This month is a rough one for former Thacher-ites. Many are still jobless. The last of their WARN-mandated paychecks have come. And first year associates are being reminded that they still owe the firm money, and the firm wants it now.

Legal Times reports that Thacher Proffitt & Wood is putting a call out for the $10,000 loans the firm made to first year associates to cover their moving and bar expenses in 2008. The members of Thacher's dissolution committee place the blame at the bank's doorstep:

Omer "Jack" Williams, a former Thacher managing partner who left retirement to chair Thacher's seven-member dissolution committee, says associates knew the money was a loan when they took it. "In the exit interviews, we made it clear we anticipated they would pay their loans back," he says.

Former managing partner Paul Tvetenstrand, now a partner with Sonnenschein Nath & Rosenthal, says Citigroup -- which held the firm's debt -- made the decision to go after the money. "The bank has asked for those loans back. It's not the firm. The firm is in dissolution," he says. Williams says the committee wasn't explicitly ordered to pursue the associates for repayment by the bank, but "the situation is the bank is our secured creditor, for better or for worse. And our main obligation as the dissolution committee is to collect all receivables."

Hasn't Thacher done enough to ruin the lives of its 33 first year associates, asks one of those in the payback bind. One of the Thacher debtors wrote in an e-mail to us:

This 'exit interview' was really just them collecting our Blackberrys and then telling us they were doing us a favor by not making the balance of the loan due immediately. But they said they expected us to make the same payments ($833.33 a month) until the balance was paid. I told them that offer was completely ridiculous - you expect me to pay the same amount when I'm making nothing as I was when I was making 3K/week? You guys are crazy. Every other first year that took the loan had pretty much the same meeting - some people were actually brought to tears.

We believe that case law is on our side from the minimal research we have done. It is our understanding that a loan like this is made in anticipation of employment - so cessation of employment is not a justifiable reason for calling the loan. Furthermore, it's not as if I have this money in some interest-bearing account somewhere - it cost me a lot to move out here and to take the bar and to get set up. We were essentially used in a scheme to keep the firm sale-able: they wanted it to appear like everything was running smoothly while they were courting buyers.

The Legal Times estimates the total to be collected from the 33 former associates at $300,000 to $350,000. That's a drop in the bucket compared to the $32 million total that the firm owes Citibank.

More angry reactions, after the jump.

On December 21, we reported on the rescue of some Thacher Proffitt lawyers by Sonnenschein. One hundred TPW attorneys were able to move over to Sonnenschein, while their colleagues went down with the ship, when Thacher dissolved the next day.

We obtained a version of the Memorandum of Understanding between Sonnenschein and the TPW partners it picked up, dated December 19, 2008. The memo provides interesting insights into aspects of law firm business that associates rarely see -- and also lists the compensation of all Thacher Proffitt lawyers who were picked up by Sonnenschein.

Not surprisingly, the need to ante up comes first. The memo begins with the buy-in, explaining how much cold hard cash the TPW partners had to cough up to Sonnenschein. Sonnenschein asked TPW partners to put up 45% of their total budgeted compensation by February 28, 2009. For partners at the top end, the amount could be as high as $630K.

Maybe that's why the firm needed to go to Vegas so badly. Now is the time to double down.

When we got a hold of the offer letters Locke Lord sent a couple of rainmakers at Morgan & Finnegan, we saw that the "budgeted compensation" for M&F's John Sweeney was $1.6 million. For TPW partners joining Sonnenschein, the top nine equity partners are budgeted at $1.4 million each. The next seven come in at $1.275 million. Two are slotted for $1 million, and two more for $750,000. Total compensation for the 20 Thacher Proffitt partners who joined Sonnenschein as equity partners: $24.85 million.

After the jump, we take a look at the highlights, and provide a link to the full memo.

Thacher Proffitt & Wood made its dissolution official last month. Last Monday, the firm officially rescinded offers to approximately twenty 3Ls who were bound there after graduation.

One would-have-been Thacherite said no one was surprised to have the offers rescinded but that the soon-to-be law school graduates are still "bummed."

The "firm did it right." The partners in charge of Thacher's summer associate program called all of the 3Ls on Monday. With the firm bound for nonexistence by May, the reason for the call was fairly obvious. The partners offered to do anything they can to help: forward resumes on, provide references, resend offer letters, etc. (Though those not rescued by Sonnenschein may be a bit busy looking after their own job prospects.)

