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Author Topic: Layoffs and summer no-offers  (Read 2319 times)

UGAfootballfanatic

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Layoffs and summer no-offers
« on: April 26, 2008, 12:05:54 PM »
If a law firm has recently complete layoffs, should I expect that I'll be looking for new employment after the summer? Any constructive input would be much appreciated.

themanwithnoname

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Re: Layoffs and summer no-offers
« Reply #1 on: April 26, 2008, 12:23:16 PM »
Were the layoffs across the board or specific to a practice group or office?

jacy85

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Re: Layoffs and summer no-offers
« Reply #2 on: April 26, 2008, 12:32:00 PM »
Were the layoffs across the board or specific to a practice group or office?

This is really the key question.  No firm in their right mind would lay off bankruptcy attorneys right now, but M&A, real estate and lending is in trouble.

Also, even if there are layoffs in litigation and other busy practice groups, it's possible that a firm was "cutting the fat" and getting rid of lower and midlevel associates who just weren't cutting it.  Usually these people stay with the firm FOREVER and if they're ever asked to leave, they do it quietly and give the person a crap load of time to find other work.  So if you have attorneys who suck, it's a perfect time to cut them loose and blame the economy and still not look like a bad guy (which plays into job decisions re: which firm seems like a "better" place to work).

So I wouldn't panic yet about a firm no-offering an entire summer class.  But I would plan on working my ass of this summer, both in the work you do (making sure it's PERFECT), and in getting to know people and being well liked by everyone. (tip:  don't focus on schmoozing *just* with partners - partners often ask younger associates they work with often for their opinions on your work and personality)

themanwithnoname

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Re: Layoffs and summer no-offers
« Reply #3 on: April 26, 2008, 12:38:46 PM »
Most M&A heavy firms wouldn't dare to lay M&A associates off. they make so much money during good economic times that it would be suicide to piss them off. Nobody is going to want to work at a firm where they work absurd hours for years and then get laid off when the economy takes a downturn.

jacy85

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Re: Layoffs and summer no-offers
« Reply #4 on: April 26, 2008, 12:51:27 PM »
Most M&A heavy firms wouldn't dare to lay M&A associates off. they make so much money during good economic times that it would be suicide to piss them off. Nobody is going to want to work at a firm where they work absurd hours for years and then get laid off when the economy takes a downturn.

I definitely agree for firms specializing in M&A.  But if you have a huge national firm, you'll ALWAYS have incoming summers that just generally interested in transactional work.  I would guess that "generalized" national firms definitely have more clout to make department specific layoffs.

themanwithnoname

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Re: Layoffs and summer no-offers
« Reply #5 on: April 26, 2008, 01:06:54 PM »
It is less an issue of new people coming in and more a matter of midlevel/senior associates lateralling out as soon as the economy pick up.

UGAfootballfanatic

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Re: Layoffs and summer no-offers
« Reply #6 on: April 26, 2008, 01:09:54 PM »
Not sure which practice groups were affected, but my best guess is that it was somewhere between 3-5% of associates. I'm primarily interested in litigation and potentially bankruptcy, but I'm not sure that would be enough to save me. Aren't all summers going to feign an interest in litigation instead of m&a right now?

themanwithnoname

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Re: Layoffs and summer no-offers
« Reply #7 on: April 26, 2008, 01:12:34 PM »
I think it really depends on the firm, some are worse than others. Message me if you dont want to post specifics.

TruOne

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Re: Layoffs and summer no-offers
« Reply #8 on: May 20, 2008, 02:03:42 PM »
Good question, unfortunately nobody can accurately predict what a firm will do with its summer associates until D-day comes and they have to decide who gets an offer, and who gets a coupon to Chik-fil-a
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Re: Layoffs and summer no-offers
« Reply #9 on: May 20, 2008, 02:10:02 PM »
Good question, unfortunately nobody can accurately predict what a firm will do with its summer associates until D-day comes and they have to decide who gets an offer, and who gets a coupon to Chik-fil-a

You...get...coupons?