Comments on: The Law Shucks Mid-Year Layoff Review http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/ A self-deprecating look at life in and after BigLaw Wed, 17 Mar 2010 17:35:39 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: New Normal « Confessions of a Laid-off Lawyer http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-1300 New Normal « Confessions of a Laid-off Lawyer Thu, 17 Sep 2009 04:41:40 +0000 http://lawshucks.com/?p=2379#comment-1300 [...] and job security of the associates and staff they brought on board.  According to the blog Law Shucks, over 10,000 people have been laid-off by law firms: 4,000 attorneys and 6,000 staff [...] [...] and job security of the associates and staff they brought on board.  According to the blog Law Shucks, over 10,000 people have been laid-off by law firms: 4,000 attorneys and 6,000 staff [...]

]]> By: anonymous http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-1014 anonymous Tue, 28 Jul 2009 18:56:33 +0000 http://lawshucks.com/?p=2379#comment-1014 Freshfields has done extensive stealth layoffs to over half of its capital markets group and has targeted 6-8th years claiming they are suddenly conducting partner reviews early. Freshfields has done extensive stealth layoffs to over half of its capital markets group and has targeted 6-8th years claiming they are suddenly conducting partner reviews early.

]]> By: Paul Potte http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-894 Paul Potte Wed, 08 Jul 2009 19:03:41 +0000 http://lawshucks.com/?p=2379#comment-894 Boies has had layoffs, compare a cached version of the directory with a new one, and don't think people just decided to up and leave in this market. I'd be surprised if their numbers are even that close to 250 anymore. Boies has had layoffs, compare a cached version of the directory with a new one, and don't think people just decided to up and leave in this market. I'd be surprised if their numbers are even that close to 250 anymore.

]]> By: brad http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-883 brad Mon, 06 Jul 2009 18:38:16 +0000 http://lawshucks.com/?p=2379#comment-883 Paul Weiss has been conducting secret layoffs for months. Paul Weiss has been conducting secret layoffs for months.

]]> By: Realist http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-881 Realist Sun, 05 Jul 2009 14:29:39 +0000 http://lawshucks.com/?p=2379#comment-881 That's true. I guess I view firing some senior, very high salary deadweight as less cruel and less ill-advised than firing good associates in slow practice groups. But I see your point. It's still going to be hard for these income Partners to find a new gig in this economy without a book of business. The 'charitable' thing would've been for K&E to have waited if it could've afforded to which seems likely. As far as overall numbers, with all the layoff news, it IS hard to keep things in perspective and remember that terminated attorneys are only a small percentage of overall attorneys in Biglaw. The real hits come in firms that cut salaries. And probably in offer rates for summers this year and summer associate hiring for next year's class (though hopefully it won't be as bad as we expect) That's true. I guess I view firing some senior, very high salary deadweight as less cruel and less ill-advised than firing good associates in slow practice groups. But I see your point. It's still going to be hard for these income Partners to find a new gig in this economy without a book of business. The 'charitable' thing would've been for K&E to have waited if it could've afforded to which seems likely.

As far as overall numbers, with all the layoff news, it IS hard to keep things in perspective and remember that terminated attorneys are only a small percentage of overall attorneys in Biglaw. The real hits come in firms that cut salaries. And probably in offer rates for summers this year and summer associate hiring for next year's class (though hopefully it won't be as bad as we expect)

]]> By: lawshucks http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-879 lawshucks Sun, 05 Jul 2009 01:17:18 +0000 http://lawshucks.com/?p=2379#comment-879 That's a good point. Relatively speaking, very few lawyers have actually been laid off in the grand scheme of BigLaw. I'll have to see what numbers I can work out on that front. The shock is that people are being laid off at all, I guess - but for a lot of firms they were playing a game of "keeping up with the joneses" that was totally unsustainable. The charts were from How I Met Your Mother. Love the reference, love the show. <a href="http://wickedanomie.blogspot.com/2009/05/pie-charts-and-bar-charts.html" target="_blank">http://wickedanomie.blogspot.com/2009/05/pie-char...</a> That's a good point. Relatively speaking, very few lawyers have actually been laid off in the grand scheme of BigLaw. I'll have to see what numbers I can work out on that front. The shock is that people are being laid off at all, I guess – but for a lot of firms they were playing a game of "keeping up with the joneses" that was totally unsustainable.

