Meanwhile, back on Earth and/or the rest of the internet, industry observers have been feeling a bit like voyeurs at a pre-mortem autopsy. Everyone agrees that the downfall of this once-great firm is hugely sad (well, nearly everyone), but there is less of a consensus about who or what is to blame.
Last week we asked the ATL readership for their take on where fault lies. Here’s what you had to say….
* I think I entirely agree with Eugene Volokh, who in turn agrees with the Eighth Circuit, which agreed with the lower court, that a school board is well within its rights to call a website unreliable. [The Volokh Conspiracy]
Dewey & LeBoeuf's sign at 1301 Avenue of the Americas. (Photo by David Lat. Feel free to use.)
Let’s take a step back from the hurly-burly of day-to-day, hour-by-hour coverage of Dewey & LeBoeuf, the once-powerful law firm that could soon find itself in bankruptcy or dissolution. We will return to bringing you the latest Dewey news in tomorrow’s Morning Docket. (Of course, as you may have noticed, we added many updates to Tuesday night’s story; refresh that post for the newest developments.)
Let’s take a step back, and ask ourselves: Who is to blame for this sad state of affairs? And what lessons can be learned from the Dewey debacle?
Over the weekend, we passed along some good news about Dewey & LeBoeuf. It appears that the firm has been given a new (even if temporary) lease on life by its lenders. Initial reports suggested that the firm was getting one week or maybe two in order to reach a new debt deal with its banks. It now appears, however, that the firm could be getting a more long-term extension, in the range of 90 to 120 days. The deal still needs to be finalized; keep your fingers crossed.
That’s the good news. Now, back to the bad news: more partner defections from Dewey….
Thus far, the story of Dewey & LeBoeuf has been told primarily from the perspective of lawyers. On the whole, the coverage has been quite partner-focused, centered on which partners are defecting to which rival law firms. There has been somediscussion, but not a huge amount, of the plight of associates.
There has been even less discussion of the support staff. But if Dewey goes under, staffers will also lose their jobs. And in this day and age of law firms slashing staff, secretaries and paralegals may have a harder time finding new positions than attorneys.
Here is one paralegal’s perspective on what’s going on at D&L….
The rumor mill has been churning nonstop over the past week about Dewey & LeBoeuf. In our recentstories about the firm, we’ve discussed reports of financial difficulties, partner departures, and possible layoffs of lawyers and staff.
During this time, firm management has remained fairly tight-lipped. But earlier this evening — a Friday evening, of course — the firm broke its silence. Chairman Steven H. Davis sent out a firm-wide memo, acknowledging the rumors and confirming that yes, Dewey will be conducting some layoffs and engaging in other cost-cutting measures.
The pace of law firm layoffs has apparently slowed to a crawl. We’ll go weeks between job losses at large law firms (that we know of). But, here and there, some people are still getting pushed out as firms retool for the new economy.
Sadly, legal secretaries at Dewey & LeBoeuf became the latest casualties of a layoff cycle that seems very close to its end. The firm-wide memo went out earlier today:
Beginning last week and concluding today the firm implemented a reduction in force impacting approximately 30 administrative staff positions in its Los Angeles, New York and Washington, D.C., offices.
Nobody wants to be the last person KIA in a war, and nobody wants to be laid off at the tail end of a recession. Why did Dewey make the move this late (hopefully) in the recession?
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
LexisNexis and OverDrive®, the digital library solutions provider chosen by 22,000+ libraries, schools and colleges worldwide, have joined forces to provide a library management solution that suits evolving legal research requirements mobility, simplified library management, and space and budget reductions.
Reduce your library costs and extend the budget.
With LexisNexis® Digital Library, overhead and administrative costs for maintaining a print library are reduced dramatically. Adopt an easy-to-use platform that requires minimal staff resources so your organization can make the most out of your library budget. Plus, multi-year purchase options let your library lock in savings.
Empower your librarians.
Your firm’s librarians will have more time to conduct value-added research. They’ll have greater insight into what resources the staff actually uses so they can make adjustments to the collection quickly using a single website. Librarians can gain greater control, which can lead to better library utilization and increased strategic value to the firm.
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: firstname.lastname@example.org.
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.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!