I don't think the bankruptcy trustee can recover money from such a fund, should it actually work. The clawbacks would apply to former partners, but I assume the fund in support of the unemployed will be under separate administration as a donation. I think they will set up some kind of charity or trust, but I don't know that law.
Maybe I was angry at the Altorelli gesture because he made millions as a lateral partner, including lateral bonuses, and then leaves when the firm needed people like him to stay.
But it isn't fair to blame an entire firm's problems on the only guy who made a gesture, no matter how skeptical I am, you guys are right, at least he came up with some suggestions. And he backed up his idea with a promise to pay 10,000.
Even though I didn't work for Dewey, I had some very close connections there. I honestly feel like I am in shock and I feel very upset that a firm could disappear so quickly. I see now how naive I was about not reading between the lines of the reports about the firm. I didn't understand how fast it all falls apart. I feel so bad for the people who trusted the management there and were betrayed.
I dunno, I just really feel sad. This was a large well-respected firm in many aspects. I think it was in January the 18th largest firm. I also feel angry that the partners , through the management, ruined the firm. It could have survived, I think without the laterals. But perhaps there was fraud too.
I hope that a lot more financial details come out in the criminal investigation and in the bankruptcy. (though that hasn't been announced yet.) No one has been able to trace the money in this debacle because it isn't disclosed. So TLS, what other lessons are there to be learned from Dewey and Howrey? How can first years protect themselves from being jobless with no experience or skills?
I hope that everyone who followed this thread and Howrey never forgets the signs to watch for at your firm. It may be hard to predict as an associate you don't have financials, but watch for lots of closed door meetings, rumors in the press and pep talks by the partners that things will be great if we all just stick together. I suppose the first thing to look for is not having enough work - if you don't have as much work as you can possibly do, then there is a problem somewhere. Other, better clues I missed?
My (vague) plan is to pick an area to become an expert in, not sure what yet. I just want to start with something that I can become the person people ask about a specific area in transactions : like default provisions, letters of credit, loan covenants... I dunno. I am looking at every project I get to see what skill I can gain from it and I am going to push for substantive work. I am focusing in skill building. One thing for sure, I will not be passive. Nothing like gunning as a first year! I know people say that drafting documents isn't substantive, but I want to know why every provision is in a document and why it was drafted the way it was.
I am financially conservative. I am worried about being Lathamed and I want to have something to sell myself on if I lose my job before my third year. I can see that I can't afford to be passive.
Also- FYI:http://dealbook.nytimes.com/2012/05/01/ ... ispatches/