Navigating Stealth Layoff Risk Forum

[Anonymous User]

I'm a 4th year corp associate. I was planning to relocate to a new state with my wife this summer but then covid happened. I've been planning to stay with my firm and do long distance with my wife until the market stabilizes. Unfortunately, my firm's transactional group has stalled. The firm was adamant about not doing layoffs, but they let a senior corp associate go a few weeks ago for "performance reasons." I don't buy that justification. Now that he's gone, I'm the next "slowest" associate.

I'm really stressed about this situation. My wife moves in about 45 days, my apartment lease expires then too. The shortest lease extension my apartment is willing to offer is 8 months. I'm trying to figure out what to do. In general, my job is making me miserable (I was also miserable before Covid). We could survive comfortably on my wife's salary, if needed. What would you do in this situation? Things to consider?

[ChosenOneNow]

I'm a 4th year corp associate. I was planning to relocate to a new state with my wife this summer but then covid happened. I've been planning to stay with my firm and do long distance with my wife until the market stabilizes. Unfortunately, my firm's transactional group has stalled. The firm was adamant about not doing layoffs, but they let a senior corp associate go a few weeks ago for "performance reasons." I don't buy that justification. Now that he's gone, I'm the next "slowest" associate.

I'm really stressed about this situation. My wife moves in about 45 days, my apartment lease expires then too. The shortest lease extension my apartment is willing to offer is 8 months. I'm trying to figure out what to do. In general, my job is making me miserable (I was also miserable before Covid). We could survive comfortably on my wife's salary, if needed. What would you do in this situation? Things to consider?

Does your firm have a bankruptcy practice? You could reach out to partners/associates in that group to see if there is anything that you can do to help. I know from the leaked Kirkland emails that is what they are doing to keep corporate associates busy. I would reach out to people in related practice groups.

The fact that you can survive comfortably on your wife's salary puts you in a really good position. Are there other short term leases in your market? Could you re-let someone else's apartment for a term shorter than 8 months? Having to execute an 8 month lease may not be the worst option depending upon the rent payment's percentage of your income, especially if it is an apartment that you could sublet.

[trebekismyhero]

I'm a 4th year corp associate. I was planning to relocate to a new state with my wife this summer but then covid happened. I've been planning to stay with my firm and do long distance with my wife until the market stabilizes. Unfortunately, my firm's transactional group has stalled. The firm was adamant about not doing layoffs, but they let a senior corp associate go a few weeks ago for "performance reasons." I don't buy that justification. Now that he's gone, I'm the next "slowest" associate.

I'm really stressed about this situation. My wife moves in about 45 days, my apartment lease expires then too. The shortest lease extension my apartment is willing to offer is 8 months. I'm trying to figure out what to do. In general, my job is making me miserable (I was also miserable before Covid). We could survive comfortably on my wife's salary, if needed. What would you do in this situation? Things to consider?

If you're in NY, Chicago, LA or SF, I don't think you'll have to worry about going into the office for a while. Might as well just move in 45 days with your wife and just work and search for jobs while you are in your new city. That seems less risky than signing a lease for several months in a place you don't want to live and for a job you might not have for long. Calculus is different if you're in a locale that is opening up. If that's the case, I'd still move everything out of your apt with your wife when the lease is up and just find a month to month furnished place for the time being.

[RaceJudicata]

I'm a 4th year corp associate. I was planning to relocate to a new state with my wife this summer but then covid happened. I've been planning to stay with my firm and do long distance with my wife until the market stabilizes. Unfortunately, my firm's transactional group has stalled. The firm was adamant about not doing layoffs, but they let a senior corp associate go a few weeks ago for "performance reasons." I don't buy that justification. Now that he's gone, I'm the next "slowest" associate.

I'm really stressed about this situation. My wife moves in about 45 days, my apartment lease expires then too. The shortest lease extension my apartment is willing to offer is 8 months. I'm trying to figure out what to do. In general, my job is making me miserable (I was also miserable before Covid). We could survive comfortably on my wife's salary, if needed. What would you do in this situation? Things to consider?

If you're in NY, Chicago, LA or SF, I don't think you'll have to worry about going into the office for a while. Might as well just move in 45 days with your wife and just work and search for jobs while you are in your new city. That seems less risky than signing a lease for several months in a place you don't want to live and for a job you might not have for long. Calculus is different if you're in a locale that is opening up. If that's the case, I'd still move everything out of your apt with your wife when the lease is up and just find a month to month furnished place for the time being.

Agreed. If necessary, Probably could find an Airbnb that is renting on the cheap.

[sparty99]

I'm a 4th year corp associate. I was planning to relocate to a new state with my wife this summer but then covid happened. I've been planning to stay with my firm and do long distance with my wife until the market stabilizes. Unfortunately, my firm's transactional group has stalled. The firm was adamant about not doing layoffs, but they let a senior corp associate go a few weeks ago for "performance reasons." I don't buy that justification. Now that he's gone, I'm the next "slowest" associate.

I'm really stressed about this situation. My wife moves in about 45 days, my apartment lease expires then too. The shortest lease extension my apartment is willing to offer is 8 months. I'm trying to figure out what to do. In general, my job is making me miserable (I was also miserable before Covid). We could survive comfortably on my wife's salary, if needed. What would you do in this situation? Things to consider?

Maybe now is the time to look at in-house opportunities or another law firm. Or ride it out. I would not be stressed (if possible, some is avoidable). You will likely get severance if let go and unemployment is $1,000 a week or so depending on where you live.