Law students who placed their eggs in the baskets of failing firms Thacher, Thelen Reid, and Heller Ehrman may no longer be looking forward to cap-and-gown day. One Thacherite-would-have-been talked to us about what it's like to see one's Biglaw prospects dissolve. "When you take an offer from a 150-year-old firm, you think it's pretty solid," said the UnThachered 3L.

Full interview with "NoMoreTP", after the jump.

Heller Ehrman's bankruptcy has been a long time coming. The firm made the news official on Sunday:

Today the Dissolution Committee of Heller Ehrman LLP, in Dissolution (the "Firm") authorized the Firm's counsel to file a Petition for Reorganization under Chapter 11 of the United States Bankruptcy Code. We took this step only after very careful and extensive analysis.

But the firm's Dissolution Committee also notes:

The Dissolution Committee's decision to conduct the continued wind down of the Firm under the jurisdiction of the Bankruptcy Court was not prompted by the Firm running out of money. On the contrary, thanks to the dedication and tireless efforts of the Firm's remaining employees who comprise the Liquidation Team, the cooperation of the Firm's former shareholders, and the positive responses received from hundreds of the Firm's former clients, collection of accounts receivable over the past three months has been strong. And going forward, we continue to expect collection of tens of millions of additional dollars.

After the jump, we post the full Heller memo and check in with Thacher Proffitt.

As Thacher Proffitt prepares to shut down, the "how did this happen" reports can begin. AmLaw Daily notes that while other firms had banner years in 2007, Thacher was already struggling:

Thacher entered 2008 already struggling financially. The firm had suffered a dismal 2007, with gross revenue growing only 1.6 percent to $194.5 million and profits per partner dropping 22.1 percent to $1.02 million. The year to come didn't treat the firm much better, especially come September, when several bank clients either collapsed or went into hasty mergers.

As we noted many times in these pages, a merger with King & Spalding had been the best hope for TPW to remain in business:

For months, Thacher had tried and failed to convince King & Spalding to acquire the firm outright. Discussions with the Atlanta-based firm to instead hire a chunk of its lawyers had plodded along for weeks. A deal to hire about 75 lawyers was close, but still not final, two sources at the firms say. With time running out for the 150-year-old firm, Thacher's lawyers began talking to others, including Sonnenschein.

At least Sonnenschein was able to step in a save a lot of jobs. But after the jump, things are still pretty somber over at TPW today.

The Thacher Proffitt people who were not picked up just now by Sonnenschein will soon be picking up unemployment checks. Multiple sources report that TPW is dissolving today. The official WARN notices will be sent out shortly.

People are being brought into a conference room, group by group, and being told of the bad news.

In keeping with WARN regulations, which require 60 days notice in a situation like this, TPW lawyers have 60 days from today during which they can still earn a paycheck. However, TPW attorneys have been told that they still have to show up to work for the next two months in order to get their pay.

Good luck with that. I see a flurry of "vacation memos" in the near future.

We can't emphasize how terrible we feel for the TPW litigators on their way out the door. Getting let go days before Christmas is only supposed to happen in the movies.

We'll update you as more details become available. In the meantime, somebody should probably fire up "Heller Drone."

RIP TPW.

Earlier: Breaking: Sonnenschein Saves 100 Thacher Proffitt Lawyers

It looks like Thacher Proffitt had a "plan B" in case the King & Spalding negotiations broke down.

We mentioned on Saturday that Sonnenschein was looking into acquiring some Thacher Proffitt lawyers. AmLaw Daily reported:

Within the past week, according to the partner, as King & Spalding neared a deal with Thacher for the structured finance group, it emerged that Sonnenschein Nath & Rosenthal was talking to Thacher lawyers.

Tonight we've got news that Sonnenschein is doing a little more than talking. A Sonnenschein spokesperson reports:

[On Monday morning] We will announce the tremendous addition of 100 lawyers from Thacher Proffitt & Wood.

Happy Holidays!

What a nice present for a bunch of TPW lawyers. On Friday it looked like they'd start 2009 updating resumes, now it looks like they will be making new friends.

Morale is pretty high at Sonnenschein as well. An internal email went around Sonnenschein this evening heralding the news:

With today's move, we dramatically enhance our national and international corporate and finance capabilities, and double the size of our New York office -- both of which have been strategic priorities for Sonnenschein.

