Tracking COVID-19's effect on V100 associate pay/layoffs Forum

[Anonymous User]

How are people navigating the job search while being laid off? Are firms actually interviewing or should we wait until severance runs out?

[Anonymous User]

Does anyone know if any firms have pulled back their salary cuts? Also, will it be publicized when firms end salary cuts?

I'm not aware of that. I know of one firm that announced that associates who bill an average of 140 hours/month over the next few months will get the salary difference in backpay.

Would you mind naming the firm?

[Anonymous User]

V20 (or 25? not sure the convention here) laid off today. Very generous accommodation toward finding another position, which is nice in the grand scheme of things.

[Spectator]

V20 (or 25? not sure the convention here) laid off today. Very generous accommodation toward finding another position, which is nice in the grand scheme of things.

How to properly name firm rank.

Step one, identify Vault rank: https://www.vault.com/best-companies-to ... s-rankings
Step two, state "vXX," and swap out "XX" for the rank of your firm.

Bonus information: If you state you are at a v20, then your firm is at least ranked v20, but not v21 or lower. If you state v25, then your firm is at least ranked v25, but not lower than v25. You can obscure your firm's rank by posting a larger number, e.g. someone at Latham (v5 exactly) can state they are at a v10 and they are not lying, because v10 implies rank 10 or higher. Someone at Weil who states v10 would be lying, because Weil is v11.

Edit: One more thing, sorry about your job loss.

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

[Stillblade]

V20 (or 25? not sure the convention here) laid off today. Very generous accommodation toward finding another position, which is nice in the grand scheme of things.

How to properly name firm rank.

Step one, identify Vault rank: https://www.vault.com/best-companies-to ... s-rankings
Step two, state "vXX," and swap out "XX" for the rank of your firm.

Bonus information: If you state you are at a v20, then your firm is at least ranked v20, but not v21 or lower. If you state v25, then your firm is at least ranked v25, but not lower than v25. You can obscure your firm's rank by posting a larger number, e.g. someone at Latham (v5 exactly) can state they are at a v10 and they are not lying, because v10 implies rank 10 or higher. Someone at Weil who states v10 would be lying, because Weil is v11.

Edit: One more thing, sorry about your job loss.

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

Insufferable.

[LS989]

V20 (or 25? not sure the convention here) laid off today. Very generous accommodation toward finding another position, which is nice in the grand scheme of things.

How to properly name firm rank.

Step one, identify Vault rank: https://www.vault.com/best-companies-to ... s-rankings
Step two, state "vXX," and swap out "XX" for the rank of your firm.

Bonus information: If you state you are at a v20, then your firm is at least ranked v20, but not v21 or lower. If you state v25, then your firm is at least ranked v25, but not lower than v25. You can obscure your firm's rank by posting a larger number, e.g. someone at Latham (v5 exactly) can state they are at a v10 and they are not lying, because v10 implies rank 10 or higher. Someone at Weil who states v10 would be lying, because Weil is v11.

Edit: One more thing, sorry about your job loss.

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

All he was saying was that he wasn't sure if it's convention to denominate in groups of 5 or 10 for vault ranks...

[Anon-non-anon]

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

Wait... what? I hope to god you're not a practicing lawyer and still have this attitude about the results of a survey of associates who know almost nothing about the firms they're ranking.

If you are, idk what to say. But if you're still a student, you will find that overall vault rankings don't mean much. The reputation of your practice group is much more important. The ties of each individual partner you work with will probably make a much greater difference than even a significant drop in overall vault prestige ranking. There are tons of firms lower on the vault list that will give much greater boosts to their alumni than some of the V5. I think Williams & Connolly is the best example. Anyone coming from there is known to come from one of the best shops around, but they're ranked a measly 19th.

[Anonymous User]

What accommodations are firms giving when they lay you off? I got laid off with nothing and I need to figure out what I can negotiate before my last paycheck.

HELP!!

