You have to hand it to the people at Latham & Watkins. Former employees can bitch and moan all they want about being laid-off, but the firm has a certain kind of “star quality.”
Take this story from this month’s American Lawyer. It turns out that when Oliver Stone needed to figure out what was really going on during the height of the recession, he turned to Latham attorneys Alexander Cohen and Brian Cartwright. The lawyers are at Latham now, but their previous government experience gave Stone the inside knowledge he was looking for.
Back in February 2009, Latham & Watkins laid off 440 people. They weren’t the first firm to lay people off, they weren’t the last, and you can even argue that they didn’t even lay off the most associates in percentage terms.
Now, the latest ignominy. The verb “Lathamed” isn’t just in Urban Dictionary; it’s in the Latham & Watkins firm description in the Chambers guide:
In 2008 gross revenue slipped to $2 billion and profits per equity partner were down by 21 percent, according to 2009 Am Law data. The initial response was a number of performance-related layoffs which was followed, in February 2009, by the laying off of another 190 associates and 250 support staff members. Such was the severity of the cuts that the expression “to be Lathamed” (which, by its most polite definition, means “to be laid off”) was coined.
Nooooo! Haven’t we learned that “too big to fail” is terrible? It’s bad for our economy when things are too big to fail — too often, too big means too inefficient to change:
Carrying dozens of offices through the worst recession in a generation might sound like a prescription for disaster. But heads of The Am Law 100′s most geographically diverse firms say that their business model is not only alive, but robust.
Have we learned nothing from everything that’s happened? Do these firms really think that the entire legal recession can be blamed on so-called “entitled” junior associates who had the audacity to accept the money firms were willing to pay them?
In a move that can best be described as cheap, Latham & Watkins joins a growing list of firms that will not allow associates to accrue vacation time. Why would a firm deny its associates the opportunity to get paid out for unused vacation days when they leave the firm (voluntarily or involuntarily)? Because it saves them money, of course.
I suppose Latham could have put it this way: “We’ll no longer honor accrued vacation time because we don’t want to be on the hook for extra paychecks after we s***can you.” But where’s the fun in that? Instead Latham tried to sell associates on the idea that its change in vacation policy would allow associates to take unlimited vacation days.
Latham associates weren’t fooled by the memo. Check it out and see if you would have fallen under the spell of spin …
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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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 six years. You can reach them by email: email@example.com.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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