Biglaw doing well during covid? Forum

[Sackboy]

What had that firm done regarding associate pay and its summer associate program, broadly speaking?

None of the V5 lowered associate pay, so that answers your question there at least.

[RatherBe1234]

My firm data point -- Midlevel litigation associate. Firm is known as NY Elite. Litigation overall is slow (it was extremely slow between March-June) but things are starting to pick up. Most of the work is advisory and we've even branched out to low-margin work that we normally don't take on. We're getting a lot of billing pressure from clients. Most associates are doing busywork. Because of PR issue, we've extended offer to the full class of summer associates and all incoming associates are onboarding. Not sure what they'll work on though, since we don't have enough work to go around. Some pockets have work, but the work is not evenly distributed and not our "bread and butter" litigation. Partners are going on pitches but failing to generate business. The firm also offered a payout to staff and quietly asking staff to leave. Suspicious departures at the midlevel ranks. I personally am leaving, because I see the writing on the wall.

Can you please be a little more specific as to which firm? Like Vault ranking? I'm a summer at a NY Biglaw firm and am a little concerned.

It's one of the top 2. It's well known in the industry that we are unusually slow compared to our peers.

As in V2? If not, what Vault ranking?

[Anonymous User]

It is one of V2

[cavalier1138]

JFC. Of course Cravath associates say things like "It's one of the V2."

I can't believe this absurd guessing game went on for this many posts.

[Anonymous User]

What had that firm done regarding associate pay and its summer associate program, broadly speaking?

None of the V5 lowered associate pay, so that answers your question there at least.

My V5 has also said that numbers are overall flat in 2020 vs 2019 (i.e. across practice groups and year levels), but it's apparent at least in my corner of the firm that there's been reduced hiring, definitely some attrition (can't say how much is voluntary vs. stealth - some people have had great exits, but others have just disappeared), so there's been no paycuts, but the firm looks like it's rightsizing demand and staffing as far as I can see. My hours are pretty much the same as last year, but the team is smaller. Just one data point.

[Anonymous User]

My V10 (strong bankruptcy practice) has increased revenues compared to last year, primarily as a result of corporate work across the board. Lit is a straggler, though it varies by group (patent, securities, white collar, antitrust are slammed but others seem to be doing a LOT of pro bono). Haven't seen any rightsizing in my corporate practice.