What's going on at S&C?

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ExpOriental

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Re: What's going on at S&C?

Post by ExpOriental » Wed Aug 05, 2020 4:40 pm

Sackboy wrote:
Wed Aug 05, 2020 4:13 pm
Anonymous User wrote:
Wed Aug 05, 2020 3:40 pm
Re: Kirkland: https://www.thelayoff.com/t/14p5iQpY
(1) Don't abuse anon.

(2) As I've said elsewhere, nothing on that site indicates anything other than business as usual at Kirkland. Kirkland is always losing "partners" to other firms, because it has an army of non-equity partners that are searching for equity or even a better non-equity partnership gig elsewhere. As for the league table posts, firms are constantly sliding up and down league tables. Having any strong opinion about a direction of a firm based on a quarterly or even half-year league table is nothing short of reactionary. I'm sure that site is useful to catch some stealth layoffs, but it's yet to really identify anything abnormal at Kirkland. The particularly bad thing about a site dedicated to posting exclusively layoffs and laterals AWAY from a firm is that it's going to look like EVERY firm is trending towards stealth layoffs or financial instability. I am not privy to Kirkland finances and do not work there, but I would be very surprised if they aren't doing very well financially despite the pandemic.
That site is hilarious (edit: the site is not hilarious; rather, that particular thread is hilarious. To be clear, layoffs writ large do not amuse me). The amount of breathless butthurt directed at Kirkland is incredible. Here's a gem:
So Jon A. Ballis, Chairman, Global Management Executive Committee of Kirkland & Ellis has sent an email out to the firm decrying the “disgust and outrage” he feels for the mistreatment of George Floyd. He also mentions the “fear, anxiety and distress” faced by minorities.

Whilst working to promote the causes upheld by the #BLM campaign and promoting social justice and equality are very noble causes, the e-mail coming from Jon Ballis, and Kirkland more broadly, could not be more hypocritical and dishonest. Just shows how low this firm will go.

In writing the letter, Jon Ballis is very accurately describing the culture and abuse that people at Kirkland & Ellis face on a daily basis coming from management, partners and many others at the firm. The culture of “fear, anxiety and distress” are those very same feelings that this firm encourages and promotes within its ranks in order to improve its financials. Jon Ballis and many others would do well to look themselves in the mirror and feel the disgust and outrage as a result of the hardship they inflict on so many people working at Kirkland & Ellis.
Apparently putting up with screaming partners for your meager six figure salary or getting stealthed is equivalent to being murdered in broad daylight by the police. And that's an upvoted post. The lack of perspective is truly astounding. And of course, not a single mention about how Kirkland is absolutely eating every other firm's lunch when it comes to debtor-side BK billing. The numbers are already staggering, and the BK wave is just getting started.

That said, it would not surprise me at all if Kirkland is stealthing people in underperforming groups. I would be surprised if they didn't. The place is run like a F500 company that gives zero shits about traditional biglaw norms, I would not expect anything resembling loyalty or compassion there. You either prove your value or you get the boot, end of story. I assume people know what they're getting themselves into when they accept offers there; if they don't, they should've done their due diligence.

I'll happily take any corrections though, because I'm saying this all from an outsider's perspective.

malibustacy

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Re: What's going on at S&C?

Post by malibustacy » Wed Aug 05, 2020 6:59 pm

snehpets wrote:
Wed Aug 05, 2020 3:40 pm
Re: Kirkland: https://www.thelayoff.com/t/14p5iQpY
Never heard of this site before, but that was among the most pathetic circlejerk threads I've ever read.

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parkslope

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Re: What's going on at S&C?

Post by parkslope » Wed Aug 05, 2020 9:26 pm

Just asking: why does virtually every thread end up in a discussion about Kirkland?

Ultramar vistas

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Re: What's going on at S&C?

Post by Ultramar vistas » Wed Aug 05, 2020 10:28 pm

parkslope wrote:
Wed Aug 05, 2020 9:26 pm
Just asking: why does virtually every thread end up in a discussion about Kirkland?
S&C recruiters (if they haven’t laid them all off) have to try and deflect somehow.

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Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 12:19 pm

Is there any more information on S&C? Specifically, has anyone heard about the start date for incoming associates (anon because I am supposed to be one)?

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Anonymous User
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Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 1:22 pm

Anonymous User wrote:
Tue Aug 11, 2020 12:19 pm
Is there any more information on S&C? Specifically, has anyone heard about the start date for incoming associates (anon because I am supposed to be one)?
Associates are being given start date options in November or January.

Anonymous User
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Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 1:24 pm

Anonymous User wrote:
Tue Aug 11, 2020 12:19 pm
Is there any more information on S&C? Specifically, has anyone heard about the start date for incoming associates (anon because I am supposed to be one)?
I believe calls were going out this morning with the new start date if you haven't gotten one already.

Anonymous User
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Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 1:59 pm

Did they say remote or in person?
Also, what's the implication to give calls but not send classwide emails? To avoid leaving record? Or is it perfectly ok either way?

A curious former summer here.