The charts were from How I Met Your Mother. Love the reference, love the show.
http://wickedanomie.blogspot.com/2009/05/pie-char...

]]> By: Lance Basstronaut http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-875 Lance Basstronaut Sat, 04 Jul 2009 18:54:27 +0000 http://lawshucks.com/?p=2379#comment-875 The charts are fun. Nice job. Though, it kinda reminds me of this sitcom episode where one guy is obsessed with charts and creates a "Pie Chart ranking the city's Bars" and then a "Bar graph ranking his favorite Pies." I had read a random comment on AboveTheLaw that over 90% of BigLaw associates had survived the layoffs. At the time, I thought he might've overestimated, or at least pulled that number out of the air. But your two charts at the bottom w/ RPL and PPP seem to bear that out. So thanks for that info. (Though, I guess the percentages could always be drastically different at lower firms). Not that it's any solace to the 10% or so that have been laid off, but at least the situation isn't as dire as BigLaw being cut in half or some such thing. Happy July 4th!!! The charts are fun. Nice job. Though, it kinda reminds me of this sitcom episode where one guy is obsessed with charts and creates a "Pie Chart ranking the city's Bars" and then a "Bar graph ranking his favorite Pies."

I had read a random comment on AboveTheLaw that over 90% of BigLaw associates had survived the layoffs. At the time, I thought he might've overestimated, or at least pulled that number out of the air. But your two charts at the bottom w/ RPL and PPP seem to bear that out. So thanks for that info. (Though, I guess the percentages could always be drastically different at lower firms). Not that it's any solace to the 10% or so that have been laid off, but at least the situation isn't as dire as BigLaw being cut in half or some such thing.

Happy July 4th!!!

]]> By: Anon http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-874 Anon Sat, 04 Jul 2009 18:36:33 +0000 http://lawshucks.com/?p=2379#comment-874 There have been, and continue to be, very significant stealth layoffs at many firms. You'll be shocked, I'm sure, to discover that not all law firms are honest and forthright about their layoffs. There have been, and continue to be, very significant stealth layoffs at many firms. You'll be shocked, I'm sure, to discover that not all law firms are honest and forthright about their layoffs.

]]> By: lawshucks http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-873 lawshucks Sat, 04 Jul 2009 15:24:34 +0000 http://lawshucks.com/?p=2379#comment-873 Thanks. Re: QE and K&E, I had to draw the line somewhere, so I just went with the straight binary equation- laid people off yes or no? Every firm made the same sort of analysis. In fact, K&E's decision is arguably even more questionable. The firm had gross revenue of $1.4 bn, so they clearly could have kept the people around through the downturn if they wanted. At least they didn't try to be sneaky about it like Freshfields (and countless others) apparently. Thanks. Re: QE and K&E, I had to draw the line somewhere, so I just went with the straight binary equation- laid people off yes or no? Every firm made the same sort of analysis. In fact, K&E's decision is arguably even more questionable. The firm had gross revenue of $1.4 bn, so they clearly could have kept the people around through the downturn if they wanted. At least they didn't try to be sneaky about it like Freshfields (and countless others) apparently.

]]> By: Anonymous http://lawshucks.com/2009/07/the-law-shucks-mid-year-layoff-review/#comment-868 Anonymous Sat, 04 Jul 2009 00:59:30 +0000 http://lawshucks.com/?p=2379#comment-868 Freshfields did have layoffs other than for the closed office. It has conducted significant stealth layoffs in its offices worldwide. Freshfields did have layoffs other than for the closed office. It has conducted significant stealth layoffs in its offices worldwide.

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