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Saw this article on law.com (sorry for the paywall): https://www.law.com/newyorklawjournal/2 ... -to-adapt/

Basic premise is that a slowdown in enforcement has resulted in less white collar work for big firms and thus a slowdown in the hiring of former prosecutors by big firms except when the prosecutor brings something extra to the table (a really senior position; specialized experience in a hot area). The article suggests (without any specific examples) that even SDNY prosecutors are having trouble getting big firm jobs.

Thoughts? Have people seen a slowdown in white collar work at their firms? Are AUSAs from prestigious districts really unable to land firm gigs? Will this impact the desirability of these AUSA positions in the first place?

lawfan2012 wrote:Saw this article on law.com (sorry for the paywall): https://www.law.com/newyorklawjournal/2 ... -to-adapt/

Basic premise is that a slowdown in enforcement has resulted in less white collar work for big firms and thus a slowdown in the hiring of former prosecutors by big firms except when the prosecutor brings something extra to the table (a really senior position; specialized experience in a hot area). The article suggests (without any specific examples) that even SDNY prosecutors are having trouble getting big firm jobs.

Thoughts? Have people seen a slowdown in white collar work at their firms? Are AUSAs from prestigious districts really unable to land firm gigs? Will this impact the desirability of these AUSA positions in the first place?

I haven't read the article because of the paywall, but even if all this is true, wouldn't it be because of the current enforcement policies of POTUS? So once Trump loses the next election to a democrat, white collar will pick right back up. I'd think firms are long-sighted enough to see that...

White collar billables has slowed down across the board, for all firms. Enforcement and investigations are way way down and so are the average fines. Of course, this all changes if 2020 goes the way of the Dems. However, many major firms have basically put a freeze on white collar hiring for associates.

It doesn’t mean at all that folks are not still getting snatched up for general commercial lit, securities lit, etc.

cheaptilts wrote:White collar billables has slowed down across the board, for all firms. Enforcement and investigations are way way down and so are the average fines. Of course, this all changes if 2020 goes the way of the Dems. However, many major firms have basically put a freeze on white collar hiring for associates.

It doesn’t mean at all that folks are not still getting snatched up for general commercial lit, securities lit, etc.

Not saying I have any real basis for disagreement or that it seems wrong (in fact I wouldn’t be shocked if it were completely correct) but could you source this or maybe just articulate why you are under this impression—anecdotal or otherwise?

Interesting thought about the slowdown lasting only through this administration. But if prosecutors are not exiting as quickly now, wouldn’t there still be a glut of prosecutors looking for jobs in 2020 and beyond?

I guess another way to phrase the question would be, don’t SDNY/DOJ Fraud etc. turn out a lot more former prosecutors than there would ever be room for as partners in biglaw? Say on average a prosecutor spends 10 years in government and then 20-25 years in private practice—aren’t there just too many prosecutors every year looking to exit and not enough white collar partner spots in biglaw?

objctnyrhnr wrote:

cheaptilts wrote:White collar billables has slowed down across the board, for all firms. Enforcement and investigations are way way down and so are the average fines. Of course, this all changes if 2020 goes the way of the Dems. However, many major firms have basically put a freeze on white collar hiring for associates.

It doesn’t mean at all that folks are not still getting snatched up for general commercial lit, securities lit, etc.

Not saying I have any real basis for disagreement or that it seems wrong (in fact I wouldn’t be shocked if it were completely correct) but could you source this or maybe just articulate why you are under this impression—anecdotal or otherwise?

Here are links to articles in just the past week:

Morvillo (top flight white collar shop) concludes that “overall, even though the total number of federal prosecutions has increased, the volume of white-collar prosecutions is significantly down” and discusses the sheer drop in penalties imposed https://www.maglaw.com/publications/art ... s-of-trump

Wachtell released a memo stating as much just last week. Yahoo (reporting on the wachtell memo) https://news.yahoo.com/white-collar-pro ... 01809.html


Law.com, with a lede that “the slowdowns in white-collar enforcement activity and litigation have coincided with diminished demand from law firms, while some white-collar defense attorneys are shifting their practices to focus on other areas”. https://www.law.com/newyorklawjournal/2 ... 0628143010

^^^ that’s probably the best article on the subject




Bloomberg law, noting that white collar prosecutions are at a 20-year low under trump (older piece) https://www.bloomberg.com/news/articles ... nder-trump


—

Anecdotally, I have a couple acquaintances who weren’t able to return to their old V10 and V20 (stand-alone) white-collar lit practice groups following clerkships this cycle.

I hope these sources satisfy you!

cheaptilts wrote:

objctnyrhnr wrote:

cheaptilts wrote:White collar billables has slowed down across the board, for all firms. Enforcement and investigations are way way down and so are the average fines. Of course, this all changes if 2020 goes the way of the Dems. However, many major firms have basically put a freeze on white collar hiring for associates.

It doesn’t mean at all that folks are not still getting snatched up for general commercial lit, securities lit, etc.

Not saying I have any real basis for disagreement or that it seems wrong (in fact I wouldn’t be shocked if it were completely correct) but could you source this or maybe just articulate why you are under this impression—anecdotal or otherwise?

Here are links to articles in just the past week:

Morvillo (top flight white collar shop) concludes that “overall, even though the total number of federal prosecutions has increased, the volume of white-collar prosecutions is significantly down” and discusses the sheer drop in penalties imposed https://www.maglaw.com/publications/art ... s-of-trump

Wachtell released a memo stating as much just last week. Yahoo (reporting on the wachtell memo) https://news.yahoo.com/white-collar-pro ... 01809.html


Law.com, with a lede that “the slowdowns in white-collar enforcement activity and litigation have coincided with diminished demand from law firms, while some white-collar defense attorneys are shifting their practices to focus on other areas”. https://www.law.com/newyorklawjournal/2 ... 0628143010

^^^ that’s probably the best article on the subject




Bloomberg law, noting that white collar prosecutions are at a 20-year low under trump (older piece) https://www.bloomberg.com/news/articles ... nder-trump


—

Anecdotally, I have a couple acquaintances who weren’t able to return to their old V10 and V20 (stand-alone) white-collar lit practice groups following clerkships this cycle.

I hope these sources satisfy you!

Wow very thorough. Thank you!

Speaking as an AUSA (which is why I'm anon), I don't think, speaking nationally, that as many AUSAs are trying to leave to be big law partners in white collar as this web site tends to assume. In part, not everyone gets the kind of white collar experience that makes you competitive for such a job; even in SDNY there are going to be people who do nothing but drugs/guns, which big law won't care about. And in part, not everyone wants to go back to private practice.

Now, I don't have experience in SDNY, and SDNY could well be different from the the average office around the country, given their hiring practices and the proportion of white collar cases in their caseload. So if you're talking only about SDNY, maybe this kind of glut is a thing. But I think the idea that there's a revolving door between white collar big law associate/AUSA/white collar biglaw partner is overblown (and always has been, although I agree that any downturn in white collar investigations will probably depress such hiring).