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

[Anonymous User]

General IP Practice, major market. Still have been strong so far. Worried what happens in 3 weeks though.

Mid level IP Lit, SF/SV. Aside from various deadlines being pushed out, its business as usual for ongoing litigation. The pipeline isn't great for upcoming matters though. On the bright side, lateral hiring is booming even with COVID-19.

Patent pros here. I'm on hold at a couple places (small/midsize firms) after first/second round interviews. One firm said they'd get back with me on April 1 to see where they're at then.

[Anonymous User]

ECEB associate from earlier. Partners are getting slammed with all of the random coronavirus stuff (healthcare, retirement funds, severance for executives, etc.), so everything else has been coming to associates. For now, it’s busy enough to stay afloat (40+ hours for the foreseeable future).

Not sure how long everything will last though. I’m thinking work will dry out within a month unless I end up doing Covid-19 advising/counseling work for plans.

[Anonymous User]

Exec comp. We’re also decently busy providing coronavirus-related advice to clients and there’s some work on proxy statements that we do around this time of the year. A number of deals are dying but we’re still getting staffed on a few new deals, although far, far fewer than usual.

[Anonymous User]

Does anyone have any insight into how bad IP (lit/prosecution) will be hit during this? Anyone around remember 08'?

[Anonymous User]

Same guy on banking side of MBS stuff.

Some dude from the monitoring side asked me wtf they are supposed to do with the mortgage relief thing NYS ordered. We literally don't know how to code it into the system (Intex is someone is curious) that we're using to monitor the stuff.

Doesn't solve the fact I know have no work. I sent an email this morning asking for guidance on if I should keep working on outstanding stuff. Instant response: "pause for now until further notice."

So if you guys are serving MBS originators... expect things to slow down real fast.

[Anonymous User]

Project finance associate here. No noticeable slowdown, and our partners have indicated they don't expect one. Most of our projects have a lifespan of 1-2 years, so there's still a lot in the pipeline as of now. Also been assured several times by our practice group leader that we don't have to worry about our job security, which is nice.

[JusticeChuckleNutz]

Project finance associate here. No noticeable slowdown, and our partners have indicated they don't expect one. Most of our projects have a lifespan of 1-2 years, so there's still a lot in the pipeline as of now. Also been assured several times by our practice group leader that we don't have to worry about our job security, which is nice.

Did you directly ask the practice group leader about job security, or did they just bring it up unsolicited?

[nayaab05]

Project finance associate here. No noticeable slowdown, and our partners have indicated they don't expect one. Most of our projects have a lifespan of 1-2 years, so there's still a lot in the pipeline as of now. Also been assured several times by our practice group leader that we don't have to worry about our job security, which is nice.

Which market are you in?

[Anonymous User]

Project finance associate here. No noticeable slowdown, and our partners have indicated they don't expect one. Most of our projects have a lifespan of 1-2 years, so there's still a lot in the pipeline as of now. Also been assured several times by our practice group leader that we don't have to worry about our job security, which is nice.

Did you directly ask the practice group leader about job security, or did they just bring it up unsolicited?

The latter...and on multiple occasions to the entire practice group.

[Anonymous User]

OP here.

Not super slow yet, still on active deals, hell, just got put on a new one. But each day this week has progressively gotten more quiet.

[Anonymous User]

I can confirm that my old firm that I recently left (about 30 attorneys) just cut salaries of associates and staff in half. Firm does both corporate/litigation and was very busy when I left. I went in house and feel much, much safer at my new job. Biglaw is obviously a different story

[Anonymous User]

V50 lit. Way slower since all our depos and hearings got cancelled or postponed for basically the next several weeks.

Update: we got our first “pencils down unless its a critical filing.” Probably a lot more pencils down emails coming to folks next week

[Anonymous User]

Regional biglaw corporate/M&A mid-level. I was staffed on three active deals as of Monday. Two have died and the other one has been awfully quiet. Have talked to other associates and it seems that some deals are still in process, but the large majority are on hold or worse. Was on a call with a large private company client yesterday and the basic point was that they are not willing to take on any debt to fund acquisitions until they have some certainty re: COVID-19, and the market. I see corporate being very slow for at least a couple of months, since even if we get certainty in the next month or so, it will take time for the deals to get going again.

As an update, I'm the poster above and I got staffed on a couple of new deals today. Both for middle market PE funds that still have cash to spend. Don't expect to be billing 40+ hours over the next few weeks, but will at least have work.

[Anonymous User]

V10 Restructuring

Shit is getting busy; everyone was already set up to WFH so nbd on that front. Expect a big year.

[Anonymous User]

V5 mid level litigation. One of our clients told us pencils down except critical work (which will end at latest early April, but more like next week), neighboring judge issued an order staying all pending deadline, only a matter of time our judge will too. First time almost ever being without billable work... getting nervous.

[jarofsoup]

V10 Restructuring

Shit is getting busy; everyone was already set up to WFH so nbd on that front. Expect a big year.

Restructuring at a v100 and it is getting very very busy.

[Anonymous User]

M&A Midlevel. Have gone from 3 active deals with another 6-7 in the pipeline to 1 of each (pipeline stuff is all clients saying their business diligence is on for a few weeks), and the active deal is on life support while clients completely renegotiate economics. I expect deal flow to be totally dead for 2-3 months while things stabilize and then will get busy again when clients start scooping up distressed assets. In the meantime I expect to stay relatively busy doing portco work as they scramble to weather the storm.

