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(Yahoo)   How you know your law firm is doomed: When the senior partners distribute a memo to partners "encouraging" them find a new job somewhere else   (news.yahoo.com) divider line 12
    More: Interesting, Dewey & LeBoeuf, Columbia Law School, Jones Day, KPMG, british law, insolvency, Vinson & Elkins, JPMorgan Chase & Co.  
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1096 clicks; posted to Business » on 03 May 2012 at 10:34 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-03 10:43:14 AM  
to translate that from Law firm-ese to English

AUUUOOOOGAAAAHHH AUUUOOOGAAAAAH! Abandon Ship! Man the Lifeboats! It's game over man! GAME OVER!
 
2012-05-03 11:36:08 AM  
blogs.browardpalmbeach.com
 
2012-05-03 12:04:19 PM  
90 of 300 Partners leaving sounds bad. Until you realize that having 300 people called "partners" is farking insane in the first place.

The word "partner" is to law firms what "vice-president" or "executive" is to other companies these days. It means abolutely nothing because it's a title given away to EVERYONE.
 
2012-05-03 12:25:51 PM  

cefm: 90 of 300 Partners leaving sounds bad. Until you realize that having 300 people called "partners" is farking insane in the first place.

The word "partner" is to law firms what "vice-president" or "executive" is to other companies these days. It means abolutely nothing because it's a title given away to EVERYONE.


These partners (like the vast majority of partners in all Big Law firms) actually did share in the profits in DL. So it's nothing like "vice president" or "executive", it's equity. Income Partner hasn't really caught on to a large extent in Big Law.

DL was a sinking ship last year and they still had PPP of $1.05MM.
 
2012-05-03 12:33:31 PM  
The law firm of Dewey & LeBoeuf? Looks like Srewem and Howe left sometime ago.

And I had no idea this guy . . .

l.yimg.com

was a lawyer.
 
2012-05-03 12:38:28 PM  
And there is already a shiat load of unemployed lawyers out there looking for work so the chances are you're not gonna find another job.
 
2012-05-03 12:43:39 PM  

Bob16: And there is already a shiat load of unemployed lawyers out there looking for work so the chances are you're not gonna find another job.


It probably won't be a problem for DL lawyers. It wasn't the associates' fault things went to hell, they were still doing "good" work and they won't have the huge hole in their resume the 2009 casualties have/had.

There is a relative shortage of 4-7 year associates in Big Law right now, which was caused by the 2009 purges.
 
2012-05-03 12:44:34 PM  

cefm: 90 of 300 Partners leaving sounds bad. Until you realize that having 300 people called "partners" is farking insane in the first place.

The word "partner" is to law firms what "vice-president" or "executive" is to other companies these days. It means abolutely nothing because it's a title given away to EVERYONE.


The firm involved in this is huge. And yes, there are different kinds of "partners", as you say. The lower level is a non-equity partner, often associates elevated after a number of years of servitude logging grueling numbers of billable hours, and they are elevated to a position where they are paid a quarterly draw as opposed to a regular salary, which is calculated on whatever formula is used to determine what their individual share of the profits is for that quarter. Equity partners - or real partners - have an ownership stake in the actual firm, often having to invest capital or purchase an ownership interest from other partners. Equity partners generally have a substantial book of business (clients) and bring in work that is done not only by themselves, but other non-equity partners and associate who work underneath them. Big firms don't care much if they lose non-equity partners. When they start telling equity partners to start looking, that's when things have gotten very, very bad. If I were in any position in that firm from court runner to partner, I would be sending out resumes right now. The legal job market is awful for attorneys right now.
 
2012-05-03 12:51:13 PM  

Nabb1: cefm: 90 of 300 Partners leaving sounds bad. Until you realize that having 300 people called "partners" is farking insane in the first place.

The word "partner" is to law firms what "vice-president" or "executive" is to other companies these days. It means abolutely nothing because it's a title given away to EVERYONE.

