Dealing with Paycuts

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 3:00 pm

nixy wrote:
Sangamon wrote:People complaining in this thread need to ask themselves the only question worth asking: what are you going to do to change the problem?

I think you will soon realize that there is nothing you can do except leave. You have no leverage. You signed up for that. It is a very unfortunate circumstance. But unless you want to take control of the situation and leave or push back and deal with the dual consequence of (i) nothing changing and (ii) partners becoming annoyed with you, you're just going to have to take it.
Which makes having someplace to complain about it all the more important, I’d guess.
Yes, that is the thing. It just makes being a slave worse. Its not like they are reducing my rate too.

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Re: Dealing with Paycuts

Post by RaceJudicata » Wed Apr 29, 2020 3:21 pm

Anonymous User wrote:
nixy wrote:
Sangamon wrote:People complaining in this thread need to ask themselves the only question worth asking: what are you going to do to change the problem?

I think you will soon realize that there is nothing you can do except leave. You have no leverage. You signed up for that. It is a very unfortunate circumstance. But unless you want to take control of the situation and leave or push back and deal with the dual consequence of (i) nothing changing and (ii) partners becoming annoyed with you, you're just going to have to take it.
Which makes having someplace to complain about it all the more important, I’d guess.
Yes, that is the thing. It just makes being a slave worse. Its not like they are reducing my rate too.
But in some cases they most definitely are. I know at least a few examples at my firm of firm-initiated rate cuts with big clients. Builds goodwill with clients who are dealing with chaos (and no money). And I’m sure clients are negotiating their bills, which the firm will inevitably accept, thus effectively reducing your rate.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 4:08 pm

At V100 and pay cuts recently announced. Sucks. Midlevel associate and I'm grappling with some of the same issues mentioned here. Namely, yes I know people have it worse than me and I've actually been grateful to last this long in biglaw, but right now, it sucks. Working the most I've worked in my years at the firm and getting paid less to do it. Understand others have it worse and are losing their jobs, but that doesn't make this any less of a shitty situation going through it right now.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 4:41 pm

Do any of y'all think the 'paycut firms' will pay for this?

I feel like associates will be bitter, but only a small percentage will actually lateral, and an even smaller percentage will successfully lateral up the ladder to firms that didn't cut.

And I don't think Sheppard Mullin gives a shit if Columbia Law School 2Ls ignore them at OCI--they are more than happy to pick kids up from local los angeles schools.

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KunAgnis

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Re: Dealing with Paycuts

Post by KunAgnis » Wed Apr 29, 2020 4:54 pm

I can see why it sounds a bit grating for six-figure salaried professionals to complain about losing a part of their compensation. At the same time, they bring value to the company and expect an agreed-upon compensation in return. If these associates were working less hours I could understand, but if they are working just as hard or harder than ever, that sounds like the company is just asking for charity.

A better way to go about it perhaps might have been a firmwide cut (so that associates don't lose morale or whatever) but send the higher billing associates reassurance that some if not all of their cut salaries would be made up once this is over. The way this is done now, law firms are just asking associates to donate extra work because of the economic situation when the firm (unless they reduced their rates accordingly) profits the same from these individuals as before.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 5:10 pm

KunAgnis wrote:I can see why it sounds a bit grating for six-figure salaried professionals to complain about losing a part of their compensation. At the same time, they bring value to the company and expect an agreed-upon compensation in return. If these associates were working less hours I could understand, but if they are working just as hard or harder than ever, that sounds like the company is just asking for charity.

A better way to go about it perhaps might have been a firmwide cut (so that associates don't lose morale or whatever) but send the higher billing associates reassurance that some if not all of their cut salaries would be made up once this is over. The way this is done now, law firms are just asking associates to donate extra work because of the economic situation when the firm (unless they reduced their rates accordingly) profits the same from these individuals as before.
It bothers me that they didn’t take geography into account.

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Re: Dealing with Paycuts

Post by Sangamon » Wed Apr 29, 2020 5:29 pm

The firms are banking on the fact that associates will not leave. They will wind up being correct. You can complain on this forum, that's true.

I called non-emergency services today in my major city today due to a flooding issue in the street. I had to wait through the first round of automated announcements on the call that all had the same tune: "If you are elderly and/or disabled and need a food box delivered to you, please press one." Made me feel pretty crappy to be calling about a flooded street.

