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Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
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yellowjacket2012
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legalease9
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Anonymous User
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SwollenMonkey
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Re: Never Forget: Latham is better positioned going forward
Yesterday, I was driving and picking my nose at the same time.
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Anonymous User
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Re: Never Forget: Latham is better positioned going forward
safer than texting
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legalease9
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Re: .
Anonymous User wrote:.
Damn I should have quoted it!
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SwollenMonkey
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Re: .
Some crap about economic ideology.Kilpatrick wrote:What did it say?
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Anonymous User
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Re: .
That is false. Some firms are well run and just about never have large layoffs. These are firms like Debevoise, Wachtell, DPW, Covington, and a number of others. Heck, even SKADDEN offered sabbaticals in lieu of Lathaming. Firms like Latham and Cadwalader expand when there is work to make as much as possible, and then contract mercilessly during downturns. What matters is having a mix of practice group strengths that will make you profitable during a boom and a downturn. Also important is long term thinking by the partnership. That is, the partnership will take actions that will keep the firm strong in the long run even if that means taking a temporary hit to profits. Layoffs help profits in the short term, but at the expense of long term profitability.
Latham was and is poorly balanced. Their strengths are in cyclical areas and they're weak in countercyclical areas. They also staff up and increase leverage during booms despite what will be their inevitable need to fire heavily during downturns. Cadwalader is guilty of the same thing. Latham also is not strong enough of a firm so they're always trying to trade up when it comes to partners. These are guys who'll jump ship for marginally higher short term PPP. This means they face more pressure to staff up during good times, and to make huge cuts during downturns to keep PPP high enough to keep these people. The firm hopping partners don't care what it does to the firm, because they'll just leave for someplace elseif the layoffs harm the firm in the long run.
In other words, layoffs are built into Latham's business model. During the next decade we're supposed to get a number of recessions which will occur every few years. That means there will probably be a number of times when it may be tempting for firms to lay you off or rescind your offer. If you don't have options and latham or cadwalader is your only offer, then by all means take it. But be aware of how each firm's business model works and its likely impact on your career.
Latham was and is poorly balanced. Their strengths are in cyclical areas and they're weak in countercyclical areas. They also staff up and increase leverage during booms despite what will be their inevitable need to fire heavily during downturns. Cadwalader is guilty of the same thing. Latham also is not strong enough of a firm so they're always trying to trade up when it comes to partners. These are guys who'll jump ship for marginally higher short term PPP. This means they face more pressure to staff up during good times, and to make huge cuts during downturns to keep PPP high enough to keep these people. The firm hopping partners don't care what it does to the firm, because they'll just leave for someplace elseif the layoffs harm the firm in the long run.
In other words, layoffs are built into Latham's business model. During the next decade we're supposed to get a number of recessions which will occur every few years. That means there will probably be a number of times when it may be tempting for firms to lay you off or rescind your offer. If you don't have options and latham or cadwalader is your only offer, then by all means take it. But be aware of how each firm's business model works and its likely impact on your career.
