Were the layoffs across the board or specific to a practice group or office?
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.
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