COVID-19’s effect on your practice check in Forum

[MvanNostrand]

Can someone speak to how structured finance/securitization practice groups are doing right now?

I do a fair amount of CRE conduit lending (which is rote bullshit) that ultimately feeds in to securitization. Been completely dead for ~10 weeks. CWT lands a good portion of that securitization work so makes sense they were one of the first to move. Not exactly a hot take, but think there's too much uncertainty out there for the market to settle on pricing.

[jacketyellow]

If it hasn't been mentioned, how has the DC energy regulatory practice been handling this?

[Anonymous User]

Regulatory midlevel, about as busy as always (March to May should all be between 140 and 160 billables w/o BD). Firm seems to be doing as well as last year until now (as of end April).

Is the situation for regulatory in DC the same?

D.C. regulatory associate as well. Billed around 160-180 the past two months, this month is slower but should end up at 120-140. BD work has exploded in anticipation of a slowdown which has made this period somewhat unpleasant.

If either of you are in an international trade or CFIUS group, or at a firm with a trade and/or CFIUS practice and have info, could you possibly comment on how workflow has been in that space? Anon bc I’m an in-coming first year and will be joining a trade group and was looking to get into my firms CFIUS practice, so just curious as to how slow/busy international trade/CFIUS has been.

[Anonymous User]

Corporate first year here at a large market V50. Have generally worked in VC, PE, and M&A. For the first month and a half of the pandemic was in ok shape (lots of work to end March, slowed down ending April and finished with around 140 in billables). Since the start of May, I've experienced a major drop-off in work as a lot of the things that had either carried over from pre-pandemic or had been too far along at the start of the pandemic not to move forward wrapped up. The last two weeks I've averaged maybe 20 billable hours, and things look even rougher moving forward.

[Anonymous User]

Do people think business will pick back up as we slowly adjust to the new “normal?” I personally (this is a totally uninformed opinion) think we probably won’t shut down again and will just live in this “somewhat reopened but not really” limbo for a long time.. eventually won’t business pick back up and companies/clients/everyone accepts our new normal and adjusts accordingly? Or is this wishful thinking?

[AdieuCali]

Do people think business will pick back up as we slowly adjust to the new “normal?” I personally (this is a totally uninformed opinion) think we probably won’t shut down again and will just live in this “somewhat reopened but not really” limbo for a long time.. eventually won’t business pick back up and companies/clients/everyone accepts our new normal and adjusts accordingly? Or is this wishful thinking?

People will certainly adapt and adjust expectations. 2,000 Covid deaths a day would have horrified Americans in early February but by May people shrugged it off. For most people reopening will feel quasi-normal.

OTOH, even if most people resume their normal lives, there's a good chance 10-20% of the most vulnerable population continues to stay at home and not spend money on non-essentials until we have a vaccine, good therapeutics, or have "crushed the curve" with mass test-and-trace. Layer on top major gatherings such as concerts, conferences, and spectator sports being cancelled and you have the recipe for a prolonged recession.

Also, I think we're done with general lockdowns, but we'll still need regional shutdowns to handle outbreaks. Seoul had to close businesses recently. https://www.businessinsider.com/seoul-b ... ked-2020-5

And China just locked down 100 million people because of 130 new cases.
https://www.bloomberg.com/news/articles ... r-lockdown

[Anonymous User]

Third year in cap markets/corp finance group at a V50. Leading up to April, was averaging 220 or so over the prior five months. Just missed 200 in April, will probably hit 175 in May. Thankful we do so much issuer side reporting, compliance and general corporate governance work or I would have basically nothing to bill. Would recommend law students interested in CM seek firms that do that kind of work out. Not going to make the firm tons of money but I am realizing it is good to be well leveraged.

[Anonymous User]

Second-year in a niche asset finance group. 240 hours in March, 140 in April, maybe 130 for May. Really hoping work picks up... it is very sporadic right now (either 9 hours a day or 0). Hopefully I don't get fired. I'm making less than I was as a first year with the salary cut but still billing more hours.

[Anonymous User]

Second-year in a niche asset finance group. 240 hours in March, 140 in April, maybe 130 for May. Really hoping work picks up... it is very sporadic right now (either 9 hours a day or 0). Hopefully I don't get fired. I'm making less than I was as a first year with the salary cut but still billing more hours.

We are exact opposite. 130/140/240 for me, March to May.

Derivative transactions/capital markets.

[jacketyellow]

If it hasn't been mentioned, how has the DC energy regulatory practice been handling this?

Anyone?

[Anonymous User]

Litigation midlevel V10. Complex commercial litigation is my main area. Very slow. Hours are definitely taking a nosedive since March, and not sure what June brings me. Other associates apparently have work but not sure HOW because their clients said pencils down. Are we billing without an expectation for collection?