Complaining about this right now is equal parts fair and tone-deaf and tone-deaf to such an extent that it would make someone worried to ever put you in front of a client if you're really that worked up about this. And if you think that doesn't apply to you, go out and drum up business in this environment and see how easy it is.

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Re: Dealing with Paycuts

Post by nixy » Wed Apr 29, 2020 5:39 pm

I get the argument about it being tone
deaf, but saying it raises concerns about putting people in front of clients seems over the top to me. You can be grateful to have a job and that you don’t need a food box delivered to your door and how to act appropriately in social situations, and still be upset by a pay cut.

I also don’t know what any of that has to do with drumming up business.

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Re: Dealing with Paycuts

Post by malibustacy » Wed Apr 29, 2020 5:41 pm

I'd never lateral into a paycut firm and any partner or associate worth anything should be making calls to get out. It's just screaming that the firm is on the financial ventilator.

OP - I'd be pissed as hell. You know you won't get "made whole" or get a full bonus at the end of the year. I'd start asking friends to forward your resume and contact recruiters.

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Re: Dealing with Paycuts

Post by sms18 » Wed Apr 29, 2020 5:42 pm

sparty99 wrote:
Anonymous User wrote:
Pennoyer v. Meh wrote:
sparty99 wrote:You should be fortunate that you are busy and have work (not to mention a high six figure job). If you were not busy, you would be complaining and living in fear that you would get sacked. Your salary reduction is temporary. You have an income (a high one). Your motivation to work hard is that you don't get laid off. I am quite confident that you can still make rent with your high salary.
So glad that you can see into the future! And that you can predict that the OP, and everyone else having their salaries reduced, won't have a sudden expense that wouldn't have been a problem under their old salary. I don't understand the purpose of criticizing people who are concerned at this moment.
OP here. I have said that yes I am fortunate. But it kills morale. It’s good to connect with other people. Like should I look to jump ship. Are others looking?

I don’t particularly tell people that they should feel a particular way when something happens. Getting your pay cut significantly is a huge bummer.

Also are partners going to true up associates if there is a rebound. I doubt it. They will just pocket it.
You obviously have never experienced a recession before. Otherwise you would not be complaining so hard about a salary reduction during a pandemic. You are employed. What will kill your morale is getting sacked. I have seen three recessions. This is not my first rodeo. What happens in a recession is the following: your salary gets reduced, 401(k) matching is stopped, firms cancel Christmas parties, or you get sacked. If you do not like what they did, then leave. Find new employment. But you should be thanking your lucky stars that you are employed with your high salary. You probably still make more than federal government lawyers and partners at Wilson Elsler even with your salary reduction.
1. Most current biglaw associates have not experienced a single recession so they obviously will not have your three-timer perspective to calmly ride this out. Also, 401k matching is not a biglaw thing, so not sure where you're getting that from.

2. Speaking of perspective, it doesn't sound like you're even keeping track of the COVID-19 tracker on TLS because a majority of V100 firms have not implemented pay cuts. So from a typical biglaw associate perspective, paycut still is not the norm and it's totally normal to feel shitty about it.

3. Since you've been through three different recessions, you would obviously know that you can't "just leave and find new employment" in the midst of a downturn. OP even said he can't move easily because he's been at his current place for less than a year. Why are you even making that suggestion?

4. Finally, OP is not "complaining so hard." He is just asking for advise from others who are in a similar boat.

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Re: Dealing with Paycuts

Post by Sangamon » Wed Apr 29, 2020 5:46 pm

nixy wrote:I get the argument about it being tone
deaf, but saying it raises concerns about putting people in front of clients seems over the top to me. You can be grateful to have a job and that you don’t need a food box delivered to your door and how to act appropriately in social situations, and still be upset by a pay cut.

I also don’t know what any of that has to do with drumming up business.
I think you could really only be worked up about this if you have the type of practice that does not get you in front of clients very often. If you were in front of clients right now, you would hear the stress and panic in their voices as they have laid off half their teams (in some instances) over the last month. So for their high-end, pricey service provider to be complaining about pay cuts is truly tone deaf.

As for drumming up business, if you've had to go out there and try to bring business in for the firm (and maybe you have, I don't know), you would recognize that it is very hard to do so right now given economic circumstances. And other clients are going to have trouble paying full rates and paying on time. That pushes and reduces cash flow.

