While summer associates are present, certain subjects are off-limits. Don’t talk about that group of partners with a huge book of business that’s going to defect any day now. Don’t talk about that salacious lawsuit against the firm that’s still pending.
And don’t talk about layoffs — of staffers or lawyers or both. Reductions are such a buzzkill….
I asked, and once again the readership delivered. I thought it would be interesting to hear from former Biglaw associates who had been passed over for partnership, and I was happy to receive some thoughtful responses.
As you will see below, and as I discussed in my columns relating to making partner, there are very powerful personal forces at work in these situations. As much as we can learn from our own disappointments, so can we learn from the experiences of others, especially those who have forged ahead despite a setback.
Biglaw can be a brutal business. We need to pause and reflect on the human toll that working in this environment can take….
* The triple-dog dare: a technique employed to show off how just efficient American democracy is, or something that’s just so ridiculous it might work in the Senate when it comes to judicial filibusters for appeals court nominees. [New York Times]
* If the Supreme Court were to strike down Section 5 of the Voting Rights Act, the Obama administration has a plan in the works from the last time they thought the Supreme Court was going to strike down the very same section. [Huffington Post]
* It takes more than one legal memo to justify the killing of an American overseas — just ask the guys from the DOJ’s Office of Legal Counsel who rationalized the drone strike against Anwar al-Awlaki. [New York Times]
* Remember the Winston & Strawn stealth associate layoffs of 2012? Those weren’t layoffs, silly. They just left “because of reduced demand for junior lawyers.” Also, we have a bridge to sell you in Brooklyn. [Am Law Daily]
* If you’re not satisfied with your law degree after failing the bar exam, don’t worry, we’ve got a money-back guarantee. We’ll give you back 8.9% of your three-year tuition. It’s better than nothing! [National Law Journal]
* Meanwhile, if law school were only two years long instead of three, then perhaps a money-back guarantee would actually mean something. For now, it’s just one big public relations stunt. [Pittsburgh Post-Gazette]
* Joseph Kelner, plaintiffs’ attorney in the Kent State suit and lawyer for Bernie Goetz, RIP. [New York Times]
These are not outliers. They’re not anomalies. It is something that’s happening quietly in many, many firms in the industry.
– Zeughauser Group consultant Kent Zimmermann, commenting on the stealth layoffs that have been going on at Biglaw firms around the country. In fact, according to his sources — all managing partners — at least three major firms will soon be conducting another round of layoffs.
Don’t look so sad; it is possible to bounce back from a career setback.
Last week we covered news of associate layoffs and summer associate no-offers over at Winston & Strawn. We heard primarily from sources who were upset over the news, and because the firm declined to comment on personnel matters, we didn’t hear Winston’s side of the story. But now, thanks to some helpful sources, we have a few pro-Winston comments that we will now share.
First, the number of “stealth layoff” victims may have been overstated. According to word on the street among Chicago associates, “while some people were let go, 30 seems pretty high.”
Second, it seems the layoffs were focused in Chicago; other offices may have escaped relatively unscathed. According to a source in Winston’s New York office, “nobody has heard about layoffs” there.
Third, the changes to the timing of associate reviews — which were viewed by some as ominous, perhaps laying the groundwork for additional cuts — may actually be quite innocent. Said a source: “The review cycle was also moved forward for some classes and back for others, but it is part of a general re-vamp of the evaluation process, and I’m not convinced there are any sinister motives behind it.”
Fourth, although the firm’s Chicago office doled out a relatively high number of no-offers — about 10 out of 30 summer associates did not get offers of permanent employment — we hear that this was primarily a Chicago phenomenon. As noted by a commenter, “The offer percentages are, to the best of my knowledge, significantly higher in the other offices.”
Of course, after our story we also received additional criticism of Winston, to which we now turn….
Please note the addition of multiple UPDATES, after the jump.
* Patton Boggs partner Benjamin Ginsberg serves as the Mitt Romney campaign’s top lawyer, and he’s taking flak for GOP rules revisions that have been likened to “killing a fly with a sledgehammer.” [Am Law Daily]
* “I am still shocked that I did everything right and find myself on the brink of destitution.” This just in from the Things Everyone Already Knew Desk: even law firms have been hit hard by the recession. [Washington Times]
* The lead lawyer in the inquisition against Madam Justice Lori Douglas turned in a resignation letter. Perhaps he grew tired of being part of judicial farce that’s spread wider than Her Honor’s legs. [Canadian Press]
* A would-be law student wants to know if he has a good chance of getting into a top 20 school with a low 150s LSAT and an average GPA. You’ll get in everywhere you apply! [Law Admissions Lowdown / U.S. News]
* Roger Fisher, Harvard Law School professor and co-author of “Getting to Yes,” RIP. [WSJ Law Blog]
The first half of 2012 was not great in terms of the financial performance of Biglaw. It wasn’t disastrous — we’re not talking about late 2008 and early 2009 — but it was certainly sluggish.
This has caused some legal industry observers to wonder: Might we see a return of layoffs? We’ve already seen significant staff layoffs in the past year, but limited lawyer layoffs. Is that about to change?
Today we bring you bad news about Winston & Strawn, concerning both full-time associates and summer associates….
If you’re a lawyer who managed to make your way into a large law firm, congratulations. For attorneys, the world of Biglaw seems to be somewhat stable. Revenue and profits are up by modest amounts, and it has been a while since we’ve seen major lawyer layoffs (setting aside the collapse of Dewey & LeBoeuf, of course).
Things have not been so happy for staff. Over the past year or so, we’ve covered staff layoffs at several prominent Biglaw firms. Many of these reductions appear to be fueled by either outsourcing or improvements in technology that allow firms to get by with fewer staff.
The latest firm with news of staff layoffs — and unconfirmed reports of lawyer layoffs — is Fish & Richardson. Fish is a leading intellectual property shop, and the world of IP litigation certainly seemsbusy these days. But maybe it’s not busy enough?
Let’s get the details on the recent cuts at Fish….
According to the Department of Labor, 14 million people in our country are unemployed. And with a surplus of lawyers that reaches into the thousands in almost every state, unemployment is a serious problem for the legal profession.
Unfortunately, we all know that Biglaw firms — and surely other firms, as well — are avoiding these attorneys like the plague. We spoke about this industry-wide issue back in late 2009, noting that Biglaw firms weren’t exactly keen on hiring associates that had previously been laid off. In fact, one recruiter we spoke with told us that approximately 80 percent of employers specifically requested résumés from attorneys who are still employed.
Facing these seemingly insurmountable odds, what’s an unemployed attorney to do? As it turns out, President Obama wants to lend a hand, but only if he can get Congress to pass this jobs bill….
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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