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Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 2:00 pm

Anonymous User wrote:
Tue Aug 11, 2020 1:24 pm
Anonymous User wrote:
Tue Aug 11, 2020 12:19 pm
Is there any more information on S&C? Specifically, has anyone heard about the start date for incoming associates (anon because I am supposed to be one)?
I believe calls were going out this morning with the new start date if you haven't gotten one already.
Did they say remote or in person?
Also, what's the implication to give calls but not send classwide emails? To avoid leaving record? Or is it perfectly ok either way?

A curious former summer here.

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Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 2:06 pm

Anonymous User wrote:
Tue Aug 11, 2020 2:00 pm
Anonymous User wrote:
Tue Aug 11, 2020 1:24 pm
Anonymous User wrote:
Tue Aug 11, 2020 12:19 pm
Is there any more information on S&C? Specifically, has anyone heard about the start date for incoming associates (anon because I am supposed to be one)?
I believe calls were going out this morning with the new start date if you haven't gotten one already.
Did they say remote or in person?
Also, what's the implication to give calls but not send classwide emails? To avoid leaving record? Or is it perfectly ok either way?

A curious former summer here.
Everyone is starting in their individual office (e.g. NY in NY, Palo Alto in Palo Alto) and they are hoping for in person but planning for virtual.

Not sure the implications of not sending an email though

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 4:29 pm

Anonymous User wrote:
Tue Aug 11, 2020 2:00 pm
Anonymous User wrote:
Tue Aug 11, 2020 1:24 pm
Anonymous User wrote:
Tue Aug 11, 2020 12:19 pm
Is there any more information on S&C? Specifically, has anyone heard about the start date for incoming associates (anon because I am supposed to be one)?
I believe calls were going out this morning with the new start date if you haven't gotten one already.
Did they say remote or in person?
Also, what's the implication to give calls but not send classwide emails? To avoid leaving record? Or is it perfectly ok either way?

A curious former summer here.
FWIW, S&C is not very big on class-wide (or firm-wide) anything, so I wouldn’t read much into this. I can also see them specifically wanting to do the more “personal” phone call under the circumstances.

Anonymous User
Posts: 350652
Joined: Tue Aug 11, 2009 9:32 am

Re: What's going on at S&C?

Post by Anonymous User » Tue Aug 11, 2020 5:54 pm

Anonymous User wrote:
Tue Aug 11, 2020 4:29 pm
Anonymous User wrote:
Tue Aug 11, 2020 2:00 pm
Anonymous User wrote:
Tue Aug 11, 2020 1:24 pm
Anonymous User wrote:
Tue Aug 11, 2020 12:19 pm
Is there any more information on S&C? Specifically, has anyone heard about the start date for incoming associates (anon because I am supposed to be one)?
I believe calls were going out this morning with the new start date if you haven't gotten one already.
Did they say remote or in person?
Also, what's the implication to give calls but not send classwide emails? To avoid leaving record? Or is it perfectly ok either way?

A curious former summer here.
FWIW, S&C is not very big on class-wide (or firm-wide) anything, so I wouldn’t read much into this. I can also see them specifically wanting to do the more “personal” phone call under the circumstances.
Thank you both for explaining!

Anonymous User
Posts: 350652
Joined: Tue Aug 11, 2009 9:32 am

Re: What's going on at S&C?

Post by Anonymous User » Mon Aug 17, 2020 4:13 pm

Does anyone know anything about legal assistant start dates at s&c?

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transferquestiontls

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Re: What's going on at S&C?

Post by transferquestiontls » Mon Aug 17, 2020 5:20 pm

parkslope wrote:
Fri Jul 24, 2020 5:53 pm
The Lsat Airbender wrote:
Fri Jul 24, 2020 5:28 pm
parkslope wrote:
Fri Jul 24, 2020 5:24 pm
Monochromatic Oeuvre wrote:
Fri Jul 24, 2020 5:11 pm
soft blue wrote:
Fri Jul 24, 2020 3:08 pm
I've been hearing vague noises that S&C is in considerable financial distress right now because of its building.

For those who don't know, S&C owns its whole building. S&C cancelled its summer program entirely, buying out summers at 50% and giving return offers to everyone. S&C also got hit with a wave of staff layoffs, some of which don't signal anything (temps) but others which seem significant (head of internal audit, knowledge management).

Does anyone have actual color here? Especially curious if anyone has a sense of how being a landlord is treating S&C (how are the tenants?) because my vague assumption -- without particular evidence -- is that S&C's billings shouldn't be hit any more than like STB / DPW, neither of whom seem financially imperiled at the moment.
Your thesis that a law firm with $750M in profits last year would be in "considerable financial distress" because of reduced occupancy on 560k sqft it leases out doesn't make sense unless you and I have really different definitions of that phrase.
I'm sure someone familiar with commercial rent in New York can figure out how much S&C would get on full occupancy from the parts of the building it doesn't occupy and what the loss would be if rent payments declined significantly.
Manhattan Class A is roughly $80-100/sq. ft. So we're taking about a high seven-/low eight-figure number here. That sucks but it's not going to sink the firm on its own.
The other interesting thing is that I looked at Mergermarket and S&C's M&A totals declined from $312 million to $70 million from H1 2019 to H1 2020. (Most firms had >50% declines to be fair.) So there would seem to be a lot of transactional associates not doing very much these days.
According to the data, it seems like S&C is ranked third in Q120 based on total deals value...

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