Complaining about all of this shows a near total lack of business understanding and judgment and, quite frankly, would be worrisome for a client to hear in my opinion.

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Re: Dealing with Paycuts

Post by Sangamon » Wed Apr 29, 2020 5:48 pm

sms18 wrote:
sparty99 wrote:
Anonymous User wrote:
Pennoyer v. Meh wrote:
sparty99 wrote:You should be fortunate that you are busy and have work (not to mention a high six figure job). If you were not busy, you would be complaining and living in fear that you would get sacked. Your salary reduction is temporary. You have an income (a high one). Your motivation to work hard is that you don't get laid off. I am quite confident that you can still make rent with your high salary.
So glad that you can see into the future! And that you can predict that the OP, and everyone else having their salaries reduced, won't have a sudden expense that wouldn't have been a problem under their old salary. I don't understand the purpose of criticizing people who are concerned at this moment.
OP here. I have said that yes I am fortunate. But it kills morale. It’s good to connect with other people. Like should I look to jump ship. Are others looking?

I don’t particularly tell people that they should feel a particular way when something happens. Getting your pay cut significantly is a huge bummer.

Also are partners going to true up associates if there is a rebound. I doubt it. They will just pocket it.
You obviously have never experienced a recession before. Otherwise you would not be complaining so hard about a salary reduction during a pandemic. You are employed. What will kill your morale is getting sacked. I have seen three recessions. This is not my first rodeo. What happens in a recession is the following: your salary gets reduced, 401(k) matching is stopped, firms cancel Christmas parties, or you get sacked. If you do not like what they did, then leave. Find new employment. But you should be thanking your lucky stars that you are employed with your high salary. You probably still make more than federal government lawyers and partners at Wilson Elsler even with your salary reduction.
1. Most current biglaw associates have not experienced a single recession so they obviously will not have your three-timer perspective to calmly ride this out. Also, 401k matching is not a biglaw thing, so not sure where you're getting that from.

2. Speaking of perspective, it doesn't sound like you're even keeping track of the COVID-19 tracker on TLS because a majority of V100 firms have not implemented pay cuts. So from a typical biglaw associate perspective, paycut still is not the norm and it's totally normal to feel shitty about it.

3. Since you've been through three different recessions, you would obviously know that you can't "just leave and find new employment" in the midst of a downturn. OP even said he can't move easily because he's been at his current place for less than a year. Why are you even making that suggestion?

4. Finally, OP is not "complaining so hard." He is just asking for advise from others who are in a similar boat.
The best advice is to leave and go elsewhere if they are dis-satisfied. There is no other advice.
Last edited by QContinuum on Wed Apr 29, 2020 9:05 pm, edited 1 time in total.
Reason: Outed for anon abuse.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 5:54 pm

Right.

I'm not complaining to my employer, or my family, or my friends.

But yes, I am complaining on the one thread that's specifically dedicated to associates going through the same thing as me--not sure how that's tone deaf. Feel like I read the room pretty well.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 6:03 pm

The notion of "layoffs" vs. "paycuts" is a false dichotomy. And that's what makes me angry.

My pay cut pales in comparison to the suffering that millions of americans are going through right now.

But that's not what these paycuts are about. Yes, firm collections are down, and that means that partner profits will still be lower. But at least from what my firm showed us at the Town Hall announcing paycuts, the firm would still be profitable EVEN IF they did not implement paycuts.

This is truly a case of partners refusing to draw "only" $600k for the year, instead of their usual $800k or whatever.

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Re: Dealing with Paycuts

Post by Sangamon » Wed Apr 29, 2020 6:08 pm

Anonymous User wrote:Right.

I'm not complaining to my employer, or my family, or my friends.

But yes, I am complaining on the one thread that's specifically dedicated to associates going through the same thing as me--not sure how that's tone deaf. Feel like I read the room pretty well.
Agreed with you there. I'd mull it around in my head a bit though, might be a good time to change perspective, possibly.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 6:09 pm

The responses in this thread are bizarre. Obviously no one who has issues with a pay decrease is airing these issues with clients or bosses. And obviously it's not easy to bring in business right now -- but that's the responsibility of partners, not midlevel associates.

And of course anyone whose salary was cut is still in a better position than 99% of the world, but OP and lots of other people are billing as much or more as they were before. People like that aren't in danger of being laid off anyway.