All of the current issues seem to be COVID-related (e.g. we can't go do site visits because quarantine) vs. economy related, but I expect that will change very quickly as furloughs hit and the true butterfly effect of this sinks in.

[Anonymous User]

M&A 3rd year, V5 - Of the 12 or so deals I had on my slate in various different stages, most are pencils down or delayed "until the market isn't swinging 5% every day". I'm not involved in the highest level discussions, obviously, but from what I hear on calls and see on email chains, the reality is that lenders are getting progressively more and more reluctant to commit to terms each day, or are renegotiating terms that were informally agreed to weeks ago.

I'm skeptical of anyone who thinks this is going to be over soon; if anything, I think a lot of folks are only just coming around to the reality of the situation. If the stock/bond inverse relationship breaks down (and it seems more and more likely) and institutions like Bridgewater get into real trouble, then COVID is just the beginning of our problems. Definitely mentally preparing for a lot of bankruptcy work.

[PeanutsNJam]

V5 mid level litigation. One of our clients told us pencils down except critical work (which will end at latest early April, but more like next week), neighboring judge issued an order staying all pending deadline, only a matter of time our judge will too. First time almost ever being without billable work... getting nervous.

Haven't seen anything like that here, which district is staying all pending deadlines? We've had some things pushed and others switched to telephonic hearings. I think most judges are too concerned with an excessively congested docket to stay everything.

[JusticeSquee]

V5 mid level litigation. One of our clients told us pencils down except critical work (which will end at latest early April, but more like next week), neighboring judge issued an order staying all pending deadline, only a matter of time our judge will too. First time almost ever being without billable work... getting nervous.

Haven't seen anything like that here, which district is staying all pending deadlines? We've had some things pushed and others switched to telephonic hearings. I think most judges are too concerned with an excessively congested docket to stay everything.

I haven't seen any federal court staying deadlines either. A bunch of state courts have suspended all deadlines tho (WV, VA, AZ). I was frantically drafting up a few answers and now I have some more time to procrastinate/stress out about getting fired with y'all.

We all finna be Latham'd?

[LaLiLuLeLo]

I have a ton of cash saved up and I’ve done this longer than I ever wanted. Getting latham’d wouldn’t be bad at all. Though I question how much severance my firm would actually pay...

[Anonymous User]

V5 mid level litigation. One of our clients told us pencils down except critical work (which will end at latest early April, but more like next week), neighboring judge issued an order staying all pending deadline, only a matter of time our judge will too. First time almost ever being without billable work... getting nervous.

Haven't seen anything like that here, which district is staying all pending deadlines? We've had some things pushed and others switched to telephonic hearings. I think most judges are too concerned with an excessively congested docket to stay everything.

I haven't seen any federal court staying deadlines either. A bunch of state courts have suspended all deadlines tho (WV, VA, AZ). I was frantically drafting up a few answers and now I have some more time to procrastinate/stress out about getting fired with y'all.

We all finna be Latham'd?

my firm is reassuring us, but didn't latham also say no lay off until they actually did?

[Anonymous User]

M&A 3rd year, V5 - Of the 12 or so deals I had on my slate in various different stages, most are pencils down or delayed "until the market isn't swinging 5% every day". I'm not involved in the highest level discussions, obviously, but from what I hear on calls and see on email chains, the reality is that lenders are getting progressively more and more reluctant to commit to terms each day, or are renegotiating terms that were informally agreed to weeks ago.

I'm skeptical of anyone who thinks this is going to be over soon; if anything, I think a lot of folks are only just coming around to the reality of the situation. If the stock/bond inverse relationship breaks down (and it seems more and more likely) and institutions like Bridgewater get into real trouble, then COVID is just the beginning of our problems. Definitely mentally preparing for a lot of bankruptcy work.

Thanks dude. Everyone should have a plan B in current market. Prepare for the storms.

[synergy]

M&A 3rd year, V5 - Of the 12 or so deals I had on my slate in various different stages, most are pencils down or delayed "until the market isn't swinging 5% every day". I'm not involved in the highest level discussions, obviously, but from what I hear on calls and see on email chains, the reality is that lenders are getting progressively more and more reluctant to commit to terms each day, or are renegotiating terms that were informally agreed to weeks ago.

I'm skeptical of anyone who thinks this is going to be over soon; if anything, I think a lot of folks are only just coming around to the reality of the situation. If the stock/bond inverse relationship breaks down (and it seems more and more likely) and institutions like Bridgewater get into real trouble, then COVID is just the beginning of our problems. Definitely mentally preparing for a lot of bankruptcy work.

Thanks dude. Everyone should have a plan B in current market. Prepare for the storms.

Not sure if my question is too unrelated/deserves a separate post but speaking of plan B's, does anybody know/recall what firms in 2009 did in the case of firms with corporate generalists? I'm a second year corporate associate in a niche where most of my class are corporate generalists. If work in my niche dries up, I'm hoping to get staffed in relatively more active practices but wondering if firms had been/would be so accommodating...

[Anonymous User]

Just read that David Lat (founder of ATL)'s condition took a turn for the worse and he is now in ICU on a ventilator. Put in perspective for me that money and this job is bullshit -- your health and the health of loved ones is most important.

There's also nothing quite like losing almost $100K of net worth in two weeks to enlighten me that everything we are chasing is ultimately illusory.

That said, I am really hoping for six (not three) months of severance -- what Latham handed out in 2010. But my firm is cheap so who knows.