These new colleagues accelerate our global growth strategy and reaffirm our continued commitment to client service. In particular, these lawyers bring highly regarded expertise in the fields of structured finance, banking, corporate, real estate and regulatory law. Also joining is a strong and complementary group of litigators, ERISA and employee benefits, and tax lawyers.

Read the full firm-wide email after the jump. We'll update you as more specifics become available.

It's the most wonderful time, of the year.

Update (12:00): The WSJ Law blog is now saying that what is left of TPW will dissolve, and the vote could be happening as early as today. TPW spokespeople could not be reached for immediate comment. Stay tuned ...

Update (12:21): Multiple sources have confirmed that Thacher Proffitt is dissolving today. WARN notifications will be sent around by the end of the day. For continuing coverage, click here.

Over the last week, we've been covering whether Thacher Proffitt's litigation department was going to survive into the New Year. The operating theory has been that Thacher Proffitt's corporate department would be part of a merger between TPW and King & Spalding, with litigation left out in the cold.

But now it looks like King & Spalding could be out of the game entirely. AmLaw Daily reports:

King & Spalding no longer is in the running to acquire the substantial portion of Thacher Proffitt & Wood that it had pursued in recent weeks, according to a lawyer familiar with the negotiations.

We've reported the widely held belief that TPW needs the K&S merger to go through in order to avoid dissolution:

The New York consultant and another individual familiar with the discussions say that if the deal falls through, Thacher Proffitt will likely go under.

Then again, the Treasury Department seems to think that Thacher Proffitt is going to stick around. And when was the last time they were wrong?

After the jump, we see if there is another option for TPW.

Because TPW knows a thing or two about crisis and rescue plans.

Seriously, though, it's a good sign for the firm, even if it may not be a lucrative engagement -- the Treasury press release reports that "total cost for the firm's services is not expected to exceed approximately $500,000." It raises the possibility that rumors of the firm's demise are greatly -- well, maybe not greatly, but somewhat -- exaggerated.

Treasury Hires Legal Firm Under the Emergency Economic Stabilization Act
[U.S. Department of the Treasury (press release)]

Hard facts are difficult to come by, especially when the firm does not respond to requests for comment. But a tipster reports that Thacher Proffitt & Wood did have an associates meeting yesterday (as expected). At that meeting, we understand that associates were informed that TPW's litigation department would close on December 31st.

No mention was made of any severance package that would be offered to displaced associates, nor was there discussion of any WARN obligations for the firm. TPW representatives did not respond to requests for comment last night.

Just the other day, we reported:

According to our tipsters, whether or not there is a rescue by King & Spalding, Thacher's litigation department won't be a part of it. Word on the street is that the head of litigation is leaving TPW tomorrow.

The head of TPW's litigation department is Richard Hans. Our sources tell us he is still with the firm during the merger negotations with K&S, but his contact information is no longer available on TPW's website.

We will keep you posted with any additional TPW news as it comes in. If you have info to share, please email us (subject line: "Thacher Proffitt"). Thanks.

Update (10:25 AM): Multiple tipsters report that Richard Hans is leaving TPW for DLA Piper, his former firm. Word is that he will be taking a few attorneys back with him.

Earlier: Nationwide Dissolution Watch: Is TPW Finally Done?

Last Thursday, we reported that King & Spalding might represent the last best hope for Thacher Proffitt & Wood. The Legal Times puts TPW's situation into the clearest possible terms:

[Thacher's] overall headcount is down more than 100 lawyers compared to last year -- and so are its profits. Profits per partner fell more than 22 percent in 2007 to $1.02 million, according to the Am Law 200.

The firm has had a constant stream of high-profile departures, including its vice chairman Thomas Leslie, who decamped for Greenberg Traurig in October, and Washington managing partner Richard Schaberg, who left for Hogan & Hartson's D.C. office last month. The New York consultant and another individual familiar with the discussions say that if the deal falls through, Thacher Proffitt will likely go under.

We don't have much more information about the K&S/TPW talks, but based on sources at Thacher, something significant is about to go down at the firm -- and dissolution is one possibility.

According to our tipsters, whether or not there is a rescue by King & Spalding, Thacher's litigation department won't be a part of it. Word on the street is that the head of litigation is leaving TPW tomorrow.

More after the jump.

Talks between Thacher Proffitt and King & Spalding, a story we broke here, remain ongoing. From the Legal Times:

Atlanta-based King & Spalding is in talks to acquire most, but not all of Thacher Proffitt & Wood's lawyers, say two sources aware of the discussions. In order to avoid dissolution, New York-based Thacher hopes to find a partner to acquire it, these sources say.