The firm involved in this is huge. And yes, there are different kinds of "partners", as you say. The lower level is a non-equity partner, often associates elevated after a number of years of servitude logging grueling numbers of billable hours, and they are elevated to a position where they are paid a quarterly draw as opposed to a regular salary, which is calculated on whatever formula is used to determine what their individual share of the profits is for that quarter. Equity partners - or real partners - have an ownership stake in the actual firm, often having to invest capital or purchase an ownership interest from other partners. Equity partners generally have a substantial book of business (clients) and bring in work that is done not only by themselves, but other non-equity partners and associate who work underneath them. Big firms don't care much if they lose non-equity partners. When they start telling equity partners to start looking, that's when things have gotten very, very bad. If I were in any position in that firm from court runner to partner, I would be sending out resumes right now. The legal job market is awful for attorneys right now.


Not really, not for DL attorneys (or attorneys from similar Big Law firms) with more then 3-4 years experience.

It is shiat for graduates of the University of Alabama law school (outside the top 5%) or everyone from Cooley, but it won't be for most of these attorneys.

OTOH, it will be rough for the support staff.
 
2012-05-03 01:39:44 PM  

Nabb1: cefm: 90 of 300 Partners leaving sounds bad. Until you realize that having 300 people called "partners" is farking insane in the first place.

The word "partner" is to law firms what "vice-president" or "executive" is to other companies these days. It means abolutely nothing because it's a title given away to EVERYONE.

The firm involved in this is huge. And yes, there are different kinds of "partners", as you say. The lower level is a non-equity partner, often associates elevated after a number of years of servitude logging grueling numbers of billable hours, and they are elevated to a position where they are paid a quarterly draw as opposed to a regular salary, which is calculated on whatever formula is used to determine what their individual share of the profits is for that quarter. Equity partners - or real partners - have an ownership stake in the actual firm, often having to invest capital or purchase an ownership interest from other partners. Equity partners generally have a substantial book of business (clients) and bring in work that is done not only by themselves, but other non-equity partners and associate who work underneath them. Big firms don't care much if they lose non-equity partners. When they start telling equity partners to start looking, that's when things have gotten very, very bad. If I were in any position in that firm from court runner to partner, I would be sending out resumes right now. The legal job market is awful for attorneys right now.


Understatement of the year. If I didn't have a niche specialty to fall back on (FOIA) I'd be scrambling to take $30/hr doc review assignments because there is alomost nothing else available in the DC area right now
 
2012-05-03 10:07:04 PM  

Magorn: Nabb1: cefm: 90 of 300 Partners leaving sounds bad. Until you realize that having 300 people called "partners" is farking insane in the first place.

The word "partner" is to law firms what "vice-president" or "executive" is to other companies these days. It means abolutely nothing because it's a title given away to EVERYONE.

The firm involved in this is huge. And yes, there are different kinds of "partners", as you say. The lower level is a non-equity partner, often associates elevated after a number of years of servitude logging grueling numbers of billable hours, and they are elevated to a position where they are paid a quarterly draw as opposed to a regular salary, which is calculated on whatever formula is used to determine what their individual share of the profits is for that quarter. Equity partners - or real partners - have an ownership stake in the actual firm, often having to invest capital or purchase an ownership interest from other partners. Equity partners generally have a substantial book of business (clients) and bring in work that is done not only by themselves, but other non-equity partners and associate who work underneath them. Big firms don't care much if they lose non-equity partners. When they start telling equity partners to start looking, that's when things have gotten very, very bad. If I were in any position in that firm from court runner to partner, I would be sending out resumes right now. The legal job market is awful for attorneys right now.

Understatement of the year. If I didn't have a niche specialty to fall back on (FOIA) I'd be scrambling to take $30/hr doc review assignments because there is alomost nothing else available in the DC area right now


My wife is an attorney who was looking for work in the DC area. It really depends on your field, but it took her two years after getting laid off to find real work, and she went to an ivy league law school and worked for 10 years in NY at a huge firm. Then again, she specialized in international trademarks. The real-estate attorneys around here can demand their own hookers at their next job. If you work in securities law, you can KILL your own hookers at your next job.
 
2012-05-04 02:34:31 PM  
Took awhile for me to see this thread, but I'm actually an associate at this firm right now, and feeling quite screwed. The partners I worked with all have left, taking jobs where they were not permitted to bring along junior associates. They've said they'll try to help me going forward, but I'm not optimistic.

The whole situation is pretty horrifying. And honestly the worst is yet to come. It will be a shiatstorm for YEARS, as they owe hundreds of millions of dollars to various creditors, and have 100 years of records that will need to be sorted through.
 
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