legal recruiters) I instructed our recruitment coordinator to inform legal recruiters that I would not be accepting resumes through legal recruiters due to our close relationship with CWT. I thought it appropriate to let the legal recruiters know this promptly to avoid misunderstandings with them about recruitment fees.
The 50-lawyer firm, based in New York but with a small L.A. office, starts first-year associates at $60,000 — or $100,000 below the starting salary at many Am Law 100 firms.
Mid-year and senior associates, however, are promised the same total pay — or more — that they’d earn at Latham & Watkins or Skadden, Arps, Slate, Meagher & Flom.
For third-years on up, the firm says it checks what top New York firms like Cravath, Swaine & Moore are paying in base salary and bonuses, and matches that. Last year, the firm added a $10,000 sweetener.
So what exactly is the point of this unusual system?
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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