[Anonymous User]

Litigation midlevel V10. Complex commercial litigation is my main area. Very slow. Hours are definitely taking a nosedive since March, and not sure what June brings me. Other associates apparently have work but not sure HOW because their clients said pencils down. Are we billing without an expectation for collection?

I'm in lit, and I've still picked up some hours even on "pencils down" matters. For my matters, we're basically getting work when a plaintiff forces it on us (remote depositions, etc.). My guess is that this is going to be more common with non-commercial plaintiffs or any plaintiff who isn't paying by the hour. So if your matters are mostly against other large companies, it would make sense that you have less work than an associate in a products liability case.

[Anonymous User]

CM mid-level at a v10 firm. Unlike some of us expected, we have been slammed for the past two months, and our partners can't remember a time where we've been so busy. Been pulling multiple all-nighters (not typically the norm in CM) to get deals across the finish line.

[Anonymous User]

Exec comp associate V50: 102/83/270 from March to May

[Anonymous User]

To any commercial lit associate who is slow - try to pick up work in antitrust if you can. There are a bunch of really busy, really associate intensive cases that are heating up right now. Even stuff like doc review where no substantive antitrust knowledge is needed.

[Anonymous User]

EBEC associate from before. May slowed down to under 200 hours (170 or so), but June is already at around 40 hours not counting today.

[Anonymous User]

Corporate associate. Was on a large deal that kept me busy (I think I've averaged about 210 hours per month so far) through closing on June 1. Based on our group meetings there was essentially nothing knew that came in during Most of March/April/Most of May. A few new deals have started to come in now though that I have been subsequently staffed on and I think I'll be a bit slower than normal. Partners seem to think things have picked up slightly.

[Anonymous User]

First-year commercial lit associate at an Amlaw 200. Was billing around 100-120 per month pre-pandemic. Billed around 60 in March, 40 in April, 10 in May. June is looking even worse. I know that the other more senior associates in my office are billing a little more than me, but rumor is that no associate is on target to hit their hours this year. Just hope I don't get fired

[Anonymous User]

First-year commercial lit associate at an Amlaw 200. Was billing around 100-120 per month pre-pandemic. Billed around 60 in March, 40 in April, 10 in May. June is looking even worse. I know that the other more senior associates in my office are billing a little more than me, but rumor is that no associate is on target to hit their hours this year. Just hope I don't get fired

What have your days looked like on these 60-and-under months?

[Anonymous User]

First-year commercial lit associate at an Amlaw 200. Was billing around 100-120 per month pre-pandemic. Billed around 60 in March, 40 in April, 10 in May. June is looking even worse. I know that the other more senior associates in my office are billing a little more than me, but rumor is that no associate is on target to hit their hours this year. Just hope I don't get fired

What have your days looked like on these 60-and-under months?

Lobbying for work, emailing/calling folks, pro bono work if available, drafting blog posts for partners, and reading forums/legal news.

[Anonymous User]

Bankruptcy at a v100. Not a big brand practice.

Hours seem to be slipping. Billed 190ish in April then slipped to 160 this month. Looks like I will be 150 to 160 this month.

I only came to the firm a short time ago and since then my pay has been cut so that I am making less than the firm that I came from and I probably won’t make hours this year, so no bonus.

What is worse is this is supposed to be bankruptcy boom times.

Any advice?

Going back to the old firm is not an option. It was a hostile work environment.

[Anonymous User]

Mid-level associate at a litigation boutique. I'm more worried now than I was in April or May. Hours have dropped significantly as older matters wrapped up and nothing new comes in. My total hours billed in May was a big drop from April, and June looks like it will be even worse. I know other associates are also scrambling around asking partners for work. There does not seem to be a lot coming in, so partners just don't have work to give us.

I thought litigation wouldn't have been so bad, but I'm growing steadily more concerned. (And this is not a small, low-tier firm.)

[Anonymous User]

I work in M&A at a v15 as a mid-level. Here are my billable hours (not including pro bono and other nonbillable matters, which I've been doing to fill my time):

Jan - 210
Feb - 240
Mar - 65
Apr - 11
May - 48

[Anonymous User]

I work in M&A at a v15 as a mid-level. Here are my billable hours (not including pro bono and other nonbillable matters, which I've been doing to fill my time):

Jan - 210
Feb - 240
Mar - 65
Apr - 11
May - 48

Same story. v10 M&A third year.

Jan - 330
Feb - 198
Mar - 12
Apr - 6
May - 70

[Anonymous User]

Biglaw lit, mid-senior associate at a (formerly) Cravath scale firm in a secondary market. Hours have been steady in the 100-130 (pure billable, not incl. pro bono, bizdev, etc.) range since March. Not enough to completely panic, but too low to feel safe. June has seen an uptick so far, but it may be fleeting as work tends to come in waves. Not enough to go around for everyone for sure.