Top Law Schools

Because of the market crash?

2L here

Yeah, heard my firm's hiring partner talking to the managing partner in the stalls today

i didnt do shit in biglaw/missed hours and ive started working my ass off since jan 1. things are much noticeably tighter and have been for a couple months now.

Anonymous User wrote:Yeah, heard my firm's hiring partner talking to the managing partner in the stalls today

Can confirm. I listened in to a conference call between Marty Lipton and Evan Chesler today.

Could you be more specific about the market crash...

Anonymous User wrote:Because of the market crash?

2L here

If you knew the answer to this, what would you do differently? Work hard, do good work and don't do anything stupid this summer and you'll most likely get an offer (assuming you're at a firm that is normally at or near 100% offers). I think it's fair to say that at least some firms, and perhaps many firms, would have hired fewer summer associates if they were making that decision today rather than last August/September. But firms are loathe to no-offer their summers for reputational reasons, so they'll likely continue their historical offer rates and just cut back on the next year's class if they feel they need to. And/or defer your start date (or year) as firms did back in 2009

Anonymous User wrote:Because of the market crash?

2L here

Market crash? Please. Class of 2011 here.

Talk to me when the DOW is at 6400.

There is somewhat of a lag between when the economy goes sour and BigLaw firms begin making drastic changes to hiring and employment. Basically, firms don't know if a downturn in activity is just a temporary blip or longer-term until they are well into it.

That said, this is credited:

Magic Hat wrote:

Anonymous User wrote:Because of the market crash?

2L here

Market crash? Please. Class of 2011 here.

Talk to me when the DOW is at 6400.

I Love this market crash stuff... for months even years people have been saying with reason that stocks were overvalued.. now theres an adjustment and everyone goes into panic mode... I think its good it happened now.. its ok for value to be on par with reality

mvp99 wrote:I Love this market crash stuff... for months even years people have been saying with reason that stocks were overvalued.. now theres an adjustment and everyone goes into panic mode... I think its good it happened now.. its ok for value to be on par with reality

I agree with your post, but you probably can understand why an anxious SA might not want his or her career to suffer because of the adjustment.

seespotrun wrote:

mvp99 wrote:I Love this market crash stuff... for months even years people have been saying with reason that stocks were overvalued.. now theres an adjustment and everyone goes into panic mode... I think its good it happened now.. its ok for value to be on par with reality

I agree with your post, but you probably can understand why an anxious SA might not want his or her career to suffer because of the adjustment.

Im nervous myself.. was talking more about investors etc.

One actual adjustment OCI goers could consider ("should" is a different question) is whether or not they want to potentially risk taking an SA from a smaller/"lower-ranked" firm over one that has historically had less than 100% offer rate over ones that offer better security.

9 times out of 10 I think the smarter move is to go to the more secure/profitable firm anyway if you have the option, but that's a personal opinion and individual circumstances of course vary.

For 2Ls and up already locked into a firm, whaddya gonna do?

This is not a market crash this is just a correction, market will be fine. Stop listening to apocalyptic newscasters, markets go up and down and things like this happen every 5-10 years. People always seem to forget that. This is nothing at all like 2007-08.

Class sizes overall have already been reduced dramatically from that time too. No offers happen, but you are not going to see a huge increase in no offerings at all. Maybe you'll see a slight uptick, if any, but I doubt there's going to be firms going from 85-100% offer rates down to 50-75% offer rates.