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Layoffs in DPW Corporate
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Date: March 6th, 2009 6:25 PM Author: well-lubricated property Subject: Layoffs in DPW Corporate A close friend who works in Davis Polk's corporate department told me there may be layoffs next week. Anyone hearing the same? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11070893) |
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Date: March 6th, 2009 6:25 PM Author: boyish hairless gaping please check to make sure they are not actually doing Bachelor tryouts (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11070897) |
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Date: March 6th, 2009 6:42 PM Author: well-lubricated property I didn't get the whole story, but he said that multiple conference rooms were booked by senior partners...I'll get more later. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071020) |
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Date: March 6th, 2009 6:43 PM Author: boyish hairless gaping make sure to put up dropcloths to protect yourself from the impending BLOODBATH (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071034) |
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Date: March 8th, 2009 2:02 PM Author: Talented ocher associate alpha my secretary said they are actually casting for season 2 of "beauty and the geek" in the conf rooms tomorrow (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082881) |
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Date: March 6th, 2009 6:29 PM Author: mind-boggling nofapping chapel ratface I wouldn't be surprised. Corporate has been really slow everywhere, and DPW's Corporate department feeds the rest of their practices. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11070927) |
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Date: March 6th, 2009 8:37 PM Author: Excitant chestnut kitchen community account nonsense. The capital market is recovering and their deal flow has been picking up. Even if there is pressure to do lay off, DPW will never be the first one among V5 to do so. They are always a market follower, not a leader.
Plus, they haven't shorten their summer program or delay their 1st years starting date. I don't see any sign of lay off at DPW right now. |
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Date: March 8th, 2009 8:08 PM Author: Big haunting locale blood rage Didn't they do a ton of layoffs during one of the past downturns? DPW is notoriously cheap. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085953) |
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Date: March 9th, 2009 10:33 AM Author: Embarrassed to the bone grizzly skinny woman (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11091655) |
Date: March 6th, 2009 7:14 PM Author: violent half-breed french chef Their profits were the worst among the prestigious NYC lockstep firms. Though reputationally they are supposed to be the classiest firm so am assuming will be all stealth and no formal layoffs. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071259) |
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Date: March 6th, 2009 8:39 PM Author: Excitant chestnut kitchen community account That's because DPW is not as leveraged as others. If there is any firm in V5 that will do layoffs, it should be either CSM or Skadden. Their leverages are much higher. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071911) |
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Date: March 6th, 2009 8:42 PM Author: Seedy Thriller Mad Cow Disease Crackhouse Makes sense, but DPW IS laying off people... I wish it wasn't true... |
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Date: March 7th, 2009 6:34 PM Author: House-broken lodge "Though reputationally they are supposed to be the classiest firm so am assuming will be all stealth and no formal layoffs."
Which, ironically, is the least classy way to do them. |
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Date: March 6th, 2009 7:15 PM Author: erotic floppy home dopamine If I were a staff weenie at a big firm, I would rent out all the conference rooms on a friday just for the lulz (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071266) |
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Date: March 6th, 2009 7:24 PM Author: Comical Shaky Forum 180.5 (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071311) |
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Date: March 6th, 2009 8:40 PM Author: brilliant tripping police squad selfie lolol (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071928) |
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Date: March 6th, 2009 8:45 PM Author: Talented ocher associate alpha this would be awesome. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071955) |
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Date: March 7th, 2009 11:19 PM Author: Heady godawful mediation tyft. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11080009) |
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Date: March 6th, 2009 8:41 PM Author: Seedy Thriller Mad Cow Disease Crackhouse It is true, I can confirm this.
From the sound of it, it's no Latham. But there will be layoffs. |
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Date: March 6th, 2009 8:46 PM Author: Excitant chestnut kitchen community account I haven't heard anything. I knew they forced some people out two weeks ago through performance review. But I don't think they need a massive layoff now. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11071977) |
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Date: March 6th, 2009 8:55 PM Author: Seedy Thriller Mad Cow Disease Crackhouse Yup, heard about that too.
I am thinking there will just be more stealth layoffs like that. Nothing massive, as I said (no Latham). |
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Date: March 7th, 2009 2:29 PM Author: well-lubricated property Subject: Conference Rooms Booked for Monday Evidently at the end of the day on Friday, senior partners from DPW's New York office booked several conference rooms for Monday afternoon. I guess they are planning on using the weekend to put things together and the layoffs will begin on Monday. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076204) |
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Date: March 7th, 2009 2:37 PM Author: Passionate autistic orchestra pit I can see them firing some staff - but have a hard time believing they are going to be the first V5 firm to have public layoffs of lawyers. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076254) |
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Date: March 7th, 2009 2:39 PM Author: mind-boggling nofapping chapel ratface Wow. I assumed they were going to do more stealth layoffs, but apparently I was wrong. Just talked to someone I trust at DPW, and she confirmed that the conference rooms were booked and that her partner mentor told her the layoffs were going to be 40-50. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076267) |
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Date: March 7th, 2009 2:51 PM Author: Passionate autistic orchestra pit What partner mentor would be this stupid? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076326) |
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Date: March 7th, 2009 2:53 PM Author: mind-boggling nofapping chapel ratface Evidently they're really close. But to answer your question, pretty stupid I guess. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076340) |
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Date: March 7th, 2009 2:55 PM Author: well-lubricated property 40-50? You sure? I know there are going to be layoffs, but that sounds a bit high. I guess we'll see come Monday. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076347) |
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Date: March 7th, 2009 3:05 PM Author: Passionate autistic orchestra pit (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076396) |
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Date: March 7th, 2009 3:08 PM Author: mind-boggling nofapping chapel ratface Nope. 40-50 attorneys in the NY office. Don't have anything more, but I'm sure ATL will have something come Monday. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076412) |
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Date: March 7th, 2009 3:10 PM Author: Passionate autistic orchestra pit (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076427) |
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Date: March 7th, 2009 4:01 PM Author: pale scourge upon the earth native (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076810) |
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Date: March 7th, 2009 6:13 PM Author: Excitant chestnut kitchen community account 40-50? That's pretty high. But they have a huge incoming 1st year class, too. Oddly enough, they haven't deferred their starting date. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077838) |
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Date: March 7th, 2009 6:19 PM Author: well-lubricated property I suppose numbers that high might make sense if they are primarily laying off older associates. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077861) |
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Date: March 7th, 2009 6:32 PM Author: Excitant chestnut kitchen community account I guess if they plan to lay off people, they will delay the starting date as well. Either way, we are fucked.
What puzzled me is that they actually hired some 3Ls this year. Their summer class is about 110. If things were really this bad, what the hell were they thinking? |
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Date: March 7th, 2009 3:02 PM Author: Talented ocher associate alpha ROFLSKATES (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076380) |
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Date: March 7th, 2009 2:40 PM Author: Mustard love of her life quinn remains? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076277) |
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Date: March 7th, 2009 3:11 PM Author: 180 awkward den trust fund We're all doomed. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076431) |
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Date: March 7th, 2009 4:10 PM Author: Narrow-minded Amethyst Old Irish Cottage domino effect of this would be huge. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076864) |
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Date: March 7th, 2009 4:11 PM Author: bonkers bat-shit-crazy indian lodge ceo This looks true based on 2 big things: 1. Annual partners meeting just happened and 2. Corporate 2nd years are picking a group to join April 1 after the third rotation ends.
-Nervous DPW corporate associate |
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Date: March 7th, 2009 4:22 PM Author: Narrow-minded Amethyst Old Irish Cottage Wouldn't shock me if they are trying to clear out some room for juniors going "above the line." Essentially the problem is seniors haven't been leaving. But who knows. 50 sounds like a lot to me, and reputational shock of going first would be very bad. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11076981) |
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Date: March 7th, 2009 4:27 PM Author: bonkers bat-shit-crazy indian lodge ceo There are a ton of 2nd years so I was thinking more that they would let go of the ones who were not wanted by any group.
40-50 is about 15-20% of NYC corporate associates, which is huge. I'm sure CSM, STB, PW, etc. would follow so I'm not sure how much of a reputational hit the firm would take. |
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Date: March 7th, 2009 4:41 PM Author: Talented ocher associate alpha No way PW gets involved in this. Their profits and hours have gone through the roof thanks to lit and bkrptcy. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077146) |
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Date: March 7th, 2009 4:43 PM Author: violent half-breed french chef I'm just going to stop going into work. If any other major NYC firm follows DPW in doing this, it's all over, why bother. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077156) |
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Date: March 7th, 2009 4:50 PM Author: pale scourge upon the earth native (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077212) |
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Date: March 7th, 2009 4:48 PM Author: Narrow-minded Amethyst Old Irish Cottage I'm sure the cuts will be pretty even along class years, but I expect it will lean towards more senior associates, esp. laterals they hired at the last boom, as those people are more expensive.
Not cool either way for anyone in the V10. |
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Date: March 7th, 2009 4:22 PM Author: pale scourge upon the earth native fill in the blanks for me plz...why would these things suggest its tru?
also, any layoffs in lit or just corp? |
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Date: March 7th, 2009 4:27 PM Author: bonkers bat-shit-crazy indian lodge ceo Just circumstantial evidence. That's all. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077027) |
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Date: March 7th, 2009 4:45 PM Author: pale scourge upon the earth native i do think the rep hit woudl be big, and vault would pay the firm back with a 20 point drop (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077173) |
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Date: March 7th, 2009 4:50 PM Author: Narrow-minded Amethyst Old Irish Cottage Not if all the firms follow suit. BLOODBATH would be putting it mildly. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077218) |
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Date: March 7th, 2009 4:52 PM Author: Talented ocher associate alpha Legal Holocaust is the term I would use. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077229) |
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Date: March 8th, 2009 5:39 PM Author: burgundy odious state mood Even "Holocaust" doesn't quite capture the gravity of 40-50 DPW layoffs.
I would use the term "LEGAL GLOBAL NUCLEAR GENOCIDE" |
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Date: March 7th, 2009 4:52 PM Author: pale scourge upon the earth native fine, but other firms wouldn't need to folow (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077232) |
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Date: March 7th, 2009 5:00 PM Author: Narrow-minded Amethyst Old Irish Cottage Why not? because they have a dramatically different firm structure? better clients? better brand? less leverage? There may be 3 major vault firms that can make that claim.
This isn't like latham. |
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Date: March 7th, 2009 5:12 PM Author: pale scourge upon the earth native less leverage (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077391) |
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Date: March 7th, 2009 5:21 PM Author: Narrow-minded Amethyst Old Irish Cottage you're in for a surprise if you think skadden / csm / s&c and a trashcan full of other firms have less leverage than DPW. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077446) |
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Date: March 7th, 2009 5:21 PM Author: pale scourge upon the earth native yeah i guess ur right (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077452) |
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Date: March 7th, 2009 5:30 PM Author: violent half-breed french chef But they have a lot MOAR profits. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077498) |
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Date: March 7th, 2009 5:32 PM Author: Narrow-minded Amethyst Old Irish Cottage I more than anyone hope you are right, but I have a hard time believing this won't lead to a massive round of layoffs from other "peer" firms. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077514) |
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Date: March 7th, 2009 5:37 PM Author: pale scourge upon the earth native ideally there won't be any such layoffs anywhere..this isn't a fait acompli yet (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077552) |
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Date: March 7th, 2009 5:43 PM Author: violent half-breed french chef I could see a Cravath or STB following the very next day and then it's all over.
