Trouble at Latham - ‘08 Repeat Forum

[MVPNYC2021]

LW has begun conducting year-end reviews and it looks like they are holding back a large number of mid-level and senior associates, not allowing them to move up a class year due to hours billed.

Last year they withheld bonuses entirely from more than half of their capital markets associates and associates in other corporate groups. While that was a non-alarming offense, it seems at least ten mid-level and senior corporate associates found out this week that not only are they not receiving bonuses again, they are also not receiving a raise or an advancement in class year. Over $200k has been withheld from many of them.

This isn’t a remarkable offense for a firm with an eat-what-you-kill system, but alarming considering LW’s corporate department is supposed to be on a centralized staffing system. This leaves no room for associates to seek out additional work to meet billable targets. This is not to mention that corporate work, while not at 2021 levels, has seemingly adequately come back to at least normal deal flow rates at other peer firms.

Seems LW is desperate to make up for their pandemic-era hiring frenzy and exorbitant spending on their new Time Life offices. Some mismanagement is afoot. I would avoid if I were a law student in the market or thinking of lateraling.

Seems like a thinly-veiled repeat of 2008.

[Anonymous User]

Thanks for this post. I’m surprised that would happen at LW’s top rated Cap Markets practice. Firms with no hours requirement for bonus really need to get more credit than they do. No hours requirement for bonus should be required for being on the Cravath scale.