How much severance does your biglaw firm give?

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How much severance does your biglaw firm give?

Postby Anonymous User » Thu Sep 29, 2016 1:02 am

How long is the severance period?

How long is the "keep you on the website" period?

I think I'm getting lowballed.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Thu Sep 29, 2016 3:55 am

6 weeks, though I believe we're towards the low end.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Thu Sep 29, 2016 7:54 am

My first biglaw firm gave multiple juniors 4 weeks from the hard talk. Website / email access was contingent upon you being a good firm citizen and, in any event, not guaranteed.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Mon Oct 03, 2016 6:36 pm

Anonymous User wrote:How long is the severance period?

How long is the "keep you on the website" period?

I think I'm getting lowballed.


6 months and immediate removal from the website.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Tue Oct 04, 2016 2:02 pm

6 months of pay and 6 months on website.

Have been at another firm that only gave 1 to 3 months pay/website time.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Tue Oct 04, 2016 2:18 pm

Do these firms also give unemployment, and is the cap on unemployment like $440 a week? The statute is very confusing

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Tue Oct 04, 2016 2:21 pm

Anonymous User wrote:Do these firms also give unemployment, and is the cap on unemployment like $440 a week? The statute is very confusing

The cap varies by jurisdiction, but 440 a week is about right for NY/DC/CA.

Firms don't really give or not give unemployment, it's a state program. They can fight your claim, but I seriously doubt any do.

One thing is that that firm severance is usually paid out like you still work there. So you can't collect unemployment until you run out of severance.

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nealric

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Re: How much severance does your biglaw firm give?

Postby nealric » Tue Oct 04, 2016 2:42 pm

6 weeks with immediate termination seems to be low end, 6 months with continued office and website privileges on high end. Many firms have a sliding scale depending on the individual.

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Toni V

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Re: How much severance does your biglaw firm give?

Postby Toni V » Tue Oct 04, 2016 4:51 pm

I have no anecdotal info on this. A year or two ago I read that several associates were cut during Nov. I recall wondering if this timing affected their bonuses.

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nealric

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Re: How much severance does your biglaw firm give?

Postby nealric » Tue Oct 04, 2016 5:03 pm

Toni V wrote:I have no anecdotal info on this. A year or two ago I read that several associates were cut during Nov. I recall wondering if this timing affected their bonuses.


They probably weren't getting bonuses to begin with.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Tue Oct 04, 2016 10:23 pm

I got 3 months, but you can possibly take an non-paid leave so that the firm can keep your website profile for a little bit longer

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nerdylsat

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Re: How much severance does your biglaw firm give?

Postby nerdylsat » Tue Oct 04, 2016 10:30 pm

What's the benefit of being on the firm's website longer? Employment opportunities?

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Re: How much severance does your biglaw firm give?

Postby bk1 » Tue Oct 04, 2016 10:37 pm

nerdylsat wrote:What's the benefit of being on the firm's website longer? Employment opportunities?

Easier to obfuscate whether or not you still work there when interviewing elsewhere.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Wed Oct 05, 2016 2:20 pm

My firm offered me 6 weeks, I negotiated it to 8 (that was the most they were going to go). I was also allowed to stay up on the website during that entire 8 weeks, with a stipulation that it would stay up on a month to month basis thereafter as needed. I didn't end up needing it longer then that though.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Fri Oct 07, 2016 8:06 pm

Anonymous User wrote:My firm offered me 6 weeks, I negotiated it to 8 (that was the most they were going to go). I was also allowed to stay up on the website during that entire 8 weeks, with a stipulation that it would stay up on a month to month basis thereafter as needed. I didn't end up needing it longer then that though.



Did you get an offer somewhere else within 8 weeks!? How?

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Sat Oct 08, 2016 4:23 pm

Anonymous User wrote:
Anonymous User wrote:My firm offered me 6 weeks, I negotiated it to 8 (that was the most they were going to go). I was also allowed to stay up on the website during that entire 8 weeks, with a stipulation that it would stay up on a month to month basis thereafter as needed. I didn't end up needing it longer then that though.



Did you get an offer somewhere else within 8 weeks!? How?


I revieved multiple biglaw offers within 4. You just can't waste time. Very few biglaw firings aren't telegraphed, so your resume and cover letter should be ready to go already. You should also have a recruiter on hold.

You will probably get fired on a Friday. Reach out to your friends at other firms that day. Then get drunk or partake in your vice of choice. Let your recruiter know you're moving full speed ahead on Monday.

By week two you should have some first rounders coming in. Schedule them ASAP. Let people know in the interviews that you're on a tight schedule.

Second rounds happen on week 3, with offers a day or two after that. Conflicts might take a week more, but you can snag an offer within a month.

If you are a weaker candidate or the market is weaker it will take more time. But it can be done so long as you apply relatively broadly and are ready with your documents on day one. If you're set on your one dream lateral firm and need a month to get your resume in gear, yeah, you might be waiting a while.

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Re: How much severance does your biglaw firm give?

Postby Anonymous User » Sun Oct 09, 2016 12:52 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:My firm offered me 6 weeks, I negotiated it to 8 (that was the most they were going to go). I was also allowed to stay up on the website during that entire 8 weeks, with a stipulation that it would stay up on a month to month basis thereafter as needed. I didn't end up needing it longer then that though.



Did you get an offer somewhere else within 8 weeks!? How?


I revieved multiple biglaw offers within 4. You just can't waste time. Very few biglaw firings aren't telegraphed, so your resume and cover letter should be ready to go already. You should also have a recruiter on hold.

You will probably get fired on a Friday. Reach out to your friends at other firms that day. Then get drunk or partake in your vice of choice. Let your recruiter know you're moving full speed ahead on Monday.

By week two you should have some first rounders coming in. Schedule them ASAP. Let people know in the interviews that you're on a tight schedule.

Second rounds happen on week 3, with offers a day or two after that. Conflicts might take a week more, but you can snag an offer within a month.

If you are a weaker candidate or the market is weaker it will take more time. But it can be done so long as you apply relatively broadly and are ready with your documents on day one. If you're set on your one dream lateral firm and need a month to get your resume in gear, yeah, you might be waiting a while.


Thanks for the response! Are you a middle level associate? I was let go as a junior, scheduled lunch and coffee with friends, called some recruiters to understand the market, but not many firms are hiring my class.

Did you also use you recruiter? I understand they can prob get your resume to HRs faster but don't firms usually prefer internal referral (through your friends)?

I had an interview lately but this firm needs me to be in a specific corp group (and not as a generalist) instead of my original practice group which generally has better exit options, do you think I should take it for lack of options? or wait for something better? How long do you usually have before accepting an offer? Thank!



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