Hopefully this is like the Kirkland rumors which seem so far to have been overstated. |
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Date: March 7th, 2009 5:46 PM Author: well-lubricated property Yeah what was up with those Kirkland rumors? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077624) |
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Date: March 8th, 2009 1:44 PM Author: Passionate autistic orchestra pit Skadden as well. No way they won't take this opportunity to dump people.
But what about the Strooks of the world? You gotta think the chain-reaction here would be pretty brutal. |
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Date: March 7th, 2009 4:59 PM Author: boyish hairless gaping We were saying that about Cravath at bonus time. Won't happen. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077289) |
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Date: March 7th, 2009 5:01 PM Author: Narrow-minded Amethyst Old Irish Cottage Well, that was in part because everyone followed (except for the dimwits at Skadden). (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077305) |
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Date: March 7th, 2009 6:26 PM Author: know-it-all useless brakes there were rumours of DPW stealth layoffs for a while. they have so many cap markets associates i guess they got hit harder than more diversified firms. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077904) |
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Date: March 7th, 2009 6:37 PM Author: pale scourge upon the earth native such as? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11077990) |
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Date: March 7th, 2009 6:52 PM Author: white wrinkle just staff cuts; corp assoc may get a salary freeze but no firings of associates. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11078093) |
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Date: March 7th, 2009 6:59 PM Author: pale scourge upon the earth native how could they only freeze corp?
this is bs |
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Date: March 7th, 2009 7:00 PM Author: white wrinkle they'll balance it out with bigger bonuses for corp in the winter OR freeze lit too. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11078177) |
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Date: March 7th, 2009 7:32 PM Author: pale scourge upon the earth native wat r u basing on? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11078501) |
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Date: March 7th, 2009 7:37 PM Author: mind-boggling nofapping chapel ratface That's not what I'm hearing. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11078548) |
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Date: March 8th, 2009 1:34 PM Author: Passionate autistic orchestra pit Not sure how they would freeze salaries when they already increased them. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082715) |
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Date: March 7th, 2009 7:05 PM Author: Magenta costumed church building filthpig DPW has already had stealth “performance layoffs” 10X their usual number. I guess this year performance was really bad at dpw. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11078224) |
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Date: March 7th, 2009 7:40 PM Author: Navy Cerebral Corner Generalized Bond FLAME
lol that the two sources are "firebrand" and "infamousglow". old school flame clues. |
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Date: March 7th, 2009 10:46 PM Author: Dashing principal's office juggernaut Could be a flamer, but there are definitely layoffs happening next week. I don't think it's going to be 50 though. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11079776) |
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Date: March 7th, 2009 11:58 PM Author: Excitant chestnut kitchen community account Subject: DPW's head count per their website as of Today, March 7, 2009. Partner: 166
Associate: 470
Counsel: 43
Senior Counsel: 27
Clerk: 96
Let's see if any change occurs in the next few days. |
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Date: March 9th, 2009 11:30 AM Author: Emerald Adventurous Field Mad-dog Skullcap this shows a decently low leverage for a larger NYC firm. Nothing to worry about. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11091927) |
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Date: March 8th, 2009 10:34 AM Author: marvelous gay wizard personal credit line This is complete bs. There will not be layoffs Monday. Any DPW corporate associate spending time scanning law school admissions message boards for layoff news needs to re-evaluate his or her life choices and calm the f*ck down. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082006) |
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Date: March 8th, 2009 10:37 AM Author: thirsty bistre legal warrant spot Keep telling yourself that. DPW has been doing stealth layoffs for a few weeks now (just a few associates here and there, though), that's a fact.
Sorry that you work at a shiTTTY firm with SUCH NICE PEOPLE |
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Date: March 8th, 2009 10:57 AM Author: marvelous gay wizard personal credit line The people aren't nice. DPW is just as brutal as any other firm, albeit with far fewer screamers. It's a different kind of passive-aggressive brutal that is far more psychologically torturous than being yelled at and so on.
It's no secret that there have been "performance based" / "stealth" layoffs going on at DPW. It's difficult to discern whether this is to keep pace with "normal attrition" or is an increase year-over-year because of economic conditions. Maybe you law school kids haven't noticed yet, but the economy is in the toilet and no firm is better positioned to be aware of that fact than DPW given the nature of the high profile matters DPW is working on right now.
Perhaps if the biglaw market hadn't jacked up the starting salary of a first year to 160k per plus bonus, the blows all the firms are taking now would be easier to take. 160k for some schmuck who does a crappier job than a second year legal assistant at organizing my closing documents is outrageous. And 100+ 160k mouths to feed is ugly, since only a few of those 100+ kids can find their ass with two hands and most create virtually no economic upside for the firms.
Anyway, DPW laying off 40-50 associates right after the annual partners' meeting, which includes a big cocktail party for associates and partners, is not going to happen. Besides, the "evidence" of the conference room reservations is nonsense. The only people with access to listings of WHO has reserved a particular conference room are the receptionists. It possible to see that conference room whatever has been reserved from thus time to such time, but the general online system doesn't give out the info of who has the room, for obvious reasons.
It's all bullshit, son. |
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Date: March 8th, 2009 10:59 AM Author: thirsty bistre legal warrant spot I never buy into the "conference room" nonsense. And I don't think DPW wold layoff 40-50 either. But I've said, and I'm going to say again, that when the dust settles, DPW would have laid off ("performance" or otherwise) 5x the people it normally does. I'm thinking 20 people or so in total (including those already gone). (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082055) |
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Date: March 8th, 2009 11:18 AM Author: marvelous gay wizard personal credit line Possible. The whole point of the "stealth" layoff approach is to make it difficult to tell who is being pushed out and who just happened to be pulled to something else at around the same time. So, maybe there will be 20 fewer midlevels and seniors on the roster in the next few months. Doubtless some of them will have been asked to leave. But putting an exact (or even rough) number on it is pretty difficult.
Very few of the big law firms are actually managed well (or even marginally OK). Since a lot of lawyers wind up being lawyers at least in part because of risk aversion and distaste (or fear) of being a "business person," we wind up with a whole slew of organizations that generate hundreds of millions of dollars per year in revenue but have no reasonably commensurate management. Surprise, surprise -- you wind up with shitty business decisions (e.g. 160k for a 24 year old law grad who is still figuring out how his dick works), terrible policies, non-legal administrative people running amok, ad astra, ad infinitum. |
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Date: March 8th, 2009 11:20 AM Author: violent half-breed french chef Were they really "performance" based in that these people were among the bottom 25% or so? Or were they more like concocted BS? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082080) |
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Date: March 8th, 2009 11:42 AM Author: marvelous gay wizard personal credit line It's generally a mix of "performance" and politics at all the firms. Partners are more likely to keep on a passably intelligent associate who bills consistently and doesn't otherwise rock the boat than a highly intelligent associate who doesn't get along with this or that prima donna partner or who otherwise doesn't "fit" with the particular firm's culture. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082139) |
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Date: March 8th, 2009 11:43 AM Author: violent half-breed french chef That's pretty reasonable I would say. Happens in every economy, just more so now. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082142) |
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Date: March 8th, 2009 11:46 AM Author: thirsty bistre legal warrant spot "particular firm's culture"
lol, and I thought you were serious all along. Nice flame. |
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Date: March 8th, 2009 11:54 AM Author: marvelous gay wizard personal credit line You don't think politics / culture fit (read that however you like -- but I mean getting along with the people you work with) is a real factor in keeping one's job? Huh? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082199) |
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Date: March 8th, 2009 11:14 AM Author: Dashing principal's office juggernaut Pleistocene, you're a DPW stooge. Way to drink the cool-aid. I'm sure you'll be fine when the layoffs happen, since clearly you are so busy these days.
Have you ever thought that the receptionists, who can see who reserved a room, might talk to associates. You're right, that's a ridiculous concept. You know why, because DPW's "nice" associates are too worried about losing their jobs. |
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Date: March 8th, 2009 11:24 AM Author: marvelous gay wizard personal credit line Oh noes! Some cheesedick law student thinks I'm a DPW stooge! Whatever shall I do???
I seem to recall that I just said that people are not, in fact, nice at DPW. It's one thing to be friendly (i.e. "nice") with the receptionists. It's another to hang around the receptionists' desks mining them for who booked what conference room. I worked as support staff (true support, not legal assistant) at a DPW-esque law firm before I became a lawyer. I would not have passed that kind of information to an associate. Support staff are, generally, eternal. Associates come and go all the time. The receptionists aren't dumb. They know that giving out that kind of info will lead to trouble, and potentially trouble for them, all for "friendship" with "nice" associates. What. Ever. |
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Date: March 8th, 2009 1:16 PM Author: Dashing principal's office juggernaut Not a law student. Also, your complaints about this board being only used by law students and about admissions--which it isn't--are strange given that you purport to be a lawyer yourself.
I have several friendships with support staff members and they always let me know when something is going on. Although I admit if you were a support staff member, as you claim, I probably would have difficulty getting through your air of douchebaggery.
DPW-esque? Really? Is that what they are calling McDonalds now? If you did, in fact, work at a DPW-esque firm before law school, clearly you aren't now. Why? Because you went to a TTT law school, and ended up working in a TTT law firm.
Finally, I actually do work at a V5 law firm, and many of my friends work at DPW. The layoffs are happening; they are happening Monday; we don't know how bad they will be, so why don't we just all wait and see what happens. |
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Date: March 8th, 2009 1:27 PM Author: Passionate autistic orchestra pit Are you friends with partners at DPW? How would the associates know anyway? My DPW contacts seem to have no clue. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082680) |
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Date: March 8th, 2009 3:45 PM Author: marvelous gay wizard personal credit line I'm a corporate associate at DPW and I went to a USNWR "top 5" law school. The DPW-esque firm I worked at was one of our so-called peer firms.
Strangely enough, I don't spend time hanging out on these kinds of boards because, well, because of douchesacs like you, which explains why I wasn't aware that a website that bills itself as about law admissions is really filled with associates bloviating and hurling calumnies and lies anonymously. You were the johnny-come-notly who showed up and started with the ad hominems and a lot of unsubstantiated bullshit about how there are layoffs surely in store on Monday.