One New York legal consultant says the discussions have been ongoing for the past three to four months, and that the firms hope to reach an agreement by year-end. The consultant says King & Spalding is considering taking on about 100 of Thacher's 195 lawyers, but that it's not yet clear which practices and offices the 100 lawyers would come from. "There's a tremendous amount of uncertainty about who's going to be invited to the party," says the consultant, who asked not to be named.

Not sure we'd call it a "party." But the alternative to a K&S acquisition isn't appealing:

[Thacher's] overall headcount is down more than 100 lawyers compared to last year -- and so are its profits. Profits per partner fell more than 22 percent in 2007 to $1.02 million, according to the Am Law 200.

The firm has had a constant stream of high-profile departures, including its vice chairman Thomas Leslie, who decamped for Greenberg Traurig in October, and Washington managing partner Richard Schaberg, who left for Hogan & Hartson's D.C. office last month. The New York consultant and another individual familiar with the discussions say that if the deal falls through, Thacher Proffitt will likely go under.

It's worth noting that TPW has placed its New York headquarters up for sublease (as reported by Lindsay Fortado and David Levitt of Bloomberg). If TPW is seeking a subtenant for all five floors it leases at Two World Financial Center, then one has to wonder if the firm plans to continue operations (at least in its current form).

As for King & Spalding, it's growing strategically, despite the downturn. The firm recently snagged three energy partners from Kirkland & Ellis. KS hopefully has room in the lifeboat for Thacherites seeking a new home.

To Avoid Dissolution, Thacher Proffitt Talks With King & Spalding [Legal Times via WSJ Law Blog]
Thacher Proffitt Puts Up New York Office Space for Sublease [Bloomberg]
King & Spalding Adds Three Energy Partners in Washington, D.C. [King & Spalding]

Thacher Proffitt & Wood has been struggling for some time. A memo sent by managing partner Paul Tvetenstrand to TPW staff the Wednesday before Thanksgiving provides the latest evidence of the firm's faltering state:

From: Paul D. Tvetenstrand

To: Non-legal staff

As you are aware. The past year has posed many challenges for the firm given the downturn in the economic climate which has affected our clients and ultimately the firm. Unfortunately given this continuing downturn the firm will not be able to pay any bonuses or year end service awards this year. We truly appreciate the contributions each of you has made in these trying times and we wish we were able to recognize each of you as you deserve.

Paul

I'm not at all sure why TPW tried to bury this information within the Thanksgiving news cycle. Did they think TPW staffers were not going to notice? Maybe they were thinking of maintaining their industry reputation, but most people who have been paying attention already know that TPW is in serious trouble.

More TPW back story after the jump.

Something is going on over at Thacher Proffitt & Wood.

This summer, the firm had to deny a rumor of possible dissolution. The word is that the firm took an especially tough beating when the bottom fell out of the housing and credit markets. In September, just a week after Lehman Brothers collapsed, we reported that Thacher Proffitt was looking for a white knight to save them (King & Spalding).

Today brings word that Thacher Protfitt abruptly closed their office in White Plains, New York. The firm declined to comment on the closing, but this picture was on the door of the firm's (former) White Plains office (thumbnail image; click to enlarge):

A tipster reports:

Presently, there are no attorneys or support staff anywhere in the office -- just boxes, empty ones being filled, and filled ones being shipped out.

Update: Back in April, we passed along a rumor that the White Plains office would be closing. The firm denied this, but the closing has now come to pass.

Where did all the cowboys go? After the jump.

This is just a rumor, so take it with a grain -- nay, a shaker -- of salt. But we hear that Thacher Proffitt & Wood -- which has been badly bloodied by the mortgage meltdown and Wall Street crisis, and has gone through multiple rounds of layoffs -- is in "serious" merger discussions with King & Spalding.

The idea that TPW might be seeking a white knight shouldn't be that surprising. Back in July, Thacher's managing partner, Paul Tvetenstrand, had to deny rumors that the firm was headed for dissolution.

In his email, Tvetenstrand acknowledged that "[l]ike many firms in this unusual market we have had to take steps to adjust to the credit crisis." One such step, of course, is to take refuge in the arms of someone who's weathering the storm better. See, e.g., Merrill Lynch / Bank of America.