[Auxilio]

https://www.law360.com/articles/1285974 ... gn=special

Worth noting this article I think, which suggests good news on the whole (although obviously targetted problems exist).

[Spectator]

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

Wait... what? I hope to god you're not a practicing lawyer and still have this attitude about the results of a survey of associates who know almost nothing about the firms they're ranking.

If you are, idk what to say. But if you're still a student, you will find that overall vault rankings don't mean much. The reputation of your practice group is much more important. The ties of each individual partner you work with will probably make a much greater difference than even a significant drop in overall vault prestige ranking. There are tons of firms lower on the vault list that will give much greater boosts to their alumni than some of the V5. I think Williams & Connolly is the best example. Anyone coming from there is known to come from one of the best shops around, but they're ranked a measly 19th.

I didn't think you would all miss that obvious joke of getting fired for not knowing vault rank.

It was meant to make fired person feel better, or at least laugh.

Edit: Notice my very first post on TLS joked about quitting if my firm's vault rank dropped, and demanding a raise if it rose. Someone else got the joke there and made similar comment.

[Anon-non-anon]

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

Wait... what? I hope to god you're not a practicing lawyer and still have this attitude about the results of a survey of associates who know almost nothing about the firms they're ranking.

If you are, idk what to say. But if you're still a student, you will find that overall vault rankings don't mean much. The reputation of your practice group is much more important. The ties of each individual partner you work with will probably make a much greater difference than even a significant drop in overall vault prestige ranking. There are tons of firms lower on the vault list that will give much greater boosts to their alumni than some of the V5. I think Williams & Connolly is the best example. Anyone coming from there is known to come from one of the best shops around, but they're ranked a measly 19th.

I didn't think you would all miss that obvious joke of getting fired for not knowing vault rank.

It was meant to make fired person feel better, or at least laugh.

Edit: Notice my very first post on TLS joked about quitting if my firm's vault rank dropped, and demanding a raise if it rose. Someone else got the joke there and made similar comment.

Haha okay good. I did miss it. We need a sarcasm punctuation mark.

[Anonymous User]

Stealth lay off at a v15. Fifth year. Couched as performance issues, but it's not credible. Work simply dried up at the start of the pandemic, and the restructuring work did not flow in. It's happening. No severance, 2 months to find another job.

[Anonymous User]

V20 (or 25? not sure the convention here) laid off today. Very generous accommodation toward finding another position, which is nice in the grand scheme of things.

What is the accommodation that was given?

[Anonymous User]

Stealth lay off at a v15. Fifth year. Couched as performance issues, but it's not credible. Work simply dried up at the start of the pandemic, and the restructuring work did not flow in. It's happening. No severance, 2 months to find another job.

Jesus, that’s rough. Have you heard of others getting stealthed?

[Anonymous User]

Stealth lay off at a v15. Fifth year. Couched as performance issues, but it's not credible. Work simply dried up at the start of the pandemic, and the restructuring work did not flow in. It's happening. No severance, 2 months to find another job.

Sorry to hear this. How did the 2 months time communicated/phrased? A mutual agreement to leave before a certain date or a hard deadline? Was there any wiggle room?

[lawlorbust]

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

Wait... what? I hope to god you're not a practicing lawyer and still have this attitude about the results of a survey of associates who know almost nothing about the firms they're ranking.

If you are, idk what to say. But if you're still a student, you will find that overall vault rankings don't mean much. The reputation of your practice group is much more important. The ties of each individual partner you work with will probably make a much greater difference than even a significant drop in overall vault prestige ranking. There are tons of firms lower on the vault list that will give much greater boosts to their alumni than some of the V5. I think Williams & Connolly is the best example. Anyone coming from there is known to come from one of the best shops around, but they're ranked a measly 19th.

I didn't think you would all miss that obvious joke of getting fired for not knowing vault rank.

It was meant to make fired person feel better, or at least laugh.

Edit: Notice my very first post on TLS joked about quitting if my firm's vault rank dropped, and demanding a raise if it rose. Someone else got the joke there and made similar comment.