I'll tell you what: if you are right, I'll meet you on the corner of 45th and Lex Monday at 5:30 and you can give me a shot to the gut. If you're wrong, why don't you show up, same place same time, and I'll stick my benchmade into your jugular? It should be an easy walk across the street from STB, a straight shot up on the 6 from S&C or CGSH, or a quick walk over from WLRK or CSM. Put your body where your mouth is, fucker, if you are so certain. Or cram it sideways with fishhooks. |
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Date: March 8th, 2009 3:50 PM Author: Soul-stirring set For someone who complained about "douchesacs" on this site, you certainly have done a fair job portraying yourself as one. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083735) |
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Date: March 8th, 2009 4:00 PM Author: marvelous gay wizard personal credit line When fired upon, I return fire. If you go through the chronology of posts, you will notice that I didn't start with the douchebaggery. All I did was say that this is a bs rumor and people should chill out. This was met by cat calls about third tier toilets and so forth and so on and I responded accordingly. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083812) |
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Date: March 8th, 2009 4:46 PM Author: Soul-stirring set lol. Sure thing hoss. You're a fucking douchebag, bigger than any DPW nay-sayer on the thread. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084189) |
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Date: March 8th, 2009 5:05 PM Author: marvelous gay wizard personal credit line We're all douchebags, you clown. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084299) |
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Date: March 8th, 2009 4:00 PM Author: Navy Cerebral Corner Generalized Bond i agree with what you've been saying on this thread, but you really come across as a weirdo in this post. "I'll stick my benchmade into your jugular"...what?
or maybe you're a 60 yo partner doing damage control? |
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Date: March 8th, 2009 4:04 PM Author: marvelous gay wizard personal credit line Or maybe I'm just poking fun at the anonymous tough-guys who come on these sorts of boards and say retarded crap for lulz. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083846) |
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Date: March 8th, 2009 4:06 PM Author: marvelous gay wizard personal credit line $100 to the first person who can find me a 60 y o partner who knows what "lulz" means. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083865) |
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Date: March 8th, 2009 4:20 PM Author: Navy Cerebral Corner Generalized Bond plz stop posting, you're making DPW look bad (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083983) |
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Date: March 8th, 2009 4:23 PM Author: marvelous gay wizard personal credit line I think you over-estimate the importance of random crap on obscure message boards. No one cares. Anyone who would take any of this nonsense seriously is a tool. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084002) |
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Date: March 8th, 2009 4:48 PM Author: Mustard love of her life after reading your nutso posts, I'm really convinced about how different and NICE everyone at DPW is. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084198) |
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Date: March 8th, 2009 5:10 PM Author: marvelous gay wizard personal credit line Good. I hope the net effect of my posts has been to discourage people from coming here. We don't need to add to our headcount, as is obvious from the subject under discussion. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084339) |
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Date: March 8th, 2009 5:34 PM Author: Mustard love of her life Shouldn't you be ripping lines and headbutting secretaries who don't provide you their blacklines on time?
YOU ARE SO FUCKING INTENZZZZZZZZZ |
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Date: March 8th, 2009 5:59 PM Author: marvelous gay wizard personal credit line Yeah, that's exactly how we roll at DPW. This is all rich coming from someone whose moniker is "king shit of fuck mountain." (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084821) |
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Date: March 8th, 2009 6:01 PM Author: Mustard love of her life WHY WOULD YOU WANT TO FUCK WITH ME (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084846) |
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Date: March 8th, 2009 6:04 PM Author: marvelous gay wizard personal credit line It was funnier, much, much funnier, when Bob Odenkirk did it. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084863) |
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Date: March 8th, 2009 12:08 PM Author: Magenta costumed church building filthpig The reason all these firms “performance” layoffs are bullshit is because they are primarily hitting the areas which have slowed the most. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082261) |
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Date: March 8th, 2009 12:11 PM Author: pale scourge upon the earth native that's kinda the point. Less work=less hours=worse performance. Doesn't mean it's "fair" but what is/ (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082269) |
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Date: March 8th, 2009 12:14 PM Author: Magenta costumed church building filthpig Yeah, but that’s the definition of economic layoff. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082283) |
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Date: March 8th, 2009 10:41 PM Author: Lilac gaming laptop Typical bullshit rhetoric that junior associates can't do anything. Yet firms bill them out at close to $400/hour and clients pay it. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087419) |
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Date: March 8th, 2009 10:48 PM Author: Magenta costumed church building filthpig I take it you haven’t worked with too many first year associates. In my experience the majority of first years fall in the category of “useless.” They are seen as more of a burden than anything else, at least for the first 6 or so months. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087522) |
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Date: March 8th, 2009 11:11 PM Author: marvelous gay wizard personal credit line There are of course first years who kick ass, but they are few and far between. A lot of first year time gets written off depending on how much a particular client complains about paying out the ass for what amounts to on-the-job training. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087837) |
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Date: March 8th, 2009 11:22 PM Author: white wrinkle are your initials cm? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087983) |
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Date: March 8th, 2009 11:24 PM Author: Narrow-minded Amethyst Old Irish Cottage Dood, this guy is being very helpful - don't try to out him. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088013) |
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Date: March 8th, 2009 11:30 PM Author: white wrinkle tomorrow, he'll need help finding the file he saved his resume under during oci. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088094) |
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Date: March 8th, 2009 11:33 PM Author: pale scourge upon the earth native ?? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088128) |
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Date: March 8th, 2009 11:33 PM Author: Narrow-minded Amethyst Old Irish Cottage If Hazelrah can get laid off, so can anyone. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088129) |
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Date: March 8th, 2009 11:40 PM Author: marvelous gay wizard personal credit line My initials are "bite my shiny metal ass." (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088221) |
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Date: March 8th, 2009 11:53 AM Author: Charcoal meetinghouse this hasn't really been a law school "admissions" board in years.
the majority of people here are(/were) first through fifth years or so. |
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Date: March 8th, 2009 11:56 AM Author: marvelous gay wizard personal credit line Hm. Okay. Well, there are a lot of first - fifth years here who give the impression of being know-nothing bozos (AKA clueless law students), then. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082212) |
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Date: March 8th, 2009 10:37 AM Author: thirsty bistre legal warrant spot BUT THE PEOPLE AT DPW ARE SO NICE!!1!1!!!one!!11one!!1 (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082017) |
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Date: March 8th, 2009 1:25 PM Author: Passionate autistic orchestra pit This is probably mostly flame - with some truth mixed in. It is very elaborate flame though, because the timing of doing layoffs now makes a lot of sense.
-DPW annual partners meeting last week -DPW Finance meeting on saturday -2nd year corp associates need to pick groups, seniors have not been leaving, so need to clear space -need to avoid laying off associates during the summer program.
However, -cannot tell who booked conference rooms unless you are in that department -no way a partner would tell an associate about this, no matter how "close" they are -doubtful that DPW would have formal layoffs and be the first V5 to layoff 50 lawyers. More likely they need to dump some dead wood seniors who aren't going to be partners and who won't be busy for a few years (and will then leave once the economy recovers anyway). |
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Date: March 8th, 2009 1:34 PM Author: Excitant chestnut kitchen community account I will have to agree with you. I can't believe that the partner will be stupid enough to tell an associate about pending layoffs.
This doesn't make sense. They are always a follower, not a market leader, for good or bad.
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Date: March 8th, 2009 1:46 PM Author: Magenta costumed church building filthpig Always?
Didn’t they try to lead with their zero bonuses back in 2001/2? |
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Date: March 8th, 2009 1:47 PM Author: Passionate autistic orchestra pit they got absolutely murdered for that. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11082787) |
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Date: March 8th, 2009 4:11 PM Author: marvelous gay wizard personal credit line Agreed. And I would add that DPW fucked up its morale by cementing the half-Skadden bonuses immediately after CSM and STB. It would have been much more in keeping with post-2001 zero-bonus-disaster policy to wait until the market had truly settled before announcing. I got angry calls all through the first week of December from my friends at non-fucked firms (e.g. PW) saying "thanks to you assholes I'm going to get hosed, too." (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083913) |
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Date: March 8th, 2009 4:16 PM Author: Excitant chestnut kitchen community account They have to pay less bonuses. They were not in a position to pay more. The ppp dropped by 17% and the partners were taking a hit, too. It would be weird to see the partners taking a big hit while the associates don't. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083951) |
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Date: March 8th, 2009 4:21 PM Author: marvelous gay wizard personal credit line At the time, the firm line was more or less "we are doing really well in this market," and that seemed borne out by all of the TARP / meltdown related work we have been doing. With the hindsight of the 17% drop in PPP (a drop off of 2007 numbers was to be expected because 2007 was an absurdly good year, but -17% to below $2M PPP was unexpected), which came out only a few weeks ago, it makes complete sense, I agree.
But the timing was still strange. They could very well have waited for the market to settle, which is what they have done post-2001, rather than taking part in setting the market, which is what they did by announcing when they did. |
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Date: March 8th, 2009 4:29 PM Author: Excitant chestnut kitchen community account I highly doubt that the TARP related work could fully make up the lack of capital market & M&A work. But I notice that the capital market work is starting picking up in recent weeks. Hopefully they will be better positioned than they were last year. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084030) |
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Date: March 8th, 2009 4:34 PM Author: marvelous gay wizard personal credit line You are correct, of course. Meltdown-related work couldn't make up for the lack of cap m and M&A deals in Q3 and Q4 08, but departments that had been pretty dead for a while (e.g. credit) had picked up as well. No one in a position to know let on that things were as bad as they were. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084075) |
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Date: March 8th, 2009 4:50 PM Author: Excitant chestnut kitchen community account They were also affected by the lackluster performance by Morgan Stanley on M&A last year. This year, MS and Citi are doing great partly due to the demise of their competitors so hopefully that will have positive effect on DPW. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084213) |
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Date: March 8th, 2009 5:13 PM Author: marvelous gay wizard personal credit line Yeah, Citi is kicking ass. That's why their common closed at a shade over a dollar on Friday, with a market cap of $5.5B on assets of $2T. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084361) |
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Date: March 8th, 2009 5:21 PM Author: Excitant chestnut kitchen community account I meant their investment banking unit. Of course, Citigroup as a whole is finished. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084427) |
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Date: March 8th, 2009 4:32 PM Author: Navy Cerebral Corner Generalized Bond wasnt the TARP stuff just low-cost bullshit undertaken only for prestige? from a recruit's perspective it might actually indicate over-reliance on banking clients. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084058) |
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Date: March 8th, 2009 4:37 PM Author: Excitant chestnut kitchen community account No. They don't do the mundane TARP work. They represent private banks and NY fed. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084101) |
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Date: March 8th, 2009 4:39 PM Author: marvelous gay wizard personal credit line Somehow I doubt DPW is seeing huge dollars on the work being done for Fed/Treasury. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084121) |
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Date: March 8th, 2009 4:47 PM Author: Excitant chestnut kitchen community account Well. The point is that if they are spending 150 billion dollars to bail out AIG, several millions of attorneys' fee seems trivial. The AIG transaction is so complex and the stakes are so high that the government cannot rely on its own lawyers to do the job. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084195) |
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Date: March 8th, 2009 4:54 PM Author: Navy Cerebral Corner Generalized Bond so you think the gov't is going to pay $350/hr for 25 year olds and $1000 for partners to do work that a dozen other firms with the same quality attorneys could easily do? lol keep dreaming. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084238) |
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Date: March 8th, 2009 5:07 PM Author: marvelous gay wizard personal credit line The gov't didn't have much choice in picking DPW to deal with AIG, but I doubt that they are paying normal rates given the political climate w/r/t the AIG bailout in particular. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084316) |
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Date: March 8th, 2009 5:16 PM Author: violent half-breed french chef In that the other big firms were conflicted out?
