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

[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.

This seems too optimistic. If anything, things look worse/uncertain in the economy now. When firms cut their salaries earlier in the Spring, it assumed a quick rebound in the economy and the virus starting to get under control. Today, we're seeing states shutting down again due to infection surges.

[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.

It seems that many firms that are doing quite alright have nevertheless cut salaries. At the end of the year associates will have taken a bigger hit than equity partners. I don't think firms decide based on their business but really just based on how much the associates will take. So yeah, salaries could stay reduced until hiring picks up again.

[cheaptilts]

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.

The government's money printer has yet to run out of ink. Once it does, Congress will fight about whether to buy new ink (and if so, how much) through the election cycle at minimum. Things will get worse, not better, over the course of this year.

[Anonymous User]

I've heard from two friends at Cleary (class of 2017 and 2016) that layoffs are happening and that morale is low. They believe it's related to the economy and not ordinary course stealth layoffs because it seems to be much more people than usual, but that's just their opinion and they're not able to 100% confirm.

[Anonymous User]

Apparently, large scale layoffs going on at Hughes Hubbard.

[lawyersHATEhim]

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.

The government's money printer has yet to run out of ink. Once it does, Congress will fight about whether to buy new ink (and if so, how much) through the election cycle at minimum. Things will get worse, not better, over the course of this year.

Is r/wallstreetbets leaking onto TLS?

[Anonymous User]

I've heard from two friends at Cleary (class of 2017 and 2016) that layoffs are happening and that morale is low. They believe it's related to the economy and not ordinary course stealth layoffs because it seems to be much more people than usual, but that's just their opinion and they're not able to 100% confirm.

Can confirm shit is not good at Cleary right now.

[RaceJudicata]

I've heard from two friends at Cleary (class of 2017 and 2016) that layoffs are happening and that morale is low. They believe it's related to the economy and not ordinary course stealth layoffs because it seems to be much more people than usual, but that's just their opinion and they're not able to 100% confirm.

Can confirm shit is not good at Cleary right now.

Not good re: people frustrated around layoffs/general discontent? Or other concrete issues? (E.g., rumors of pay cuts, messaging from leadership that firm is struggling, etc.)?

[jarofsoup]

For some reason I can’t see a place like Cleary cutting pay. They have to keep up with the joneses. I imagine they would just stealth until the numbers worked.

[Anonymous User]

I've heard from two friends at Cleary (class of 2017 and 2016) that layoffs are happening and that morale is low. They believe it's related to the economy and not ordinary course stealth layoffs because it seems to be much more people than usual, but that's just their opinion and they're not able to 100% confirm.

Can confirm shit is not good at Cleary right now.

Not good re: people frustrated around layoffs/general discontent? Or other concrete issues? (E.g., rumors of pay cuts, messaging from leadership that firm is struggling, etc.)?

Idk if you'd consider it "stealthing" by common standards, but the bottom line is that Cleary is actively trying to lower headcount through a variety of means. They also deferred the incoming class pretty early on, relative to their Vault ranking. They won't cut salary b/c they think that will affect their rankings, even though it would save jobs and the firm is obviously struggling financially.

[Anonymous User]

Bryan Cave announced internally upcoming layoffs. No specifics yet though.

[Anonymous User]

Fox Rothschild stealthed a number of associates and counsel across all offices.

[Anonymous User]

Anyone know how Paul Weiss is doing during all of this?

[Anonymous User]

Anyone know how Paul Weiss is doing during all of this?

Their funds team is actively looking for mid-level and senior associate laterals because they're very busy. I don't know about junior associates and can't speak to the firm as a whole.

[Anonymous User]

Anyone know how Paul Weiss is doing during all of this?

Their funds team is actively looking for mid-level and senior associate laterals because they're very busy. I don't know about junior associates and can't speak to the firm as a whole.

Anon above -- thanks, that's helpful. I'm looking at them as a potential lateral option and thought they should be in a good position currently with fund and restructuring work.

[Anonymous User]

PW associate here. Obviously I can't speak for the firm, but from my experience, we're very busy in the transactional groups (including bankruptcy and funds). June was my highest billed month at the firm so far and on pace to outdo that in July. Friends at the firm are in a similar boat.

[Anonymous User]

PW associate here. Obviously I can't speak for the firm, but from my experience, we're very busy in the transactional groups (including bankruptcy and funds). June was my highest billed month at the firm so far and on pace to outdo that in July. Friends at the firm are in a similar boat.

Thank you! That's what I expected and is good to hear. The group I'm looking at is on the transactional side.

[Anonymous User]

PW associate here. Obviously I can't speak for the firm, but from my experience, we're very busy in the transactional groups (including bankruptcy and funds). June was my highest billed month at the firm so far and on pace to outdo that in July. Friends at the firm are in a similar boat.

Also interested in sending in a lateral application to PW, but for litigation. Any knowledge of whether they're open to hiring (I know there's nothing on their website posting for lit; just wondering if they're busy these days in case PW folks are lurking)?

[Anonymous User]

PW associate here. Obviously I can't speak for the firm, but from my experience, we're very busy in the transactional groups (including bankruptcy and funds). June was my highest billed month at the firm so far and on pace to outdo that in July. Friends at the firm are in a similar boat.

Also interested in sending in a lateral application to PW, but for litigation. Any knowledge of whether they're open to hiring (I know there's nothing on their website posting for lit; just wondering if they're busy these days in case PW folks are lurking)?

I know someone in litigation at PW who has been very busy recently, but I don't how how they're doing overall or whether they're actively hiring.

[Anonymous User]

How are things at S&C? Speaking as a 2021 grad who was extended a "guaranteed offer" but am concerned that if the 2020 class is pushed back then the 2021 class will ultimately suffer.

[Anonymous User]

Anyone know how much truth is in the rumors of heavy attrition at Baker Botts?

[gasfard]

Anyone know how much truth is in the rumors of heavy attrition at Baker Botts?

Interested in BB as well

[Sackboy]

How are things at S&C? Speaking as a 2021 grad who was extended a "guaranteed offer" but am concerned that if the 2020 class is pushed back then the 2021 class will ultimately suffer.

Places like S&C aren't going to screw incoming associates or summers. That's the whole schtick of being an elite white shoe law firm. Class of 2021 will be fine.

[throwawayt14]

How are things at S&C? Speaking as a 2021 grad who was extended a "guaranteed offer" but am concerned that if the 2020 class is pushed back then the 2021 class will ultimately suffer.

Places like S&C aren't going to screw incoming associates or summers. That's the whole schtick of being an elite white shoe law firm. Class of 2021 will be fine.

They were the only elite firm to slash their summer associates pay in half, so I can see why the Class of 2021 isn't feeling particularly secure.

[Anonymous User]

Anyone know how much truth is in the rumors of heavy attrition at Baker Botts?

Interested in BB as well

Current BB associate. I think most of the departures during COVID have been people who other firms would have pushed out earlier. In my experience, we hardly ever asked people to leave (including people who I assumed had been pushed out). If you did good work, you could bill 1700-1800 and stick around indefinitely. I'm currently very busy and think most other associates are busy as well.