"Race-based KE NSP RX firings" has meme potential, but I think it needs more initialismsAnonymous User wrote: ↑Fri Apr 16, 2021 7:44 pmJust heard rumors of KE NSP RX firings - can TLS confirm? Rumor suggested race based, but hoping that is just salacious.
Bankruptcy Slow as Hell Forum
Forum rules
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
-
- Posts: 287
- Joined: Tue Jul 03, 2018 2:36 pm
Re: Bankruptcy Slow as Hell
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
A lot of the KE RX NSPs who were told to look elsewhere, who I know of, are white. KE isn't super diverse anyway, would be bold of them to make firing decisions on race like that.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
1st year at one of these debtor shops. Probably going to quit at year 1 -- been forced to work exclusively corporate deals this year. Upside: I now have the kind of experience the SEC will look for in hiring, downsides: every day that I remain in corporate law.Anonymous User wrote: ↑Fri Apr 16, 2021 12:34 pmWould associates at a big debtor shop (Weil/KE) be forced/expected to help out other corporate groups if Rx is slow? Could they help out litigation instead? I am joining one of these firms and have zero interest in corporate outside of restructuring.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
Looks like KE/Weil restructuring groups are not in a good shape nowAnonymous User wrote: ↑Sat Apr 17, 2021 7:43 am1st year at one of these debtor shops. Probably going to quit at year 1 -- been forced to work exclusively corporate deals this year. Upside: I now have the kind of experience the SEC will look for in hiring, downsides: every day that I remain in corporate law.Anonymous User wrote: ↑Fri Apr 16, 2021 12:34 pmWould associates at a big debtor shop (Weil/KE) be forced/expected to help out other corporate groups if Rx is slow? Could they help out litigation instead? I am joining one of these firms and have zero interest in corporate outside of restructuring.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
what's the situation looking like at PW/DPW?
Want to continue reading?
Register now to search topics and post comments!
Absolutely FREE!
Already a member? Login
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
Any more context for this? I know KE RX had a brutal year last year (or at least between March - Nov), so it seems kind of heartless to cut these guys because of a few slow months after working them like that. Any chance these ppl were low performers, or didn't pull their weight during the covid bankruptcy waves, or have been unwilling to re-tool for SPAC wave? Really hoping to give K&E the benefit of the doubt here.Anonymous User wrote: ↑Sat Apr 17, 2021 7:40 amA lot of the KE RX NSPs who were told to look elsewhere, who I know of, are white. KE isn't super diverse anyway, would be bold of them to make firing decisions on race like that.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
if you look at fee applications, seems like lots of billable hours happening on (for example) Purdue Pharma, but I guess nobody wants to talk about that...
-
- Posts: 166
- Joined: Sun Jan 07, 2018 3:57 pm
Re: Bankruptcy Slow as Hell
Racism is the only context or explanation necessary.Anonymous User wrote: ↑Sun Apr 18, 2021 11:37 amAny more context for this? I know KE RX had a brutal year last year (or at least between March - Nov), so it seems kind of heartless to cut these guys because of a few slow months after working them like that. Any chance these ppl were low performers, or didn't pull their weight during the covid bankruptcy waves, or have been unwilling to re-tool for SPAC wave? Really hoping to give K&E the benefit of the doubt here.Anonymous User wrote: ↑Sat Apr 17, 2021 7:40 amA lot of the KE RX NSPs who were told to look elsewhere, who I know of, are white. KE isn't super diverse anyway, would be bold of them to make firing decisions on race like that.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
Literally zero truth to any of this. Not every NSP gets shares—for the class year that was up, some made it, others didn’t. That’s it.LittleRedCorvette wrote: ↑Tue Apr 20, 2021 2:12 pmRacism is the only context or explanation necessary.Anonymous User wrote: ↑Sun Apr 18, 2021 11:37 amAny more context for this? I know KE RX had a brutal year last year (or at least between March - Nov), so it seems kind of heartless to cut these guys because of a few slow months after working them like that. Any chance these ppl were low performers, or didn't pull their weight during the covid bankruptcy waves, or have been unwilling to re-tool for SPAC wave? Really hoping to give K&E the benefit of the doubt here.Anonymous User wrote: ↑Sat Apr 17, 2021 7:40 amA lot of the KE RX NSPs who were told to look elsewhere, who I know of, are white. KE isn't super diverse anyway, would be bold of them to make firing decisions on race like that.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
Do you guys think it's a bad time for a newbie to enter the practice?
-
- Posts: 1044
- Joined: Fri Mar 27, 2020 2:14 am
Re: Bankruptcy Slow as Hell
Stop reading tea leaves.Anonymous User wrote: ↑Tue Apr 20, 2021 7:41 pmDo you guys think it's a bad time for a newbie to enter the practice?
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
Looks like at least better than big debtor shops (KE/Weil). Teams are smaller at DPW/PW and there are always hedgefunds/banks being interested in distressed credit even if small in size while big corp bankruptcy cases are limited. But of course, in general it looks like their hours are much better than last year for sure.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
So I work at one of these big debtor shops NYC. I'm a midlevel. My hours are complete garbage. My big question is, does this mean I'm not in "good standing" and therefore won't receive the special bonuses paid out in the coming months? I'm billing at 50% capacity right now (but expect it to pick up).