I think STB capped their fees at 100k for some work they were doing for the government, I think the fee application was posted online somewhere, so this type of government work is more for prestige/influence than for $$$. |
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Date: March 8th, 2009 5:20 PM Author: marvelous gay wizard personal credit line I think there was something floating around about STB capping fees on something for the gov't at 350K, but that is not much of a difference from 100K relative to what fees normally are.
No, not conflicted out so far as I know. DPW was in the right place at the right time (so to speak), that's all. |
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Date: March 8th, 2009 5:28 PM Author: violent half-breed french chef I would have loved to see taxpayers' reaction to "premium billing". (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084504) |
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Date: March 8th, 2009 5:33 PM Author: marvelous gay wizard personal credit line Exactly. There have already been half a dozen stories about AIG blowing cash on stupid bullshit and senators getting all pissy about it. I'm sure someone at Treasury has their sphincter seriously puckered w/r/t legal fees. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084559) |
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Date: March 8th, 2009 10:57 PM Author: Narrow-minded Amethyst Old Irish Cottage This may be a distinction without a difference at this point, but my understand was that AIG was paying DPW for the fed's legal bill. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087635) |
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Date: March 8th, 2009 6:04 PM Author: Hairraiser Fortuitous Meteor Every firm capable of running a deal akin to the government bailout of AIG would have fees at least as high as those you are suggesting. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084871) |
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Date: March 8th, 2009 8:12 PM Author: Navy Cerebral Corner Generalized Bond yeah but the point is there's competition to get the work cuz of the prestige (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085993) |
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Date: March 8th, 2009 4:37 PM Author: marvelous gay wizard personal credit line Yes and no on the TARP stuff, but most likely yes it wasn't very profitable in the short term if profitable at all on any time scale. Most New York firms are over-reliant on financial institution clients in one way or another. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084110) |
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Date: March 8th, 2009 3:57 PM Author: marvelous gay wizard personal credit line The proximity of the annual meeting and the finance meeting are actually, or just as equally, reasons why this is not coming on Monday or any time in the immediate future. Let's suppose that such a decision were made in the last few days -- it takes a bureaucratic behemoth like DPW a lot longer than a couple of days to figure out who to get rid of and go through all of the related process. I agree that if management does something of this sort--and that is a very outsized if--it would likely be done before the summers show up, though doing it after the summers leave would be even better. It's not like the summers won't know about it and be demoralized if it happens sometime between now and when they show up. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083794) |
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Date: March 8th, 2009 11:00 PM Author: Narrow-minded Amethyst Old Irish Cottage In theory - the layoffs are just in NY - so they could have started to process weeks ago with the NY partners.
Also, if the theory here is that juniors are not being adequately trained, seems to make sense to axe people now rather than wait for the summers to leave six months from now.
that being said, the summer thing is one of those "would be nice if we didn't have to do that" sort of thing - not required by any stretch.
I have no idea. I just know that the V10 as a whole will feel much less shy about dumping people if DPW does it - and that is bad for everyone. |
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Date: October 10th, 2011 4:16 PM Author: duck-like address (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#19142607) |
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Date: March 8th, 2009 4:15 PM Author: tantric senate degenerate lol are there going to be layoff rumors now every time senior partners book conference rooms at a biglaw firm? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11083942) |
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Date: March 8th, 2009 4:37 PM Author: Azure slap-happy parlour PWN PWN PWN
MOAR PROFITS |
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Date: March 8th, 2009 4:43 PM Author: bat shit crazy step-uncle's house sex offender I am a corporate associate at DPW and have been laid off recently. Word is that over 40 have already been laid off, and I'm sure more will be sent away. The way they do it is to give notice (3 months), so looking for immediate changes in headcount online isn't going to reveal anything. I believe they are staggering layoffs intentionally to avoid the appearance of a mass layoff, but they ARE happening.
A lot of people are doing absolutely nothing at DPW and a summer class of 120 is on their way (along with 120 more bodies come fall). Clearly, no one is leaving voluntarily, so it will be inevitable. Anyone who thinks everything is peachy at DPW is fooling himself. |
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Date: March 8th, 2009 4:47 PM Author: Navy Cerebral Corner Generalized Bond give some detail about DPW so someone like Pleistocene can confirm that you worked there (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084192) |
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Date: March 8th, 2009 4:50 PM Author: bat shit crazy step-uncle's house sex offender Not sure what might convince him/her, but I can say that "Taste of India" was the lunch menu this past Friday.
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Date: March 8th, 2009 4:52 PM Author: Navy Cerebral Corner Generalized Bond ty. sorry about your job man. what do you think you'll do next? DPW on your resume can't hurt. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084223) |
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Date: March 8th, 2009 5:04 PM Author: bat shit crazy step-uncle's house sex offender Thanks. Definitely can't hurt, but not sure it'll help much either in this market.
Still trying to get used to the idea of job searching, but I think I'll have to cast a wide net and look at a lot of different options if I want to find a new job anytime soon. |
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Date: March 8th, 2009 5:13 PM Author: Excitant chestnut kitchen community account I hope the economy will turn around faster so every one will be happy again. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084360) |
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Date: March 8th, 2009 11:36 PM Author: contagious brunch deer antler mmmmmmmm chicken vindaloo nomnomnom (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088163) |
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Date: March 8th, 2009 4:53 PM Author: Excitant chestnut kitchen community account The number is wrong. The incoming summer class is about 110. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084228) |
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Date: March 8th, 2009 4:55 PM Author: bat shit crazy step-uncle's house sex offender The email from Sharon Crane on 2/23 says there will be 119 summers (110 in NY and 9 in Menlo Park) (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084241) |
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Date: March 8th, 2009 5:04 PM Author: marvelous gay wizard personal credit line This is correct... "from 19 different law schools." (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084293) |
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Date: March 8th, 2009 5:18 PM Author: Excitant chestnut kitchen community account It's quite amazing that they haven't cut back their summer hiring. Both S&C and Cravath have smaller summer classes. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084401) |
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Date: March 8th, 2009 5:24 PM Author: pale scourge upon the earth native i'm sure the budget will be cut, as it will everywhere (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084460) |
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Date: March 8th, 2009 5:26 PM Author: marvelous gay wizard personal credit line A few firms learned the summer hiring (er, overhiring) lesson from the 2001 cycle. Many firms wound up with over-sized summer classes in 2002 because they were unable or unwilling to change hiring targets in the immediate aftermath 9/11. DPW kept steaming towards the iceberg even after it was clear (by Sept 1 2008 at the latest) even to lowly associates such as yours truly that there would be fuck-all for the summers to do in 2009. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084485) |
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Date: March 8th, 2009 6:10 PM Author: burgundy odious state mood It sounds like you (nyconsigliere) are getting a much worse deal than Lathem associates who get laid off, right?
They got 6 months pay, you are getting 3 months notice with probably the vague feeling you have to show up sometimes and/or finish up old assignments and keep up with e-mail. Also no formal recognition this is economic and not performance. |
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Date: March 8th, 2009 6:16 PM Author: marvelous gay wizard personal credit line This is why someone earlier in the thread pointed out the irony of "stealth" layoffs being less classy than straight-up economic layoffs, yet stealth layoffs is the approach of choice for "classy" firms. It's bullshit that DPW associates are getting this three month notice garbage in this market (who the hell is going to find a comparable job in 3 months??) while LW is paying 6 months and acknowledging that it's economic and not performance based. DPW has seriously broken faith and morale is suffering as a result. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11084967) |
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Date: March 8th, 2009 6:33 PM Author: burgundy odious state mood I think it would be bad for morale of everyone to be there with an office, secretary, web bio, and so on, and then have someone give ask you do to something and face the choice of (1) explaining that you don't have to do it because you have been laid off and are in the notice period (2) suck it up and do the work in the vain hope that they will reconsider the layoff or remember this later and possibly hire you back. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085115) |
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Date: March 8th, 2009 6:36 PM Author: violent half-breed french chef They usually let staffing, etc. know. Option 2 is incredibly beta. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085143) |
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Date: March 8th, 2009 7:04 PM Author: bat shit crazy step-uncle's house sex offender We certainly got a worse deal than Latham. I still show up but was told that I wouldn't be getting any new assignments and was subtly told to keep mum about being laid off. They justify the 3 month notice by saying that you still have the semblance of having a job while looking for a new one (the partner even said "we're not the type of place that tells you to clean up your office the same day"). But agreed that this is BS. I am positive it will take longer than 3 months to get a new job. I think only the firm benefits from the notice system - again, a way to be stealth about it. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085391) |
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Date: March 8th, 2009 7:07 PM Author: bossy beady-eyed gas station place of business No severance = no incentive to keep mum. Tell them they of all people should appreciate what this might result it. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085415) |
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Date: March 8th, 2009 7:22 PM Author: bat shit crazy step-uncle's house sex offender One would think, right? Except they can just as easily curtail your notice period. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085544) |
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Date: March 8th, 2009 7:23 PM Author: marvelous gay wizard personal credit line That's right; threaten your employer as they are trying to get rid of you anyway. That will go over well.
Everyone knows what's going on at DPW. Management is either aware of the firm being supremely fucked in a way that makes this change in "culture" necessary or hasn't thought through how bad this all is for morale. Either way, there's not much that can be done to change the situation. |
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Date: March 8th, 2009 7:08 PM Author: Excitant chestnut kitchen community account Good luck. I hope you can find a new job soon. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085429) |
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Date: March 8th, 2009 7:20 PM Author: marvelous gay wizard personal credit line In a different market--one in which a DPW associate could easily find a job in three months (i.e. the way it has been for a long, long time)--the "stealth" is a benefit to the associate because the associate gets to present him or herself to prospective employers as wanting to move sua sponte, not as being pushed out. This three month thing at DPW is new; in the past DPW has gone out of its way to make sure that people didn't leave without jobs to go to. In this shit-show market with all of the public layoffs and rumors of "stealth" layoffs everywhere else, DPW has apparently decided that it's every lawyer for him or herself. This is another way in which DPW has broken the faith and fucked up morale. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085529) |
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Date: March 8th, 2009 5:17 PM Author: violent half-breed french chef Any particular patterns you've noticed in terms of who they've been asking (i.e. concentrated in certain departments or class years)?