I'm at a firm that cut and plan to apply around and leave if I can find something else I like. I'm not "mad" about it, but I think the cut suggests weak financials and/or selfish partners, which means I should look for a different job. I personally really like my job and the people I work with, it just is what it is. Also, associates leaving will help protect the other associates at those firms who don't leave.

ETA: Associate pay is based on being available to perform 2000 hours of legal work/year. OP and many others are still doing that. Associates have no upside in profits and their pay has nothing to do with whether the firm is making money or not. Associates are just a cost like any other expense/creditor, and some firms are choosing to stiff the associates.
Last edited by Anonymous User on Wed Apr 29, 2020 6:17 pm, edited 1 time in total.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 6:15 pm

Anonymous User wrote:The notion of "layoffs" vs. "paycuts" is a false dichotomy. And that's what makes me angry.

My pay cut pales in comparison to the suffering that millions of americans are going through right now.

But that's not what these paycuts are about. Yes, firm collections are down, and that means that partner profits will still be lower. But at least from what my firm showed us at the Town Hall announcing paycuts, the firm would still be profitable EVEN IF they did not implement paycuts.

This is truly a case of partners refusing to draw "only" $600k for the year, instead of their usual $800k or whatever.
100% this. Also, there's generally no such thing as a partner comp cut. Any cash that doesn't go out to partners remains at the firm to be distributed later. Associates actually lose this money and won't make it up.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 6:26 pm

OP here. If you are stuck in your apartment 24/7 and you are burnt out. Then your pay is cut by a lot. It lowers your morale a bit.

It’s the combination that sucks. Not the pay cut alone.

It’s not like you are like I have worked every weekend the last two months and from 8 to 11 pm every day. Now my pay is cut and I still have to work these hours. And it’s only getting busier too.

And yes I also had a similar presentation before this happened saying the firm was having a good year so there is that too.

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Re: Dealing with Paycuts

Post by nixy » Wed Apr 29, 2020 6:33 pm

Sangamon wrote:
nixy wrote:I get the argument about it being tone
deaf, but saying it raises concerns about putting people in front of clients seems over the top to me. You can be grateful to have a job and that you don’t need a food box delivered to your door and how to act appropriately in social situations, and still be upset by a pay cut.

I also don’t know what any of that has to do with drumming up business.
I think you could really only be worked up about this if you have the type of practice that does not get you in front of clients very often. If you were in front of clients right now, you would hear the stress and panic in their voices as they have laid off half their teams (in some instances) over the last month. So for their high-end, pricey service provider to be complaining about pay cuts is truly tone deaf.

As for drumming up business, if you've had to go out there and try to bring business in for the firm (and maybe you have, I don't know), you would recognize that it is very hard to do so right now given economic circumstances. And other clients are going to have trouble paying full rates and paying on time. That pushes and reduces cash flow.

Complaining about all of this shows a near total lack of business understanding and judgment and, quite frankly, would be worrisome for a client to hear in my opinion.
Except absolutely no one in this thread has remotely suggested complaining about this in front of an employer, let alone a client, so I don't know why you're jumping to the conclusion that they would?

It's fine if you actually don't think it's distressing to get a significant pay cut. But assuming that people who do have the poor judgment to go around complaining about it to clients is just plain weird.

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Re: Dealing with Paycuts

Post by sparty99 » Wed Apr 29, 2020 7:12 pm

sms18 wrote:
sparty99 wrote:
Anonymous User wrote:
Pennoyer v. Meh wrote:
sparty99 wrote:You should be fortunate that you are busy and have work (not to mention a high six figure job). If you were not busy, you would be complaining and living in fear that you would get sacked. Your salary reduction is temporary. You have an income (a high one). Your motivation to work hard is that you don't get laid off. I am quite confident that you can still make rent with your high salary.
So glad that you can see into the future! And that you can predict that the OP, and everyone else having their salaries reduced, won't have a sudden expense that wouldn't have been a problem under their old salary. I don't understand the purpose of criticizing people who are concerned at this moment.
OP here. I have said that yes I am fortunate. But it kills morale. It’s good to connect with other people. Like should I look to jump ship. Are others looking?

I don’t particularly tell people that they should feel a particular way when something happens. Getting your pay cut significantly is a huge bummer.