Actually, it's just not a very good joke MOD NOTE- PERSONAL ATTACK DELETED

[sms18]

Edit Edit: I would fire anyone who didn't know their firm's vault rank, tbh. But knowing this now should make finding the next job easier.

Wait... what? I hope to god you're not a practicing lawyer and still have this attitude about the results of a survey of associates who know almost nothing about the firms they're ranking.

If you are, idk what to say. But if you're still a student, you will find that overall vault rankings don't mean much. The reputation of your practice group is much more important. The ties of each individual partner you work with will probably make a much greater difference than even a significant drop in overall vault prestige ranking. There are tons of firms lower on the vault list that will give much greater boosts to their alumni than some of the V5. I think Williams & Connolly is the best example. Anyone coming from there is known to come from one of the best shops around, but they're ranked a measly 19th.

I didn't think you would all miss that obvious joke of getting fired for not knowing vault rank.

It was meant to make fired person feel better, or at least laugh.

Edit: Notice my very first post on TLS joked about quitting if my firm's vault rank dropped, and demanding a raise if it rose. Someone else got the joke there and made similar comment.

Actually, it's just not a very good joke PERSONAL ATTACK DELETED

Agree that Spectator is just being a complete troll. How the hell can anyone expect that kind of "joke" to make a fired person feel better?

[Anonymous User]

How are people navigating the job search while being laid off? Are firms actually interviewing or should we wait until severance runs out?

Although hiring is typically slower in the summer even in a good economy, I still think reaching out to your network and recruiters you've previously had some success with, applying for jobs you see on LinkedIn or other online sites will at least be helpful to get the process started, worse case scenario you get radio silence, somewhat better case scenario you can land a job with a start date pushed to the fall.

[Anonymous User]

I have a friend that got stealthed at Polsinelli. He was a 3rd year associate.

[Vr1234]

Stealth lay off at a v15. Fifth year. Couched as performance issues, but it's not credible. Work simply dried up at the start of the pandemic, and the restructuring work did not flow in. It's happening. No severance, 2 months to find another job.

Sorry to hear this. How did the 2 months time communicated/phrased? A mutual agreement to leave before a certain date or a hard deadline? Was there any wiggle room?

It was initially a shorter number of weeks, that I got bumped up. Hard deadline, but phrased as a mutual agreement. It was phrased in the form of the severance agreement.

[Anonymous User]

Stealth lay off at a v15. Fifth year. Couched as performance issues, but it's not credible. Work simply dried up at the start of the pandemic, and the restructuring work did not flow in. It's happening. No severance, 2 months to find another job.

Jesus, that’s rough. Have you heard of others getting stealthed?

I spoke to HR, who had said a number of other associates were asked to leave. I don't know the number.

[Anonymous User]

Stealth lay off at a v15. Fifth year. Couched as performance issues, but it's not credible. Work simply dried up at the start of the pandemic, and the restructuring work did not flow in. It's happening. No severance, 2 months to find another job.

Sorry to hear this. How did the 2 months time communicated/phrased? A mutual agreement to leave before a certain date or a hard deadline? Was there any wiggle room?

It was initially a shorter number of weeks, that I got bumped up. Hard deadline, but phrased as a mutual agreement. It was phrased in the form of the severance agreement.

Got it. And this communication was made by HR not any particular partner? Did you sign anything and are you receiving work (probono or client matter) at all?

[broadstreet11]

Any signs that firms may start reversing course? Seems like we've reached the high water mark for salary cuts. I can't imagine that it's a good look or good for morale for the firms that cut to stay that way indefinitely.

[Anonymous User]

Any signs that firms may start reversing course? Seems like we've reached the high water mark for salary cuts. I can't imagine that it's a good look or good for morale for the firms that cut to stay that way indefinitely.

Spouse's biglaw firm (v50-100 non-NYC based) just announced salary cuts extended until the end of the year. That may become typical.

[Anonymous User]

I'm expecting stuff to get way worse, not better, when the market collapses again in a few weeks.