I guess in a more normal economy, they'd be giving 6 months at the annual reviews and wouldn't do doing this many. |
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Date: March 8th, 2009 7:55 PM Author: bat shit crazy step-uncle's house sex offender I think they are targeting the slower corporate departments (cap markets, derivatives, M&A, credit) but haven't noticed any specific pattern in that regard. They are also sending away people of all class years (as junior as 2nd years and as senior as 6th years).
Doesn't look like anyone is safe. People who slaved away for years have gotten the boot. |
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Date: March 8th, 2009 8:24 PM Author: marvelous gay wizard personal credit line Wow. 2nd years?? Class of '07? That is news to me. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086099) |
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Date: March 8th, 2009 8:54 PM Author: bat shit crazy step-uncle's house sex offender It's true. I don't find it all that surprising given that "above the line" assignments will be coming soon. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086378) |
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Date: March 8th, 2009 8:57 PM Author: marvelous gay wizard personal credit line God, that is fucking brutal. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086402) |
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Date: March 8th, 2009 9:04 PM Author: Navy Cerebral Corner Generalized Bond what's an above the line assignment? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086469) |
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Date: March 8th, 2009 9:36 PM Author: violent half-breed french chef Their 1st and 2nd years in corporate do 3 rotations and then pick one group permanently around now. So it's a natural opportunity to get rid of a bunch of them e.g. there's only 5 spots in M&A and 50 second years choosing it as their first choice. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086742) |
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Date: March 8th, 2009 10:34 PM Author: marvelous gay wizard personal credit line The 2nd years don't just pick one group. They are asked to rank all of the groups within corporate that they are interested in joining (litigation and tax don't do a rotation system at all) after their third six-month rotation -- timed to end on April 1 of 2nd year. In the past it has generally been possible to do a fourth rotation if an associate desires to do so. It's not an elimination system. They'll all get placed above the line somewhere unless there is some insane doomsday scenario in the works, which is highly unlikely. I'm amazed that even one or two second years have been pushed. Mass layoffs of 2nd years would probably result in DPW being banned from on campus recruiting from a few schools at least unless a slew of other firms follow suit. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087327) |
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Date: March 8th, 2009 10:57 PM Author: bat shit crazy step-uncle's house sex offender I was pretty amazed that 2nd years were getting cut as well. It seems so wrong. But economically, getting rid of 1st - 3rd years makes the most sense IF they can get away with it by being super stealth.
Which brings up another point - I have told the career service office at my law school about my story and the situation at DPW. I would encourage anyone out there to also alert their law schools' office of career services about firms that are acting like this. I know some schools are keeping tabs on these things, but it may be hard for them to monitor stealth layoffs - but obviously, they should know. |
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Date: March 8th, 2009 11:05 PM Author: Narrow-minded Amethyst Old Irish Cottage Sorry if you've mentioned this already - but what year are you? junior/ midlevel / senior? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087749) |
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Date: March 8th, 2009 11:11 PM Author: bat shit crazy step-uncle's house sex offender Rather not give a specific year, but I'm somewhere around junior/mid (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087825) |
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Date: March 8th, 2009 11:13 PM Author: Narrow-minded Amethyst Old Irish Cottage Fucking blows dood. I'm sure many more of us will be joining you soon, if that makes you feel better.
BTW, do you still have to come into work? I totally would take my stuff home and never come back. |
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Date: March 8th, 2009 11:17 PM Author: pale scourge upon the earth native its not like anyone's in a position to pick where they go right now...2Ls will gladly sign up and take offers anywhere next fall. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087912) |
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Date: March 8th, 2009 11:24 PM Author: bat shit crazy step-uncle's house sex offender Actually, the top students at the top schools will still have many offers (can't say the same for everyone else), and the top firms will compete to get these students. It's mostly these kids who will need this info when it comes time to chose between CSM, S&C, STB, DPW, etc this fall.
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Date: March 8th, 2009 11:26 PM Author: pale scourge upon the earth native You think CSM, S&C, STB and everyone else aren't doing, or won't be doing, the same thing as DPW? Give me a break. This is acrosstheboard, and is not something ppl should be surprised about. The economy is absoulte crap right now. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088058) |
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Date: March 8th, 2009 11:29 PM Author: Narrow-minded Amethyst Old Irish Cottage At least some of the other firms hired smaller summer classes. Not sure wtf DPW was thinking on that front. Sign of very bad management. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088083) |
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Date: March 8th, 2009 11:30 PM Author: pale scourge upon the earth native eveyrone and their brother had an offer at CSM this year. dunno about S&C/stb, but i'd think CSM's class went up actually (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088097) |
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Date: March 8th, 2009 11:32 PM Author: Narrow-minded Amethyst Old Irish Cottage I thought someone said it was like 80, while DPW's was 120? That's an enormous difference.
Also CSM has been much clearer about the shitty state of the economy and the firm's future (or, at least, the associates' future). Have to give them credit for that. |
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Date: March 9th, 2009 12:04 AM Author: Excitant chestnut kitchen community account CSM has 100 SAs this year (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088536) |
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Date: March 9th, 2009 12:24 AM Author: Narrow-minded Amethyst Old Irish Cottage Jesus wtf are these kids going to do. Last summer was bad enough already. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088878) |
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Date: March 9th, 2009 12:35 AM Author: marvelous gay wizard personal credit line Same shit they did during summer of 2002--go to lunch and write emails about how they don't do any work and accidentally send them to distribution lists including partners. Law firm summer camp, as usual. The boondoggle of a lifetime. Only this time it will have the distinct feeling of the string quartet playing on the deck of the Titanic while the lifeboats are getting lowered. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11089043) |
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Date: March 8th, 2009 11:41 PM Author: bat shit crazy step-uncle's house sex offender They may all do the same thing, but they may also not. Particularly with respect to junior associates - I don't think all these firms are laying off or will lay off 1st and 2nd years (this would be most relevant to incoming associates).
I had offers everywhere when I went through OCI. If I could go back in time, I would have chosen any other firm. Latham would have been a good choice. At least they're being public about layoffs and offering a real severance package. |
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Date: March 8th, 2009 9:37 PM Author: violent half-breed french chef That's very unfortunante (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086748) |
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Date: March 8th, 2009 5:17 PM Author: marvelous gay wizard personal credit line I am sorry too. The situation totally sucks and is due to crappy management more than any other factor. You are exactly right in that DPW will shed whomever it is going to (or has) shed without doing public layoffs unless something incredibly dramatic is going on behind the scenes. As I said, the people that know are too smart and too image-conscious to say, regardless of what some big-mouth low- or mid-level partner told his or her hypothetical associate mentee.
Good luck with the job search. |
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Date: March 9th, 2009 1:43 PM Author: primrose angry antidepressant drug toilet seat Subject: CORRECT nyconsigliere is correct. Stealth layoffs happen at DPW. It hits a lot of laterals. Seems as if they try to keep their home grown as long as possible. 3 months notice, though you still have to work on current matters (i.e. billing 180 hours in January). It sucks. Great reviews, great feedback and suddenly it's "sorry, we don't think you will make partner here and therefore it's only fair to you that we let you go now!" fair my a**....!! Soup of the day was carrot/ginger buisque (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11092790) |
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Date: March 8th, 2009 6:38 PM Author: bossy beady-eyed gas station place of business Like ptbarnum said, the day a V5 does public layoffs is the day I stop going to work. At that point it's over. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085159) |
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Date: March 8th, 2009 7:46 PM Author: Magenta costumed church building filthpig What saves the V5 from doing public layoffs is that the associates there will always remain more tight lipped than those at lower ranked firms. This includes both associates who remain as well as those who were laid off. If cwt let go of 3 associates ATL would get 200 tips within the hour. V5 associates are so concerned with the reputation of their firm that nobody will say a word. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11085738) |
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Date: March 8th, 2009 10:25 PM Author: Maniacal pit brethren "V5 associates are so concerned with the reputation of their firm that nobody will say a word."
I think that's going to change, the way they are treating people. |
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Date: March 8th, 2009 11:22 PM Author: Narrow-minded Amethyst Old Irish Cottage Honestly, I could give a shit about my firm's reputation. If they fired me or one of my friends, I'd send blabber about it to anyone that would listen. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088002) |
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Date: March 8th, 2009 9:04 PM Author: Stimulating library famous landscape painting They have no work in corporate now. But I think they'll just up the number of stealths and not go for one big public rape (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086460) |
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Date: March 8th, 2009 10:09 PM Author: Excitant chestnut kitchen community account They still have work, but the capital market is still in shambles. The level of activity is only about 40% of what it was in 2007.
Basically, they can get rid of at least 40% of their associates in those practice groups.
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Date: March 8th, 2009 9:30 PM Author: know-it-all useless brakes this is very bad news (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086691) |
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Date: March 8th, 2009 9:53 PM Author: Maniacal pit brethren Subject: got laid off from DPW as well I know of at least three people on the corporate side who have gotten the stealth layoff in the past few months, mostly (I think) because they had the bad luck of being in the wrong practice group.
If this had happened anytime in the past six years or so, I think they all would have had multiple offers at other firms and no one would have ever had to know, but the lateral market has absolutely dried up since late last year. No one is hiring, at least not people who have experience in the practice groups most likely to be let go (of course there are some firms -- including DPW, ha! -- looking for a few mid-level or higher bankruptcy, tax, or litigation associates). There is no way I am going to be able to get another law firm gig before I have to leave, which is coming up faster than I want to think about. So the 3 months notice would normally be better than the immediate termination with severance, but in this economy it is worse. In fact, they would much rather have had the Latham deal, since aside from getting the six months, they don't have to keep going into the office to keep up appearances and since so many people got laid off from Latham at the same time, it seems like future employers will be more likely to accept it was entirely or substantially for economic reasons.
As it is, I don't think anyone is going to believe that someone left a BIGLAW firm voluntarily in the midst of the worst recession in decades. So the whole idea of "confidentiality" about the circumstances of our departure is a joke. Any firm that is laying people off right now must know that they are leaving those people to swing in the wind, but they don't give a shit, about their student loans, apartment leases or mortgages they can't get out of, all of the things we had felt were relatively secure. By the way, it really happens without warning, and I think that's the true meaning of "nice", is that you'll never hear any criticism of your work until it's too late...at least at some other firms people will tell you to your face if they have a problem with you instead of stabbing you in the back.
The same people who made the brilliant decision to hire these massive classes of summer associates over the past few years are now trying to preserve their $2M+ per year paychecks. Just as in any company, the people who make the decisions reap the benefits when they make good decisions and avoid all the consequences when they fuck up.