Also are partners going to true up associates if there is a rebound. I doubt it. They will just pocket it.
You obviously have never experienced a recession before. Otherwise you would not be complaining so hard about a salary reduction during a pandemic. You are employed. What will kill your morale is getting sacked. I have seen three recessions. This is not my first rodeo. What happens in a recession is the following: your salary gets reduced, 401(k) matching is stopped, firms cancel Christmas parties, or you get sacked. If you do not like what they did, then leave. Find new employment. But you should be thanking your lucky stars that you are employed with your high salary. You probably still make more than federal government lawyers and partners at Wilson Elsler even with your salary reduction.
1. Most current biglaw associates have not experienced a single recession so they obviously will not have your three-timer perspective to calmly ride this out. Also, 401k matching is not a biglaw thing, so not sure where you're getting that from.

2. Speaking of perspective, it doesn't sound like you're even keeping track of the COVID-19 tracker on TLS because a majority of V100 firms have not implemented pay cuts. So from a typical biglaw associate perspective, paycut still is not the norm and it's totally normal to feel shitty about it.

3. Since you've been through three different recessions, you would obviously know that you can't "just leave and find new employment" in the midst of a downturn. OP even said he can't move easily because he's been at his current place for less than a year. Why are you even making that suggestion?

4. Finally, OP is not "complaining so hard." He is just asking for advise from others who are in a similar boat.
1. I was simply explaining what happens during a recession. It does not matter whether big law firms do 401(k) matching. Also, their parents faced the recessions so they should also get a clue from that.

2. The tracker is incomplete information has about only 20 firms listed even though more firms have made cuts or reductions.

3. I never even brought up leaving. OP did. If he is mad then leave. Obviously thinking about leaving is not very wise since there is a pandemic and anything can happen.

4. OP is complaining, is tone-deaf, and cry me a river with his "let them eat cake" mind set.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 7:38 pm

sparty99 wrote:
sms18 wrote:
sparty99 wrote:
Anonymous User wrote:
Pennoyer v. Meh wrote:
sparty99 wrote:You should be fortunate that you are busy and have work (not to mention a high six figure job). If you were not busy, you would be complaining and living in fear that you would get sacked. Your salary reduction is temporary. You have an income (a high one). Your motivation to work hard is that you don't get laid off. I am quite confident that you can still make rent with your high salary.
So glad that you can see into the future! And that you can predict that the OP, and everyone else having their salaries reduced, won't have a sudden expense that wouldn't have been a problem under their old salary. I don't understand the purpose of criticizing people who are concerned at this moment.
OP here. I have said that yes I am fortunate. But it kills morale. It’s good to connect with other people. Like should I look to jump ship. Are others looking?

I don’t particularly tell people that they should feel a particular way when something happens. Getting your pay cut significantly is a huge bummer.

Also are partners going to true up associates if there is a rebound. I doubt it. They will just pocket it.
You obviously have never experienced a recession before. Otherwise you would not be complaining so hard about a salary reduction during a pandemic. You are employed. What will kill your morale is getting sacked. I have seen three recessions. This is not my first rodeo. What happens in a recession is the following: your salary gets reduced, 401(k) matching is stopped, firms cancel Christmas parties, or you get sacked. If you do not like what they did, then leave. Find new employment. But you should be thanking your lucky stars that you are employed with your high salary. You probably still make more than federal government lawyers and partners at Wilson Elsler even with your salary reduction.
1. Most current biglaw associates have not experienced a single recession so they obviously will not have your three-timer perspective to calmly ride this out. Also, 401k matching is not a biglaw thing, so not sure where you're getting that from.

2. Speaking of perspective, it doesn't sound like you're even keeping track of the COVID-19 tracker on TLS because a majority of V100 firms have not implemented pay cuts. So from a typical biglaw associate perspective, paycut still is not the norm and it's totally normal to feel shitty about it.

3. Since you've been through three different recessions, you would obviously know that you can't "just leave and find new employment" in the midst of a downturn. OP even said he can't move easily because he's been at his current place for less than a year. Why are you even making that suggestion?

4. Finally, OP is not "complaining so hard." He is just asking for advise from others who are in a similar boat.
1. I was simply explaining what happens during a recession. It does not matter whether big law firms do 401(k) matching. Also, their parents faced the recessions so they should also get a clue from that.

2. The tracker is incomplete information has about only 20 firms listed even though more firms have made cuts or reductions.

