Anonymous User wrote:
Anonymous User wrote:
Bankruptcy counsel. I think that basically is the end of the road.
These are nothing more than market rumors. Stop trying to make the situation out to be worse than it is by posting anonymously. That's very insensitive.
These aren't just market rumors. There's a lot of truth to everything in that article. At this point there is nothing to "make the situation worse." Those that are going to leave are going to leave are preparing to do so and those that are going to stay are planning accordingly. The state of the firm largely revolves around how "management" can package the firm. The international offices *are* leaving. The firm will be a fraction of it's current size and the only way to deal with the kind of debt they have is to initiate some sort of bankruptcy proceeding. A small firm cannot manage big firm debt loads. What this means for summer associates or future associates is completely uncertain because no one knows what the state of the firm will be in a couple months.
To answer other questions:
DL Pursuits was a program initiated the firm to deal with deferred associates. These were usually before entering, they could take a pay cut and go work pro bono at different organizations around New York. When the economy crashed, it was also a way to just clear out associates for a while. It was only supposed to be a year or so but many DL Pursuits were not invited back because there was no work for them.
To the incoming SA to Dewey. Go talk to him. I know some of your fellow classmates have managed to land other summer associates at other firms - including Sullivan and Cromwell. If you put the legwork into looking, you'll be surprised to find that there's a sense of sympathy across the legal community about all of this and if you're a qualified candidate *some* firms seem willing to help out. There's a certain burden that the whole community seems willing to share. And, Dewey was notorious for being very picky about prestige and grades for summer's so if you got an offer from Dewey, others will give you a look.
No, the firm has not contacted the Summer Associate class in quite a while. Nor have they contacted any of the DL Pursuiters or the people scheduled to enter in January. Simply put, all of these people are very low in the pecking order AND the firm simply doesn't know what to say. Things are in utter flux.