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Date: March 8th, 2009 9:58 PM Author: lascivious feces menage I'm surprised BIGLAW associates haven't unionized. Power is unreasonably skewed toward partners. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086938) |
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Date: March 8th, 2009 10:04 PM Author: Excitant chestnut kitchen community account I am sorry to hear that. These days, big law firms are run just like investment banks. fat pay check + no employment security. Clearly, the pay check is not as fat as what those Ibankers are getting, the risk is almost as high as theirs. This is exactly why they will never be able to retain their associates when there is a boom. Once you know that you are easily expendable, who give a shit about the firm's well being. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11086994) |
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Date: March 8th, 2009 11:18 PM Author: marvelous gay wizard personal credit line Part of the point of being a lawyer as opposed to being a banker is that you take less risk and less reward as a lawyer. As it turns out, it seems the risk profile of being a lawyer is not all that different than being a banker and we still get paid less and have to pay out the ass for law school. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087932) |
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Date: March 8th, 2009 10:07 PM Author: vivacious ticket booth coffee pot "As it is, I don't think anyone is going to believe that someone left a BIGLAW firm voluntarily in the midst of the worst recession in decades."
So you would think, but judging by ATL, lawyers and law students are not particularly attuned to reality, and firms (other than Latham and a few others) don't get much attention for these stealth layoffs. I read an ATL comment recently where the poster said (without a hint of sarcasm) that STB was definitely not doing stealth layoffs because "only" around 50 associates have left in the last few months. |
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Date: March 8th, 2009 10:08 PM Author: Magenta costumed church building filthpig You guys should send your dpw layoff stories to ATL. If it gets posted the posts will get over 500 comments. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087038) |
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Date: March 8th, 2009 10:11 PM Author: lascivious feces menage it's crucial that scuzzy firms are exposed. there are a lot of firms doing horribly, crummy things under the radar. latham gets a lot of shit, but they seem to be the classiest firm out there. we need to work together to identify clearly the best and worst actors for incoming law-school classes. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087083) |
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Date: March 8th, 2009 10:20 PM Author: Multi-colored maize box office shitlib seriously. i sent the email to tips@abovethelaw.com telling them about a few friends who got laid off at both STB and DPW in the past few months...but do they run a story? nope. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087168) |
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Date: March 8th, 2009 10:27 PM Author: Navy Cerebral Corner Generalized Bond it's useless to tell anecdotes about your friends, cuz then they can't follow-up and get the specifics. these guys should tip ATL themselves. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087244) |
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Date: March 8th, 2009 10:31 PM Author: Maniacal pit brethren Subject: do you guys really think it will make any difference? People will keep going to law school because they have nothing else to do and no fucking clue what they're getting into. People will keep going to "prestigious" firms because they are ranked high on Vault. Nobody thinks they are going to be the one who gets laid off. And it's going to be an employer's market for a long time. I'm surpised that the firms are even trying to hide that they are laying people off. There will still be thousands of 2Ls beating down their door for the chance to work in BIGLAW. |
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Date: March 8th, 2009 10:36 PM Author: Navy Cerebral Corner Generalized Bond the main difference it could have is reordering the prestige rankings from the perspective of students/laterals.
...unless of course all the peer firms do layoffs. i'm curious why DPW in particular is struggling. any ideas? overemphasis on cap markets and financial services clients? i thought of them as one of the more diverse biglaw firms, w/ strong tax/lit/bk groups, and not given to crazy hiring excesses like cravath. |
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Date: March 8th, 2009 10:38 PM Author: Lilac gaming laptop i haven't seen anything to suggest to me that DPW is struggling compared to peer firms. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087391) |
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Date: March 8th, 2009 10:41 PM Author: Navy Cerebral Corner Generalized Bond their PPP/revenue drop was the most dramatic other than latham and cravath, and they're the first truly elite firm confirmed to be doing stealth layoffs. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087418) |
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Date: March 8th, 2009 10:41 PM Author: Magenta costumed church building filthpig who are you? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087427) |
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Date: March 8th, 2009 11:04 PM Author: Lilac gaming laptop I was reminded of this:
http://www.hoboes.com/html/FireBlade/Carroll/Alice/Wonder/alice5.html
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Date: March 8th, 2009 10:39 PM Author: Magenta costumed church building filthpig It will only make a difference in that some firms are pretending to be above the fray while dropping associates in slow groups. They should be called out on this. If a firm is struggling economically they should fess up, and stop blaming layoffs on the “performance” of associates in slow practice areas. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087398) |
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Date: March 8th, 2009 10:51 PM Author: Lilac gaming laptop it doesn't matter what you call it. every firm knows that associates seeking a job ITE (except in unusual and typically apparent circumstances, e.g., moving to city of SO) were laid off for a combination of economic and performance reasons. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087566) |
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Date: March 8th, 2009 10:56 PM Author: Magenta costumed church building filthpig Calling these layoffs performance based is very deceptive. Poor performance relative to what? You got to be a superstar to keep your job if you are in the structured finance department, but in litigation an average associate will keep his job. I don’t think it would be accurate to call an above average SF associate layoff “performance related” (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087628) |
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Date: March 8th, 2009 10:59 PM Author: Lilac gaming laptop Yes, but every hiring firm will understand this. Obviously bankruptcy and IP Lit applicants are more suspect than SF applicants. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087660) |
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Date: March 8th, 2009 11:04 PM Author: Magenta costumed church building filthpig Yet some firms are still claiming that these are routine performance layoffs, even though there is nothing routine about laying off an above average 3rd year SF associate. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087722) |
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Date: March 8th, 2009 10:35 PM Author: bat shit crazy step-uncle's house sex offender This is precisely what happened to me too. I NEVER once got a poor review or any complaints about my work. But their reason for telling me to leave was that everything about my work was bad. I was beyond shocked. When I asked them for specifics, they refused to say a single thing. I would say they handled the whole thing in an incredibly rude and unprofessional way. Behind closed doors, I don't think it would hurt them one bit to admit that it was economically motivated. But no, they insist on dumping a bunch of bs on you instead. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087331) |
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Date: March 8th, 2009 10:37 PM Author: Lilac gaming laptop You can judge the quality of work by the responsibility you were given compared with that of your peers. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087371) |
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Date: March 8th, 2009 10:42 PM Author: bat shit crazy step-uncle's house sex offender I was given more than my fair share of responsibilities. I was not oblivious to how I compared to other people. I know I was on par with my class, but I was in one of the groups that suffered a dramatic slowdown. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087439) |
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Date: March 8th, 2009 10:58 PM Author: Excitant chestnut kitchen community account How is DPW's capital market doing these days? I know their restructuring group is quite busy. I notice that they are handling several large note offerings lately. I wouldn't think that they are in such bad shape. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087649) |
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Date: March 8th, 2009 10:42 PM Author: Navy Cerebral Corner Generalized Bond this is a pretty suboptimal way to stay informed about your progress. especially when your supervisors can, you know, just fucking tell you how your work is. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087444) |
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Date: March 8th, 2009 10:47 PM Author: Lilac gaming laptop well they could, but keep in mind:
1) businesses avoid harsh criticism of their employees for morale reasons; 2) it's problematic to criticize the quality of associates' work product while billing clients for it; and 3) people--even BIGLAW partners--are human and usually prefer not to be mean, especially to people they see and work with every day.
if partners ripped associates apart all the time for their work then they'd go crying to ATL and XOXO about it. |
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Date: March 8th, 2009 10:53 PM Author: Fragrant Anal Twinkling Uncleanness Roommate there's a way to offer criticism (sometimes even harsh) w/o demoralizing you or being mean/yelling.
it's preferable to having people say "good job" to your face and then talk shit about your work behind your back. |
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Date: March 8th, 2009 11:05 PM Author: violent half-breed french chef Yep, that's the way it's basically done, often a blindside.
It's funny because I saw this stuff in 2006 and 2007 as well in more normal times. |
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Date: March 8th, 2009 11:18 PM Author: Narrow-minded Amethyst Old Irish Cottage The review process at all these firms is such a joke. "Great job! Ahead of your class! Keep doing what you are doing!"
Six months later, some random HR woman you never met fires you because of performance.
BTW, who gave you the talk? Was it someone you worked for? |
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Date: March 8th, 2009 11:21 PM Author: Lilac gaming laptop one factor i failed to mention above is that in ordinary times most firms suffer undesirably high attrition. they have an incentive to delude people into believing they have partnership chances. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087980) |
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Date: March 8th, 2009 11:35 PM Author: Narrow-minded Amethyst Old Irish Cottage It amazes me how firms can't change these things faster - kinda like summer class hiring. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088155) |
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Date: March 8th, 2009 10:39 PM Author: Navy Cerebral Corner Generalized Bond you say "they had the bad luck of being in the wrong practice group"
generally speaking, did most people who are in cap markets or credit or structured finance have these groups as their first choice? or was there competition for other groups and these people just got unlucky? |
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Date: March 8th, 2009 11:09 PM Author: marvelous gay wizard personal credit line DPW has never had a structured finance (i.e. CDO) practice, so it's nothing directly related to the total meltdown in that kind of work that slaughtered other firms that were doing a lot of that work. The derivatives group has been hit hard (the meat and potatoes of that group is converts and that market has essentially shut down) and it was at one point a competitive / prestigious group and had its pick of 2nd years going above the line. Cap M and Credit have had a much harder time getting people to go above the line for the last few years. Credit (which includes bankruptcy at DPW) and FIG have been pretty busy and have been pulling idle Cap M associates in to help out. The most sought-after group over the last few years has been IMG, but I get the impression that they remain fairly busy, though I could be wrong about that. M&A was generally the group where people got shoved if they didn't get IMG or Derivatives and didn't want Cap M or Credit. I get the impression that some of the smaller support groups (e.g. ERISA) are getting hit because a 2nd or 3rd year ERISA (enviro, IP, etc.) associate is easily fungible for a mid-level or senior, for the most part, given the nature of the work those groups do at DPW. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087798) |
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Date: March 8th, 2009 11:21 PM Author: Narrow-minded Amethyst Old Irish Cottage Sorry - can you define some of these groups? FIG? IMG?
And why have they had a hard time getting people to do cap m and credit? I think cap m is very boring but I thought it was one of DPW's premier practice areas. |
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Date: March 8th, 2009 11:22 PM Author: violent half-breed french chef financial institutions and investment management (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087997) |
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Date: March 8th, 2009 11:24 PM Author: Narrow-minded Amethyst Old Irish Cottage investment management - is that like '40 act? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088030) |
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Date: March 8th, 2009 11:26 PM Author: violent half-breed french chef Yeah '40 act, not sure if DPW has a hedge fund practice, presumably that would be in Investment Management as well. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088050) |
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Date: March 8th, 2009 11:28 PM Author: Narrow-minded Amethyst Old Irish Cottage Hedge funds are pretty dead... no one is rasing money right now- not sure why they would still be busy. But i guess compared to the behemoth Cap Markets practice group "busy" is relative. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088076) |
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Date: March 8th, 2009 11:31 PM Author: violent half-breed french chef They could be representing folks who invested in Madoff or something.