We reached out to both firms for comment. TPW didn't get back to us. Kimberly Brooks, public relations manager of King & Spalding, had this comment:

It is our responsibility as a law firm to offer clients the highest level of service possible. As such, King & Spalding regularly explores opportunities that might provide for additional expertise and accessibility.

As a matter of policy, we do not comment on rumors in the market.

So they won't comment on "rumors in the market" -- but maybe some of you would like to? If you have additional insight into this rumor -- it's true, it's false, it's somewhere in between -- feel free to email us. Thanks.

The Vault 100 march continues! In this series of open threads, we list the firms, and you all discuss their upsides and downsides. We'll be wrapping this puppy up this week.

Here are the next ten (with prestige scores in parentheses):

71. Nixon Peabody LLP (5.218)
72. Hunton & Williams LLP (5.208)
73. Perkins Coie LLP (5.119)
74. Reed Smith LLP (5.057)
75. Patton Boggs LLP (5.050)
76. Chadbourne & Parke LLP (4.997)
77. Bryan Cave LLP (4.969)
78. Thacher Proffitt & Wood LLP (4.967)
79. Howrey LLP (4.926)
80. Schulte Roth & Zabel LLP (4.910)

Usually, we have fun with the "notable perks" chosen by Vault. But as we move down the list, the perks are becoming distinctly less notable -- e.g., gym membership discounts, free parking, and "good views." Oh well.

You know what to do! Have at it in the comments.

Earlier: Vault 100 Open Threads - 2009

Earlier today, we passed along a rumor -- which, we noted, was only a rumor -- that Thacher Proffitt & Wood might close its doors by the end of the year, if its fortunes don't improve.

We gave TPW the opportunity to comment before we posted; they did not avail themselves of the opportunity (even though they have responded in the past to some of our inquiries). But about half an hour ago, managing partner Paul Tvetenstrand commented internally, via email:

From: Tvetenstrand, Paul D.
Sent: Wednesday, July 09, 2008 4:30 PM
To: All TPW Offices
Subject: Above The Law

All, I feel compelled to drop you this short note to let you know that the statement on the web site "Above the Law" that we are dissolving is untrue. Like many firms in this unusual market we have had to take steps to adjust to the credit crisis. From where we stand, our business is improving and our practices are adjusting to the changing market. We are optimistic about the future and look forward to working together for many years to come. Paul

So that's the firm's comment on that. We'll append an update to our original post linking to Mr. Tvetenstrand's statement.

P.S. For the record, please note that our prior post did not declare that the firm was definitely dissolving. It merely raised the possibility, quoting a tipster who said that "if the situation gets worse, the firm will shut down by the end of the year." Hopefully the situation will stabilize, or get better.

Gossip about attorney or staff layoffs is so five minutes ago. Sure, we continue to receive such rumors (and investigate them, and report them out if they're true). But these days, in a sign of how bad the economy is getting, lately we've started receiving rumors about far more dire outcomes: law firm dissolutions.

For example, last week we heard this rumor about one of Connecticut's oldest and most well-regarded law firms, Tyler Cooper & Alcorn:

Allegedly, Tyler, Cooper, Alcorn LLP in New Haven, CT is folding in the very near future. This was told to a friend of mine directly from a partner at that firm. It'd be great if you could call them up and verify if this is indeed true. I know you usually focus on national law firms (many with the NYC connection), but in terms of firms in CT, this is major news.

Tyler Cooper is one of the more well-known and larger firms in CT (although its still about half the size of Day Pitney, Robinson & Cole, and Shipman & Goodwin). But [the rumor] demonstrates that the economy is hitting us hard....

Tyler Cooper is also well-known to Yale Law School students and graduates. The Morris Tyler Moot Court competition at Yale is named after one of the founding partners of the firm. As he often mentions, former YLS dean and Second Circuit Judge Guido Calabresi is married to Anne Tyler Calabresi, a descendant of Morris Tyler.

As it turns out, the dissolution rumor is not true. From managing partner William S. Fish, Jr.:

Tyler Cooper has no "plans to dissolve as a partnership in the near future" or otherwise.... Tyler Cooper is having discussions with other firms about combining, and I can only speculate that those discussions are related to or are the source of the inaccurate rumors that you have heard. We are not in a position to provide further details on our discussions with the other firms at this time.

So look out for a possible merger involving Tyler Cooper, at some point in the future.

