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

[Anonymous User]

Former biglaw lit now plaintiff lit boutique. So glad I got out of biglaw when I did. Our work doesn’t dry up like biglaw and relying on clients, so I can’t complain.

But we have a significant trial that will be pushed and a bunch of fed courts haven’t issued stays but we are expecting them.. EDVA, DDC, and NDCal. Also settlements have stalled because of uncertainty with the markets. That means I probably won’t get a bonus. But so glad I’m not dealing with the biglaw bs anymore. Stay strong friends, you can always come to the right side and stop defending pharmaceutical companies.

[PeanutsNJam]

Former biglaw lit now plaintiff lit boutique. So glad I got out of biglaw when I did. Our work doesn’t dry up like biglaw and relying on clients, so I can’t complain.

But we have a significant trial that will be pushed and a bunch of fed courts haven’t issued stays but we are expecting them.. EDVA, DDC, and NDCal. Also settlements have stalled because of uncertainty with the markets. That means I probably won’t get a bonus. But so glad I’m not dealing with the biglaw bs anymore. Stay strong friends, you can always come to the right side and stop defending pharmaceutical companies.

Pretty sure that, so long as plaintiffs attorneys are working, defense attorneys also have work. It’s guys like you that keep the pharmaceutical companies paying guys like us $$$. What a racket lmao.

My firm’s defense work hasn’t dried up yet, knock on wood, but I don’t see how defendants are gonna stop paying lawyers while plaintiffs are going full steam ahead.

[Anonymous User]

Former biglaw lit now plaintiff lit boutique. So glad I got out of biglaw when I did. Our work doesn’t dry up like biglaw and relying on clients, so I can’t complain.

But we have a significant trial that will be pushed and a bunch of fed courts haven’t issued stays but we are expecting them.. EDVA, DDC, and NDCal. Also settlements have stalled because of uncertainty with the markets. That means I probably won’t get a bonus. But so glad I’m not dealing with the biglaw bs anymore. Stay strong friends, you can always come to the right side and stop defending pharmaceutical companies.

Pretty sure that, so long as plaintiffs attorneys are working, defense attorneys also have work. It’s guys like you that keep the pharmaceutical companies paying guys like us $$$. What a racket lmao.

My firm’s defense work hasn’t dried up yet, knock on wood, but I don’t see how defendants are gonna stop paying lawyers while plaintiffs are going full steam ahead.

True. I do make more than I was at my biglaw firm though, and I don’t have to sell my soul. Double win for me. Joking aside, it’s gonna be weird seeing how lit plays out with court closures and stays outside of the minimum necessary for criminal matters.

[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?

Anon cause cause location + past posts may give me away. Not a true stay, Northern District of Illinois extended all deadlines scheduled before April 3 by 21 days. At the trajectory we are at, I expect everything to be extended further. Trials have been stayed.

[cavalier1138]

True. I do make more than I was at my biglaw firm though, and I don’t have to sell my soul.

Ah, yes. Just like the attorneys in California who sued Starbucks for not warning people that coffee hasn't been proven to not be a carcinogen. Or the ones who created a "non-profit" for the sole purpose of turning out expert reports that support their lawsuits. The true moral crusaders of our time.

Also, I think the reason you haven't seen the slowdown yet is that plaintiffs largely drive the litigation bus. But with courts effectively closing across the country, I think plaintiffs firms are going to be feeling the effects of this soon enough.

[wwwcol]

Hard to see how lit won’t slow down just by virtue of courts basically shutting down, granting all extensions that anyone asks for (and sometimes granting them sua sponte like ND ILL) and canceling all hearings/trials. Once people finish up whatever tasks are on their plate and due soon, what’s left to do?

[Anonymous User]

Any other recent laterals have experiences to share? This is my 4th week at my new firm. I got staffed up on a few new M&A deals right when I started expecting to be ramped up by around last week/this week, but now only one of those is really moving. This pro-longed (or maybe nonexistent) ramp up period is definitely a little unnerving. I imagine this can't be a unique experience given the time of year for lateraling.

[kaiser]

I was a L&E senior associate up until a few months ago before going in house, but my old colleagues at my biglaw firm are very busy. COVID-19 is essentially a practice in itself to management-side L&E attorneys. Non-stop counseling work to advise clients on how to handle this. Plus there will likely be a huge wave of work when layoffs start happening since there will be severance agreements, WARN obligations, ADEA waiver documentation, etc. L&E is busy regardless of economic climate.

[patent_guy]

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

Bump - any insights?

[Pencilmoustaches]

Any info on litigation at Weil in NYC?

[PeanutsNJam]

In lit. Currently we still have discovery-related work, motion practice, telephonic hearings, and we’re mentally preparing for telephonic/digital depositions. Doubt any of our trials scheduled in the next few months are gonna happen, but unless we settle, they’ll happen eventually, and there are substantial inefficiencies with firing attorneys who have been on a case for years and hiring new people once the trials get scheduled again.

I wouldn’t be opposed to being furloughed and taking a 3-6 month unpaid vacation if I’m guaranteed to get my job back.