But yeah, if Capital Markets is their bread and butter, they are definitely going to get dinged big time, especially since they are so underwriter heavy. Plus, you don't really get paid if the deal doesn't close and it's pretty hard to roll over the time (which is one of the downsides of representing banks generally) |
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Date: March 8th, 2009 11:37 PM Author: Narrow-minded Amethyst Old Irish Cottage I've heard a lot of "madoff related work" - but WTF are you doing? If you invested in madoff, you're getting the 500k from the gov't and that is fucking it.
I could see needing to do work-outs with your creditors, but I see this more as a credit thing not a '40 act thing.
Yea not many cap markets deals closed last year. Such a waste of time. |
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Date: March 8th, 2009 11:54 PM Author: marvelous gay wizard personal credit line DPW has a pretty strong HF practice in the IMG group, which does advisers act and investment company act work. IMG also plays a support role in some of the weirder, bespoke deals that come in through other groups. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088384) |
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Date: March 8th, 2009 11:56 PM Author: Narrow-minded Amethyst Old Irish Cottage I imagine there are going to be more rather than less weird bespoke deals going forward... (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088417) |
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Date: March 9th, 2009 12:06 AM Author: marvelous gay wizard personal credit line Probably. Hopefully for clients who can, like, pay and shit. Not this "doing it for the prestige" nonsense. Part of the story we are all missing here, though, is that all of the firms fucked up by raising rates in 2007 and again in 2008. Now that all the financials are royally fucked, they are going to bitch to high heaven about the outlandishly jacked up rates, and rightfully so. The NY "biglaw" model is broken in a major way and the massive bloodletting is just the first taste of pain. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088567) |
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Date: March 9th, 2009 12:23 AM Author: Narrow-minded Amethyst Old Irish Cottage A lot of things about the model don't make sense. Billable hours and lock-step compensation are the first two that come to mind. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088865) |
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Date: March 9th, 2009 12:45 AM Author: marvelous gay wizard personal credit line Yeah, well, anyone want to place bets on whether the business wizards (AKA senior partners) that brought us all to this point are going to come up with a new model that works? An organization that has $500M+ in revenue with a business model that boils down to "buy wholesale, sell retail" and run by secretive management committees composed of three to five white dudes who got out of H/Y/S/C/NYU law back when you needed a 3.2 and a 162 LSAT to get in is a fucking joke. Non-law businesses with $50M in revenue are run by people who are actually managers and understand business. What do we have? Bonesmen and such like who made the right political moves with other retrograde white dudes back in the day, scored points by racking up billables largely by padding hours and being inefficient, and wouldn't know a business model if it bit them right on the pucker. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11089146) |
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Date: March 9th, 2009 6:04 PM Author: Narrow-minded Amethyst Old Irish Cottage Would be hilarious if you were a junior partner. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11095502) |
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Date: March 8th, 2009 11:33 PM Author: Navy Cerebral Corner Generalized Bond i take back my earlier criticism of you. your unfamiliarity and amateurism with xoxo flame/bullshit is actually a significant virtue. thanks for all the insights in this thread. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088133) |
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Date: March 9th, 2009 12:12 AM Author: marvelous gay wizard personal credit line No worries. I'm glad that most of the retarded flame bullshit has stopped. These forums would be a lot more interesting if people trolling for "lulz" or whatever the fuck would just go away. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088657) |
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Date: March 8th, 2009 10:47 PM Author: marvelous gay wizard personal credit line A-fucking-men brother/sister.
I am so annoyed by the way this has been handled -- this plus DPW being involved in so many of the unpopular bailouts (chiefly AIG and C) makes me feel like Ettinger et al took a gigantic dump on my resume. When I see the smug ass partners in the halls or peering into my office as they lope around the floor, it's all I can do to keep myself from pimp-slapping them. And you can bet your bottom dollar that a lot of our "nice" colleagues are secretly (or not so secretly) smug about dodging the stealth bullet and don't understand what a god damn auger job this band of bozos has done to all of us, whether stealthed or not. |
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Date: March 8th, 2009 11:01 PM Author: Excitant chestnut kitchen community account Is the capital market group really dead slow now? I have noticed that they have got their hands on several large note offering lately. How about the M&A group? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087682) |
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Date: March 8th, 2009 11:21 PM Author: marvelous gay wizard personal credit line Cap M has started to pick back up but nothing close to full capacity. No idea on M&A. The one recent high-profile public M&A deal DPW handled was Citi's aborted attempt to buy Wachovia's commercial bank business. I wonder if we even got paid for that fucking disaster. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087966) |
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Date: March 8th, 2009 11:22 PM Author: Lilac gaming laptop i'm literally lol. this cracks me up. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087990) |
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Date: March 8th, 2009 11:26 PM Author: Narrow-minded Amethyst Old Irish Cottage DPW = unsecured creditor in the pending Citi bankruptcy! (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088053) |
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Date: March 8th, 2009 11:42 PM Author: Excitant chestnut kitchen community account Citi is fine. Their stock getting battered has nothing to do with their cash flow. Since the government has become the largest shareholder, it will not allow Citi to file bankruptcy. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088247) |
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Date: March 8th, 2009 11:45 PM Author: Narrow-minded Amethyst Old Irish Cottage I was just joking around - but that's kinda like saying GM is fine because Obama won't let them file, either. Doesn't mean they aren't royally fucked. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088277) |
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Date: March 8th, 2009 11:51 PM Author: Excitant chestnut kitchen community account Well. The fact that the government decided to convert their preferred shares into common shows that bankruptcy is not an option for them. It's like AIG. The whole point of bailing AIG out is to avoid the mess of bankruptcy. Bankruptcy = more uncertainty in the market = Dow below 5000 (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088349) |
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Date: March 8th, 2009 11:54 PM Author: Narrow-minded Amethyst Old Irish Cottage I don't think we are disagreeing here. But I'm just saying this is, essentially, semantics. They they aren't going through the bankruptcy court for restructuring doesn't mean they aren't getting bankruptcy-style restructuring. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088376) |
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Date: March 9th, 2009 12:15 AM Author: marvelous gay wizard personal credit line Reminds me of this gem:
http://bigpicture.typepad.com/comments/images/dow_36000_1.png
And DJIA below 5000 doesn't seem far-fetched to me, these days. |
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Date: March 8th, 2009 10:21 PM Author: Maniacal pit brethren Subject: By the way a bit of advice If you are still working at a BIGLAW firm or on your way to one, I suggest you pay down your student loans and other debts as fast as you possibly can. I have a friend from the same law school class as me who was making the minimum payment on his loans, and using his income for his 401K and other investments instead. His philosophy was that the interest rates on his student loans were pretty low and he could get a better return investing in stocks. Plus he had a nice apartment in NYC and spent pretty freely, though not extravagantly, since he had limited free time and felt he deserved to enjoy it. He just got laid off earlier this year, can't find another job paying anything close to what he was making in BIGLAW, his investments are in the shitter, and his loan balances are still well over 100K. In short, he is fucked. But a year ago, that all seemed like the right thing to do.
I think for the rest of my life I'm going to be scarred by this, and act like my relatives who lived through the Great Depression, saving absolutely everything, spending nothing, and keeping gold coins buried in the backyard. Things can change so fast... |
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Date: March 8th, 2009 10:31 PM Author: Lilac gaming laptop i disagree. timing is everything. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087284) |
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Date: March 8th, 2009 10:45 PM Author: vibrant pervert athletic conference yeah, as soon as i find a new job, i'm buying gold coins and will be extremely miserly in the future, all horrifying my future children by re-using teabags and stuff. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087474) |
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Date: March 8th, 2009 11:31 PM Author: Narrow-minded Amethyst Old Irish Cottage I think the 401k contributions still make sense. You need money for retirement and that shit is protected.
Obv trying to play some rate arbitrage with stocks vs. private student loans is a bit rough right now. Muni bonds may still work though. Just takes a little research. |
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Date: March 8th, 2009 11:37 PM Author: Maniacal pit brethren Subject: protected? My 401k account is worth 50% of WHAT I PUT IN! Granted, I won't be touching it for 40 years or whatever, but it's not even going to get back to even for a LOOOONG time. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088180) |
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Date: March 8th, 2009 11:40 PM Author: Narrow-minded Amethyst Old Irish Cottage Well, i mean it is protected in bankruptcy. I know none of us like to think like that, but in the worst case - fucked up the ass situation, you'll still have that money when you are an old man - and there is some value to that. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088218) |
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Date: March 9th, 2009 7:19 PM Author: boyish hairless gaping Credit, and the lower stocks go, the more important it is to keep contributing - at some point there IS going to be a bottom here, even if the climb is very very slow to get back up to where it once was. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11096324) |
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Date: March 8th, 2009 11:16 PM Author: flickering idiotic range noobs. i was laid-off before it was even cool (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087906) |
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Date: March 8th, 2009 11:19 PM Author: Lilac gaming laptop your firm had no reputation to worry about. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087938) |
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Date: March 8th, 2009 11:22 PM Author: flickering idiotic range so? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11087987) |
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Date: March 8th, 2009 11:31 PM Author: marvelous gay wizard personal credit line Hey, now. CWT was the first firm in the history of DPW to poach a partner. So, yeah, they are kind of awesome I guess. Or something. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088102) |
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Date: March 8th, 2009 11:41 PM Author: Narrow-minded Amethyst Old Irish Cottage Partners made a lot of money at CWT. Their business model made perfect sense if you look at it from the partner perspective. They cashed out at the right time. Not sure why more people don't realize this. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088225) |
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Date: March 8th, 2009 11:46 PM Author: Excitant chestnut kitchen community account But by doing that, they have to rely on their ability to attract lateral partners and supposedly they will not be able to attract any promising law students. Whenever their profits drop, they will resort to layoffs. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088299) |
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Date: March 8th, 2009 11:50 PM Author: Narrow-minded Amethyst Old Irish Cottage Who the fuck cares? They made their money and it is in the bank. They don't need promising law students - that's their whole business model- high leverage, churn out this product, profit, then fire everyone when the product is no longer needed. "Well fuckwad they destroyed their brand" - ok, but if the brand is dead, they can lateral out or just go enjoy their money. Those partners made about 2X what they should have made during those boom years. The associates got fucked - but that doesn't hurt them any. Worst case is likely that they go back to making what they should have been making anyway. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088337) |
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Date: March 8th, 2009 11:53 PM Author: Excitant chestnut kitchen community account of course. If they no longer care about their reputation anymore. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088372) |
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Date: March 8th, 2009 11:55 PM Author: Narrow-minded Amethyst Old Irish Cottage I think that is the essential point that people generally miss. If you had a choice of $2 million a year for 5 years + destroying your firm vs. $1 million a year for 5 years and not destroying your firm, I know which one I would take. And, of course, they didn't actually destroy their firm - just a bunch of their associates. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088404) |
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Date: March 9th, 2009 12:02 AM Author: Lilac gaming laptop good point, but probably true only for the more senior partners with established books of business. junior partners, especially in litigation, can't just lateral to another firm of similar quality when their firm collapses. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088496) |
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Date: March 9th, 2009 12:04 AM Author: Narrow-minded Amethyst Old Irish Cottage yea but how much is that really worth? So I need to go work for some non-V50 firm. OK. but I have my money in the bank. And, most of these partners are still at CWT - still making pretty decent wages.