Meanwhile, here's a second dissolution rumor making the rounds, concerning Thacher Proffitt & Wood, a firm that's no stranger to these pages. A tipster tells us: "Rumor mill around the office: the firm is shutting down by the end of the year."

How accurate is this gossip? We're not sure. We reached out to the firm for comment, but they did not get back to us.

One source of ours at the firm denied hearing any such gossip. But a second source did confirm:

Yup, I heard this one. Actually, to be accurate, the word I heard from [partners of the firm] is if the situation gets worse the firm will shut down by the end of the year (this year). There were whispers the firm may merge with another but I haven't heard anything more of that. They just did about 10 more layoffs this past week.

So stay tuned. Law firm dissolutions, while rare, do happen. History is littered with the names of law firms, many of them quite distinguished and successful in their prime, that are no longer with us. E.g., Brobeck, Coudert Brothers, Finley Kumble, Testa Hurwitz.

Update: Thacher Proffitt's managing partner, Paul Tvetenstrand, denies that the firm has any plans to dissolve. His statement is available here.

This latest economic downturn has yet to claim a major (i.e., Am Law 200) law firm. Which will be the first to close its doors? Your thoughts are welcome, in the comments.

We've been reporting since November on Thacher Proffitt & Wood's need to thin its ranks. Prior coverage is collected here (scroll down). Originally, the firm was relying on voluntary departures, but in the last few months, it has resorted to layoffs.

The ABA Journal reports that 10 partners and 24 associates quit in the last six months, while 60 associates have been laid off. That's a good chunk of the firm. Profits are down due to the firm's focus on securitization work in a sagging economy.

Things are looking bleak there, though the Wall Street Journal Law Blog reports that Thacher expects better in 2009:

Some former partners told the NLJ that firm profits are anticipated to slide substantially in 2008. Last year, Thacher Proffitt reported slightly more than $1 million in profits per partner, down about 22% from 2006, according to AmLaw. Other departing partners downplayed the significance of the firm's finances in their decisions.

Paul Tvetenstrand, the firm's managing partner, said the recent partner departures were unrelated to the layoffs. But he acknowledged that the total number of them was "a lot, for a short period of time."

"It's a tough marketplace to be in," he said. "I would fully expect in 2009 to bounce back to the levels we had beforehand. But I don't know what 2008 will be."

Partners fleeing is not a good sign for Thacher. As previously reported, the firm has pushed back its start date for non-litigation first years to October 20. Future Thacher-ites, we hope for your sakes that Tvetenstrand is right about a brighter future.

More than 30 Thacher Lawyers Quit in Last 6 Months [ABA Journal]
A Lawyer Hemorrhage at Thacher Proffitt: Ten Partners Walk [WSJ Law Blog]
Fleeing Thacher Proffitt lawyers cite bleak financial forecast [National Law Journal (subscription)]

Earlier: Prior ATL coverage of Thacher Proffitt (scroll down)

Thanks to the worsening economy, law firms don't have enough work for the lawyers already on their payrolls. Some firms have decided to save money by having incoming first-year associates start later than originally planned. What's the point of bringing new kids on board, at starting salaries of $160,000 each, if you don't have enough work to give them?

The latest Biglaw shop to push back start dates: K&L Gates. The original firm-wide start date was September 15; the new start date is October 20.

We contacted K&L Gates for comment. The firm's director of recruiting, Roz Pitts, explained that the change was made not for any economic reason, but due to "crazy scheduling." She explained that the firm's partner retreat in Phoenix is taking place in early October, and they didn't want the first-years to start work only to have the entire partnership disappear a few weeks later. She added that the firm stands by all its offers -- i.e., no offers have been rescinded -- and that all incoming associates will be notified of the start date change by today. (Some offices started notifying associates on Friday, which is when we learned of this change.)

But even if K&L Gates were making this change for economic reasons, would there be any shame in that? Other prominent law firms have already announced postponed start dates:

1. Pillsbury Winthrop: start dates pushed back, possibly as far back as January 2009 (the firm told the Wall Street Journal that it "is staggering start dates over several months").

2. Thacher Proffitt & Wood: the start date for non-litigation first-years has been pushed back to October 20.

3. Thelen Reid: start dates for first-year associates pushed back from September 2008 to January 2009.

Do you know of a Biglaw shop that has announced it's pushing back start dates? If so, feel free to drop us a line. Thanks.

P.S. When it comes to start dates, maybe there's no way to please everyone. Back in February, some Sidley Austin associates complained about excessively early start dates.