Never Forget: Latham laid off hundreds in 2009

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Anonymous User
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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Mon Sep 03, 2018 8:52 pm

Anonymous User wrote:https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-ranked-by-profits-per-equity-partner/

Latest #s say KE is 3rd in PPP.

Why would BK only be slight hedge? One of my big factors for picking KE is being able to BK work as a junior if shit goes downhill so am curious for an explanation on that statement.


Bankruptcy is not a hedge in the sense that the firm will remain profitable enough to pull the weight for the entire corporate group. It's a hedge in that whichever corporate associates that do not have any work can pick up some bankruptcy work in the meantime.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 12:53 am

I don’t think people are really “hating” on Kirkland. People are just pointing out how the firm has expanded in recent years (the leverage at their Houston and Boston offices is probably higher than the reported 4.14 average).

There are plenty of firms with higher leverage than Kirkland, but those firms have historically had high leverage. If you go back a decade, I believe Kirkland was actually low leverage. The rate of growth is what could be concerning if a recession were to hit.

However, as other posters have mentioned, anyone should be happy to get the opportunity to work at Kirkland.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 11:54 am

Anonymous User wrote:
Anonymous User wrote:https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-ranked-by-profits-per-equity-partner/

Latest #s say KE is 3rd in PPP.

Why would BK only be slight hedge? One of my big factors for picking KE is being able to BK work as a junior if shit goes downhill so am curious for an explanation on that statement.


Bankruptcy is not a hedge in the sense that the firm will remain profitable enough to pull the weight for the entire corporate group. It's a hedge in that whichever corporate associates that do not have any work can pick up some bankruptcy work in the meantime.


Seriously curious here - as an incoming restructuring SA at Kirkland, am I recession proof?

Anonymous User
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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 1:48 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-ranked-by-profits-per-equity-partner/

Latest #s say KE is 3rd in PPP.

Why would BK only be slight hedge? One of my big factors for picking KE is being able to BK work as a junior if shit goes downhill so am curious for an explanation on that statement.


Bankruptcy is not a hedge in the sense that the firm will remain profitable enough to pull the weight for the entire corporate group. It's a hedge in that whichever corporate associates that do not have any work can pick up some bankruptcy work in the meantime.


Seriously curious here - as an incoming restructuring SA at Kirkland, am I recession proof?


Nobody is recession proof, but you are probably about as safe as one can be in Biglaw.

Anonymous User
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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 1:49 pm

Anonymous User wrote:Seriously curious here - as an incoming restructuring SA at Kirkland, am I recession proof?


I don't think anyone questions that BK @ KE is recession proof. They're killing it in a good economy. You might literally die from work if everything goes to shit, but I don't think you'd need to worry about job security.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 1:50 pm

Double post.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 1:51 pm

What are some of the more recession-proof specific practice areas, across the broad spectrum? Off the top of my head based purely on intuition, I would say: BK, restructuring, commercial lit, white collar.

But I note that I actually have no real idea. Curious about others’ thoughts.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 2:00 pm

Anonymous User wrote:What are some of the more recession-proof specific practice areas, across the broad spectrum? Off the top of my head based purely on intuition, I would say: BK, restructuring, commercial lit, white collar.

But I note that I actually have no real idea. Curious about others’ thoughts.


PE--especially mega funds w/credibility to raise $ even in downturns--buys low and sells high. Credit will probably still dry up to a certain degree, but PE M&A probably won't be as bad as strategic. TX finance partners have told me that they stayed busy since people want to refinance/renegotiate credit during 2015-2016.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 04, 2018 2:13 pm

Anonymous User wrote:What are some of the more recession-proof specific practice areas, across the broad spectrum? Off the top of my head based purely on intuition, I would say: BK, restructuring, commercial lit, white collar.

But I note that I actually have no real idea. Curious about others’ thoughts.


Lit demand usually falls during a crash (except BK lit).

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Sat Aug 31, 2019 10:46 pm

Gonna re-up this thread again, given that it seems even more likely that there'll be a recession in the next year. DC firms seemed to be reducing their summer classes this year in anticipation of the same, so hopefully they'll be avoiding layoffs in any major way.

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Wild Card

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Wild Card » Sat Aug 31, 2019 11:23 pm

Comprehensive list, out of fairness:

https://www.law.com/americanlawyer/almI ... 0731232307

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Mon Sep 02, 2019 3:43 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-ranked-by-profits-per-equity-partner/

Latest #s say KE is 3rd in PPP.

Why would BK only be slight hedge? One of my big factors for picking KE is being able to BK work as a junior if shit goes downhill so am curious for an explanation on that statement.


Bankruptcy is not a hedge in the sense that the firm will remain profitable enough to pull the weight for the entire corporate group. It's a hedge in that whichever corporate associates that do not have any work can pick up some bankruptcy work in the meantime.


Seriously curious here - as an incoming restructuring SA at Kirkland, am I recession proof?


Generally yes, although KE’s recent BK overhiring is a separate issue.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 03, 2019 7:16 am

A lot of articles have been archived, so this has been difficult to find: Does anyone know anecdotally or have a list of firms that did not screw people over during the last recession? Super curious to hear who the “good” apples were.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Tue Sep 03, 2019 11:22 pm

Anonymous User wrote:A lot of articles have been archived, so this has been difficult to find: Does anyone know anecdotally or have a list of firms that did not screw people over during the last recession? Super curious to hear who the “good” apples were.


Just use the link two floors above and search for the titles. They are under different URLs but you can still find them.

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Re: Never Forget: Latham laid off hundreds in 2009

Postby Anonymous User » Wed Sep 04, 2019 1:23 am

Just cross reference the list Wild Card posted with Vault. For example, Wachtell, S&C, DPW, Gibson, and Cleary are not on that list at a glance. Probably not 100% accurate, but you aren't likely to find anything better.



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