The people who got fucked were the associates. |
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Date: March 9th, 2009 12:32 AM Author: Excitant chestnut kitchen community account The whole point of working at firms like DPW is that they have a very consistent record of high profits. CWT's profit only went over the roof in the last 3 years. Now they are back to earth. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088994) |
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Date: March 8th, 2009 11:48 PM Author: marvelous gay wizard personal credit line I have no real issue with CWT. I've been across them a few times and they have been totally decent. I was just fucking around. Partners at DPW were all pissed about it because they had to change the firm's marketing materials for law students, which used to boast that no partner had ever left for another law firm. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088320) |
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Date: March 8th, 2009 11:50 PM Author: flickering idiotic range (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088343) |
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Date: March 8th, 2009 11:52 PM Author: Narrow-minded Amethyst Old Irish Cottage ROFL.
I heard on amlaw of at least one derivatives partner who left in the last year. Didn't realize this was rare at all. |
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Date: March 8th, 2009 11:59 PM Author: marvelous gay wizard personal credit line He went to Latham and was the second ever in the history of DPW. That one was more amicable. His profile is still on the internal directory giving his departure date. The first partner to leave for another firm (CWT) got "unpersoned"--you search for him on the internal directory and it's as though he never fucking existed. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088447) |
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Date: March 9th, 2009 12:01 AM Author: Narrow-minded Amethyst Old Irish Cottage Any idea why these guys left? Because they didn't like lockstep and thought they could make more money? Doesn't sound like either got pushed out. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088481) |
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Date: March 9th, 2009 12:03 AM Author: flickering idiotic range That partner stood to make much much more money at cwt than dpw. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088516) |
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Date: March 9th, 2009 12:20 AM Author: Narrow-minded Amethyst Old Irish Cottage Makes sense. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088813) |
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Date: March 9th, 2009 12:30 AM Author: marvelous gay wizard personal credit line CWT defector did not fit in well at DPW and was widely hated by almost all the other corporate partners, stood to make more money at CWT and be king of his own personal hill instead of another bitch-ass midlevel partner consigned to political oblivion because of internecine political bullshit. I wouldn't say he got pushed, but partners were open about being happy to see the back of him.
LW defector has a background in eastern Europe and wanted to expand there; DPW has no footprint there and LW does. LW was also desperate to start up a derivatives practice and threw a ton of money at him. He also wanted more control over his own destiny instead of being a mid-level partner in a mature derivatives practice with other big-swinging-dick partners. He purportedly agreed to a restrictive non-compete and didn't take associates with him (like the CWT defector did), which is why it was basically amicable.
When LW defector left, the management committee sent a firm-wide email saying he was leaving on good terms. When CWT defector announced he was leaving he was, as I said, unpersoned and immediately locked out of his office and consigned to a cubicle on one of the back-office lower floors of the building so that he could tie up his loose ends out of sight and without an official peep from management. |
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Date: March 9th, 2009 12:34 AM Author: Excitant chestnut kitchen community account haha. Good story! (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11089028) |
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Date: March 9th, 2009 12:37 AM Author: flickering idiotic range “I wouldn't say he got pushed, but partners were open about being happy to see the back of him.”
I don’t doubt that he was hated, but I highly doubt dpw being happy to see him go. This was dpw first partner poached ever. From what I understand they were pretty pissed about it.
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Date: March 9th, 2009 12:51 AM Author: marvelous gay wizard personal credit line Several partners actually came to my office and said "[CWT defector] left; it's actually a good thing because [insert bullshit reason here]." You are correct in that it was mixed emotions--like Larry Wildman going off a cliff in my new Mazerati, har har har--but it's fair to say they were glad to see him go. Glad to see him go to another firm, particularly CWT, which partners at DPW generally consider to be beneath contempt, is another matter. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11089223) |
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Date: March 9th, 2009 12:39 AM Author: Excitant chestnut kitchen community account What's Huebner's reputation at DPW? Is he likable? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11089078) |
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Date: March 9th, 2009 12:58 AM Author: marvelous gay wizard personal credit line I don't know him well. He seems likable enough. Kind of a douche, but few of his ilk aren't douches, and he is witty with his douchebaggery and knows how to tell a good story.
He is, however, without a doubt, a big-swinging-dick. Smart as fuck and works like a beast of burden. So, he kind of gets to be a douche in my book, at least to a certain extent. The real problem cases are the fuckbag partners who aren't all that smart or clever and yet are douches just the same. Those are the ones I'd like to pimp-slap when I see them in the hall or on the elevator. Or grab them by the lapels and yell "listen, you miserable waste of humanity, you're just another putz who was in the right place at the right time so take your smug bullshit and cram it" into their white-shoe ears. |
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Date: March 8th, 2009 11:35 PM Author: Maniacal pit brethren Subject: Bump this on April 1, 2009 and see what the attorney count is... Because I have a feeling a lot of people will be disappearing from the website around March 31.
Date: March 7th, 2009 11:58 PM Author: swimlover Subject: DPW's head count per their website as of Today, March 7, 2009.
Partner: 166
Associate: 470
Counsel: 43
Senior Counsel: 27
Clerk: 96
Let's see if any change occurs in the next few days.
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Date: March 8th, 2009 11:37 PM Author: violent half-breed french chef This is a great idea. Someone should do this for all the top firms, particulary for corporate associates. Let's see who's the "classiest" in pushing people out. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088176) |
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Date: March 8th, 2009 11:38 PM Author: Narrow-minded Amethyst Old Irish Cottage I bet the fucking partner number doesn't change. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088196) |
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Date: March 8th, 2009 11:45 PM Author: marvelous gay wizard personal credit line Actually, a couple of partners have very quietly gone elsewhere recently. But the scuttlebutt is that it's because they made partner and then stopped fucking working, not because they were responsible for the firm-wide clusterfuck. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088284) |
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Date: March 8th, 2009 11:57 PM Author: Narrow-minded Amethyst Old Irish Cottage Yea well that always happens, I'm sure. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11088429) |
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Date: March 9th, 2009 10:43 AM Author: Embarrassed to the bone grizzly skinny woman So what's the safest practice that incoming associates should choose? What about summer associates? Any advice on how not to get "no-offered". Should we all just pick bankruptcy and litigation? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11091718) |
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Date: March 9th, 2009 11:13 AM Author: marvelous gay wizard personal credit line That's not how the summer program works. You don't get assigned to a particular practice. Highly doubtful that DPW will change it's policy of making offers to absolutely everyone unless a particular summer does something retarded, like dropping the N-bomb at a summer lunch.
I suppose the offer policy could change given what's going on in the market, but if that is the case it's anyone's guess as to how they will decide to handle that. I really doubt that it will change though. They will want to project an image that everything is just fine and dandy. |
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Date: March 9th, 2009 11:15 AM Author: marvelous gay wizard personal credit line And as for incoming associates, rank your preferred practices for rotations. They aren't abandoning the rotation system, so you have some time to figure out what you want to do and what seems "safe" when you get to the firm. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11091855) |
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Date: March 9th, 2009 10:38 AM Author: Fragrant Anal Twinkling Uncleanness Roommate bump. anything w/ layoffs today? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11091686) |
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Date: March 9th, 2009 11:10 AM Author: marvelous gay wizard personal credit line No, no, a thousand times no. There aren't going to be layoffs today. It would already be all over the firm and it is business as usual. Not a peep about layoffs or strange meetings in conference rooms. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11091836) |
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Date: March 9th, 2009 11:43 AM Author: bat shit crazy step-uncle's house sex offender One can hope things are business as usual, but I don't think anyone can say for sure whether they are or are not happening.
Like I said, so far they've been super stealth about it. They tell you to keep your mouth shut. Also, the way it's done is that a partner you work for calls you into his office to deliver the bad news (no conference rooms involved). And it's also been happening at the end of the day. |
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Date: March 9th, 2009 12:10 PM Author: Fragrant Anal Twinkling Uncleanness Roommate why aren't more people talking to ATL and publicizing these stealth layoffs?
all firms conducting stealth layoffs should be publicly shamed and forced to pay 6 months severance.
it pisses me off my firm would likely never do a public layoff b/c management always says "we don't do layoffs" so they will just screw people over by giving them 3 months notice. |
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Date: March 9th, 2009 1:55 PM Author: Maniacal pit brethren Subject: Is it just me or is the lawyer search on DPW's site not working? As of this morning, I can't get any attorney names to come up on the website (www.dpw.com)
Is it just me? If not, that's pretty odd... |
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Date: March 9th, 2009 1:57 PM Author: pale scourge upon the earth native prob. a glictch (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11092867) |
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Date: March 9th, 2009 4:51 PM Author: Passionate autistic orchestra pit Wasn't working last night for me either (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11094560) |
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Date: March 9th, 2009 4:56 PM Author: Passionate autistic orchestra pit *keeps his hands warm by the FLAME* (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11094645) |
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Date: March 9th, 2009 5:13 PM Author: Passionate autistic orchestra pit stealth layoffs on ATL - doesn't look like any public layoffs though. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11094881) |
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Date: March 9th, 2009 5:56 PM Author: Copper hideous hospital not much stealth when it's on ATL. They should be hated if the no severance thing is true
http://abovethelaw.com/2009/03/davis_polk_wardwell_stealth_layoffs.php#more |
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Date: March 9th, 2009 6:01 PM Author: Passionate autistic orchestra pit agreed. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#11095467) |
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Date: March 9th, 2009 7:17 PM Author: thirsty bistre legal warrant spot So between the info on here, the info on ATL, and DPW's response, it's pretty much confirmed that:
1. They've been doing stealth layoffs 2. They've been giving the axed associates far inferior packages than the severance packages from Latham
Right? What a fucking piece of shit firm.
Oh, BUT THE PEOPLE ARE SO NICE!!!1111!!1!1one!1 |
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Date: October 19th, 2010 10:28 PM Author: irradiated space more rumblings of layoffs in corporate. can anyone confirm??? (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#16335070) |
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Date: October 19th, 2010 11:27 PM Author: Yellow French Dilemma wtf? I thought DPW was hiring fucking 3Ls for corporate/tax. (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#16335718) |
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Date: October 20th, 2010 12:10 AM Author: Bearded Stage Telephone if anything's happening right now, it's just the usual performance reviews (http://www.autoadmit.com/thread.php?thread_id=946450&forum_id=2#16336287) |