Layoffs, Summer Associates

Update Potpourri on Sullivan & Cromwell

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Even people who were not stealth layoff victims write us at Above the Law, pissed about their firm’s shady treatment of their friends and colleagues. And when stealth layoffs happen at top firms, we get top emails. We initially reported that 15 – 20 people were quietly let go from Sullivan & Cromwell, but that number keeps growing:

Now about the layoffs. 30+ is much more close to the truth than 15-20 previously reported. As you have mentioned, this 15-20 associates were the ones told in February who now have already left. But layoffs are ongoing. I can personally [list names]. I’ve heard from a senior associate (who was told by friendly partner) that the plan is to lay off 10% of associates, in NY that would be about 45-50. I am … pissed about … how they handle it….They would rather destroy your reputation and self-esteem than concede to economic layoffs.

Does S&C really think that it can lay off 10% of its associates without anybody noticing?
Or, to put the question another way, does S&C really want people to think that 10% of its associates are bad lawyers?
But, this particular tipster doesn’t just want to cast aspersions and hide. Instead, the S&C associate provides hard evidence of Sullivan’s scaled back summer program.
More details after the jump.


Yesterday, we reported a few details about the S&C summer program. Today, we have hard evidence:

That clears up a question from our report yesterday. The $500 is per associate to spend on a summer, not per summer associate.
Notwithstanding the per associate cap, S&C is emphasizing all of the free things you can do with summer associates in New York City:

Our tipster adds these delightful details:

The guide also suggests taking summers on free events such as free Staten Island Ferry and we were orally told on the meeting to take summer for a walk in the Battery Park. Another interesting fact showing S&C is cheap (which I realized only recently) is that S&C has never paid for the Tax LLM of its associates not even in good times while Skadden is still paying for a Tax LLM.

Because the intense population density in NYC, there is a virtually limitless supply of ambulances zooming along the city streets. You can chase after them all day long, and it’s totally free! You might even catch up to one and that, my friends, is when the big bucks start rolling in.
But at some point, even the hardiest summer associate is going to have to eat. You might think it’s hard to have a recruitment lunch for $60 in expensive downtown New York, but S&C has provided a helpful list of locations:

Just to be clear, when Cleary suggested taking summers to Burger King, the firm was joking. Then again, we must get those glasses before the Kingons do.
Is S&C scaling back on the summer program because of the economy? Or is it because its summer associates have already shown themselves to be really bad at their jobs and undeserving of any frills?
Earlier: Sullivan & Cromwell Spring Bonus (And: The 2009 Summer Associate Budget)
Stealth Layoff Watch: Sullivan & Cromwell Has A Very Special Spring Bonus

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