No-offers, deferrals, layoffs, etc.

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rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: No-offers, deferrals, layoffs, etc.

Postby rayiner » Sun Jul 01, 2012 7:50 pm

Fact of the matter is the Latham has releveraged. Lots of other firms are still in "ride out ITE" mode. Lots of firms are much more insulated from the financial markets. It's not true that everyone is equally fucked.

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sunynp
Posts: 1899
Joined: Tue May 24, 2011 2:06 pm

Re: No-offers, deferrals, layoffs, etc.

Postby sunynp » Sun Jul 01, 2012 8:08 pm

rayiner wrote:Fact of the matter is the Latham has releveraged. Lots of other firms are still in "ride out ITE" mode. Lots of firms are much more insulated from the financial markets. It's not true that everyone is equally fucked.


Ok great to know. I didn't realize that.

attractive_NUisance
Posts: 96
Joined: Fri Jan 14, 2011 8:53 pm

Re: No-offers, deferrals, layoffs, etc.

Postby attractive_NUisance » Sun Jul 01, 2012 8:57 pm

You can run the numbers based on NALP data to see leverage at different firms. I don't think Latham is particularly high at a lot of its offices (they didn't provide firmwide data to NALP like many other firms). Obviously there are a lot of differences between these firms besides the pure leverage numbers.

Firm Name Partners Associates Leverage Ratio
Sullivan & Cromwell Firmwide 176 636 361%
Wachtell Firmwide 80 160 200%
Cadwalader Firmwide 114 355 311%
Latham & Watkins NYC Office 91 252 277%

itbdvorm
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Joined: Tue Aug 17, 2010 9:09 am

Re: No-offers, deferrals, layoffs, etc.

Postby itbdvorm » Sun Jul 01, 2012 9:04 pm

FWIW

Based upon conversations with friends throughout the NY market, I can say this: the only "safe" firm name I hear bandied about that was truly, truly safe (i.e., people did not suddenly start getting "pushed", stealth layoffs, heightened performance reviews, etc.) was Wachtell. Every other firm (seriously) took actions, whether publicized or not, to cut people.

If you really want to have some fun, try checking some NALP fluctuations between 2008-09-10 while looking at the number of incoming associates at places. There was a particularly egregious example I remember (a firm showed a total associate increase of ~1 while bringing in ~100 new associates) but I'm sure there are plenty.

keg411
Posts: 5935
Joined: Tue Apr 21, 2009 9:10 pm

Re: No-offers, deferrals, layoffs, etc.

Postby keg411 » Sun Jul 01, 2012 9:12 pm

FWIW, I consider like 5 firms to be safe (and after WLRK, none of them are even a sure thing). I don't consider my own firm to be safe at all, and I'm having a fantastic summer.

The Dewey debacle has just made me EXTREMELY pessimistic in terms of the long-term safety of any BigLaw firm. I seriously didn't mean to offend people.




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