[LaLiLuLeLo]

I wouldn’t be opposed to being furloughed and taking a 3-6 month unpaid vacation if I’m guaranteed to get my job back.

You’re the ideas person. I like it.

[Anonymous User]

BK clerk. We're still business as usual, but hearings are telephonic. Everyone expects filings to skyrocket soon, and we're reset some things.

[Pencilmoustaches]

In lit. Currently we still have discovery-related work, motion practice, telephonic hearings, and we’re mentally preparing for telephonic/digital depositions. Doubt any of our trials scheduled in the next few months are gonna happen, but unless we settle, they’ll happen eventually, and there are substantial inefficiencies with firing attorneys who have been on a case for years and hiring new people once the trials get scheduled again.

I wouldn’t be opposed to being furloughed and taking a 3-6 month unpaid vacation if I’m guaranteed to get my job back.

Me too. I'd like a boat trip down the Rhine.

[Anonymous User]

OP here.

Seed financing died. It was somewhat far along too.

[Anonymous User]

Mid level M&A associate in Chicago. Market for new matters has significantly slowed down. Folks that are busy are on legacy matters or have general corporate/portfolio company work. Many are very slow.

If others are busy here, that's great, but I would keep with the mentality that things could easily grind to a halt out of nowhere. I had multiple deals stop in a matter of a couple days.

It may become worse in the coming weeks since it seems that targets will soon be making initial defaults under their debt docs and that the focus will primarily be shifting away from M&A activity to finance/BK work.

I don't think it would be a bad idea to be flexible during this time if M&A is slow and reach out to BK, debt or other groups, even if you dread the work. Name of the game should be to continue to find pockets of work and ride out the wave as best you can.

[nealric]

I agree with the above that things can change quickly. The bond market went from business as usual to totally sideways in a matter of a few days. But law firms can handle a month or two of disruption. They can't handle months.

[Anonymous User]

Any other recent laterals have experiences to share? This is my 4th week at my new firm. I got staffed up on a few new M&A deals right when I started expecting to be ramped up by around last week/this week, but now only one of those is really moving. This pro-longed (or maybe nonexistent) ramp up period is definitely a little unnerving. I imagine this can't be a unique experience given the time of year for lateraling.

Anon because small practice group + past posts. Also in my first month at a new firm, super glad I got in when I did though. Pockets of work here and there, but I imagine the ramp up will be even slower than I'd expected. I'm corporate too, but IP/technology transactions, so still some deals rolling in for now, but would bet there's a slow down coming.

[pineapple24]

Small firm - got two weeks' notice. Any ideas on what to do next? Relax and wait for this to pass? Can't be much hiring at this point.

[Anonymous User]

Here’s my read based on internal calls and talking with friends:

Cap markets - obviously dead for now

M&A - deals that are far along are proceeding. However, a lot of deals are not necessarily dead but on pause while people figure out what’s going on. If the target is tied to heavily impacted industries, expect heavy re-negotiation of purchase price. I personally saw a PE buyer come back with a valuation that was 35% lower than the term sheet because the target was related to retail.

EG/VC - a lot of funds are stopping new investments. They may still fund into portfolio companies. Non-lead Investors that were lined up for a financing round are dropping out. Companies are pushing incredibly hard to get financings done before the door totally shuts - some with completely insane timelines.

Finance - work is being generated by companies trying to fully draw on their facilities

General corporate (company) - a lot of advisory work on how commercial contracts are being impacted by COVID, protecting supply chains, drafting new standard terms and conditions to give customers comfort that they have an out if it keeps going south

[nealric]

Small firm - got two weeks' notice. Any ideas on what to do next? Relax and wait for this to pass? Can't be much hiring at this point.

There probably isn't much hiring going on now, but it's never too early to network (even if it can only be virtual).

[Anonymous User]

Can anyone in technology transactions speak to the current activity level in that practice/its expected outlook?

[Anonymous User]

Mid-level, mid-law, mid-market, litigation. My work totally dried up over the last week. My busiest case was finishing depositions then going into summary judgment, but it's pencils down for at least 30 days because we can't travel for depositions. Another case was supposed to have a hearing, but the judge canceled it and ruled on the briefs.

I've reached out to a couple partners about work and got a few requests for quick projects, but I've really slowed down. Luckily, I billed a lot to start the year so one slow week won't kill. It's given me a chance knock out CLEs and administrative stuff too. But another few weeks of this and I'm in trouble. I'm getting nervous.

[Anonymous User]

MBS banking guy.

I got absolutely nothing to do. It's driving me insane. I tried reaching out for work but it seems to the extent work is available, people are very reluctant to bring in people from other groups. I don't blame them. It's hard to onboard people to new projects given the circumstances.

[Anonymous User]

I am at a Amlaw 10 firm and on yesterday's corporate/M&A group-wide call the higher ups were not mincing words. Everyone (and I mean everyone) is idling to some degree. Bankruptcy/finance/restructuring has work but they have every incentive to hoard it.

I think if you are that concerned about your job, deliberately catching the virus and taking a medical leave may guarantee you job security (fear of retaliation claim + ATL publicity). Not advocating this however.