3. I never even brought up leaving. OP did. If he is mad then leave. Obviously thinking about leaving is not very wise since there is a pandemic and anything can happen.

4. OP is complaining, is tone-deaf, and cry me a river with his "let them eat cake" mind set.
Op here. Haha classic sparty gee wizz you got me. Nothing gets by you...

Sparty you are fascinating. Are you married? Do you have kids? Or are you an incel? Ooo also are you a Democrat or Republican?

I am just a huge fan I just need to know.

Also why does everyone need to shut up on the lay-off predications thread? Why can’t they talk freely?

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 8:18 pm

Anonymous User wrote:Do any of y'all think the 'paycut firms' will pay for this?

I feel like associates will be bitter, but only a small percentage will actually lateral, and an even smaller percentage will successfully lateral up the ladder to firms that didn't cut.

And I don't think Sheppard Mullin gives a shit if Columbia Law School 2Ls ignore them at OCI--they are more than happy to pick kids up from local los angeles schools.
It will probably have more of an impact on lateral recruitment, at least for the firms that have cut salaries so far. Few associates will leave a V20 or whatever for a firm that pays below market.

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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 8:47 pm

Are people really looking to lateral right now? I did a stint as a bankruptcy clerk for two years, but I took a job in general commercial lit at a firm that just announced a 20% cut (been here about 9 months, getting paid as a 3rd year since January). There's been a fair amount of recruiter interest from bigger firms that haven't cut for bankruptcy/restructuring. I've been thinking about putting my hat in the ring, but I'm alternately concerned about leaving without a year of experience, not having a good feel for the culture of some of these shops, transitioning to bankruptcy/a new firm and being absolutely slammed right away (and god forbid they decide to make a decision quickly during the pandemic and figuring that out, lol). Plus, I know it's not easy to go in-house from practices other than corporate, but I also worry that bankruptcy is more limiting than lit (definitely don't want to do big law long term).

I don't know. I guess there's no harm in testing the waters. I definitely appreciate this thread for venting purposes/getting advice.

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Re: Dealing with Paycuts

Post by Sackboy » Wed Apr 29, 2020 8:52 pm

Anonymous User wrote:Are people really looking to lateral right now? I did a stint as a bankruptcy clerk for two years, but I took a job in general commercial lit at a firm that just announced a 20% cut (been here about 9 months, getting paid as a 3rd year since January). There's been a fair amount of recruiter interest from bigger firms that haven't cut for bankruptcy/restructuring. I've been thinking about putting my hat in the ring, but I'm alternately concerned about leaving without a year of experience, not having a good feel for the culture of some of these shops, transitioning to bankruptcy/a new firm and being absolutely slammed right away (and god forbid they decide to make a decision quickly during the pandemic and figuring that out, lol). Plus, I know it's not easy to go in-house from practices other than corporate, but I also worry that bankruptcy is more limiting than lit (definitely don't want to do big law long term).

I don't know. I guess there's no harm in testing the waters. I definitely appreciate this thread for venting purposes/getting advice.
Another concern about bankruptcy is that when all of this slows down there will be a BK culling. There always is.

Anonymous User
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Re: Dealing with Paycuts

Post by Anonymous User » Wed Apr 29, 2020 8:58 pm

Sackboy wrote:
Anonymous User wrote:Are people really looking to lateral right now? I did a stint as a bankruptcy clerk for two years, but I took a job in general commercial lit at a firm that just announced a 20% cut (been here about 9 months, getting paid as a 3rd year since January). There's been a fair amount of recruiter interest from bigger firms that haven't cut for bankruptcy/restructuring. I've been thinking about putting my hat in the ring, but I'm alternately concerned about leaving without a year of experience, not having a good feel for the culture of some of these shops, transitioning to bankruptcy/a new firm and being absolutely slammed right away (and god forbid they decide to make a decision quickly during the pandemic and figuring that out, lol). Plus, I know it's not easy to go in-house from practices other than corporate, but I also worry that bankruptcy is more limiting than lit (definitely don't want to do big law long term).

I don't know. I guess there's no harm in testing the waters. I definitely appreciate this thread for venting purposes/getting advice.
Another concern about bankruptcy is that when all of this slows down there will be a BK culling. There always is.
That's another great point! Lotta factors to consider...

Seriously? What are you waiting for?

Now there's a charge.
Just kidding ... it's still FREE!


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