Should I be worried? I got good reviews, and as far as I know, partners don't have anything against me or my work. I've reached out for work numerous times, started doing some pro bono, etc. Just want to know what these firms think/do and whether they'll fire me.
Should I be worried? I got good reviews, and as far as I know, partners don't have anything against me or my work. I've reached out for work numerous times, started doing some pro bono, etc. Just want to know what these firms think/do and whether they'll fire me.
Register now!
Resources to assist law school applicants, students & graduates.
It's still FREE!
Already a member? Login
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
How many hours/week is 50% capacity?Anonymous User wrote: ↑Fri Apr 23, 2021 3:02 pmSo I work at one of these big debtor shops NYC. I'm a midlevel. My hours are complete garbage. My big question is, does this mean I'm not in "good standing" and therefore won't receive the special bonuses paid out in the coming months? I'm billing at 50% capacity right now (but expect it to pick up).
Should I be worried? I got good reviews, and as far as I know, partners don't have anything against me or my work. I've reached out for work numerous times, started doing some pro bono, etc. Just want to know what these firms think/do and whether they'll fire me.
I would think that if you're actively seeking out work they won't hold that against you. I think people showing less initiative and taking advantage of the slowdown to collect a paycheck w/out working are more likely to be axed. I also think that with profits per partner so insanely high, firms might be OK subsidizing restructuring for a while, particularly the debtor-shops where restructuring is often a profit-engine for the entire firm.
Why/when do you expect it to pick up?
- lolwutpar
- Posts: 240
- Joined: Wed Nov 18, 2020 4:13 pm
Re: Bankruptcy Slow as Hell
Good standing basically means you're not getting shitcanned - i.e. in the 3 or so months they give you to find a new job.Anonymous User wrote: ↑Fri Apr 23, 2021 3:02 pmSo I work at one of these big debtor shops NYC. I'm a midlevel. My hours are complete garbage. My big question is, does this mean I'm not in "good standing" and therefore won't receive the special bonuses paid out in the coming months? I'm billing at 50% capacity right now (but expect it to pick up).
Should I be worried? I got good reviews, and as far as I know, partners don't have anything against me or my work. I've reached out for work numerous times, started doing some pro bono, etc. Just want to know what these firms think/do and whether they'll fire me.
If your firm has a prorated hours requirement for eligibility then you likely won't get it. But most firms will true you up at the end of the year if you do hit hours. I don't care enough to look what Weil is doing, but I know they generally do not have an hours requirement, so if you're at Weil you're probably fine.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
There are always lean times. They can’t just pinkslip entire bankruptcy groups because when things heat up you need people know know what they’re doing.Anonymous User wrote: ↑Fri Apr 23, 2021 3:02 pmSo I work at one of these big debtor shops NYC. I'm a midlevel. My hours are complete garbage. My big question is, does this mean I'm not in "good standing" and therefore won't receive the special bonuses paid out in the coming months? I'm billing at 50% capacity right now (but expect it to pick up).
Should I be worried? I got good reviews, and as far as I know, partners don't have anything against me or my work. I've reached out for work numerous times, started doing some pro bono, etc. Just want to know what these firms think/do and whether they'll fire me.
I’d give it another month but then look into trying a few different angles, see if the credit group would be open to you doing a cross default analysis or debt review or something.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
I am in a different practice group but at a firm that specifically ties bonuses to "good standing." My first year at the firm, I learned the hard way that "good standing" meant 1800, which is the threshold for class advancement on paper (full bonus was 2000) - even though it was impossible to find something on paper on my firm's intranet that defined "good standing." Still advanced to the next class year, though, so who knows. At the end of the day, hard to generalize across firms what "good standing" means.
Get unlimited access to all forums and topics
Register now!
I'm pretty sure I told you it's FREE...
Already a member? Login
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
[Multiple post]
Last edited by Anonymous User on Sat Apr 24, 2021 9:22 am, edited 1 time in total.
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
[Multiple post]
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
Any updates here? Is bankruptcy still crazy slow? Do we expect that to change anytime soon?
-
- Posts: 428542
- Joined: Tue Aug 11, 2009 9:32 am
Re: Bankruptcy Slow as Hell
I'm in the same boat, but instead praying they are okay taking me on as a corporate associate if BK doesn't pick up....I'm going to be at like 1300 hours total for my first yearAnonymous User wrote: ↑Sat Apr 17, 2021 7:43 am1st year at one of these debtor shops. Probably going to quit at year 1 -- been forced to work exclusively corporate deals this year. Upside: I now have the kind of experience the SEC will look for in hiring, downsides: every day that I remain in corporate law.Anonymous User wrote: ↑Fri Apr 16, 2021 12:34 pmWould associates at a big debtor shop (Weil/KE) be forced/expected to help out other corporate groups if Rx is slow? Could they help out litigation instead? I am joining one of these firms and have zero interest in corporate outside of restructuring.
Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.
Register now, it's still FREE!
Already a member? Login