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Praying for our fallen brethren and sistren
they gonna need it
I shouldn't be surprised, but part of me is. Increasingly I thought they might manage to navigate the tech downturn without significant layoffs. My thought process was that if they felt the need to do this, they likely would've done it when everyone else was months ago, to minimize the reputation hit. Will be interesting to see if this is a one and done, or if they'll be like the others and do a few culling rounds.
No longer any clear winner in the "which ecvc shop has handled the current market least worst" imo.
It's in a lower weight class than the big ECVC heavyweights, but MoFo hasn't had layoffs.
Subject Expert
Wilson has been doing this, just by counseling people out for “performance” with 4-6 weeks severance.
Subject Expert
Whoa! That’s terrible. Jesus.
Yeah I’ve heard of Wilson “performance based” layoffs for a while now - it’s clear they’re in a fairly similar boat to their peers but they’re trying to save face. Gunderson, Goodwin, Fenwick and Cooley have all done RIF type layoffs + 1st year class deferrals as well in certain cases (Cooley even offered 100k to incoming 1st years to defer lol)
Enthusiast
I agree with the above. It is easier to find a job if one is sleathed rather than let go immediately.
Coach
Seems unlikely the venture space heats up this year with this move. Tech M&A should be fine, but I think there won't be too many dollars put to work, whether it's early stage or growth equity, unless it's AI-related
Coach
IPOs should help. Successful IPOs should help pricing at all levels. Nobody wants a down round, but successful IPOs will presumably reset prices a bit quicker. And exits help filter thru the rest of the industry. And there don't seem to be many IPOs in the AI space, so when those are ready for exits that should be when things really heat up
As someone who’s seen the last 08 layoffs I have to say that layoffs in law firms are not true layoffs - it is all performance based no matter how they frame it. Unless you are a cost center (staff, stub first-year, back office etc), if you are let go, your performance is an issue.
Coach
A8 - sorry but I'm sticking by calling that opinion dumb (to be clear, I'm not calling you dumb because I don't know you, just this particular opinion). The legal industry stigmatizes laid off associates more than most other industries using this toxic logic. If an associate was doing well at their firm when work was coming in, they're not suddenly poor performers because their firm lost its ability to bring work in.
If I'm getting defensive it's because I was laid off alongside most of my friends at my last firm less than a year before we started - I was killing it at my very demanding V10 before that, and I'm killing it now at a new firm. People who feel the same way as you do made our job hunts harder - some firms explicitly refused to look at our applications because we were laid off, even though we would have been perfect fits given our prior practice experience.
Also, why do "political reasons" (which exist in every workplace in America) uniquely count as a performance metric at law firms?
Enthusiast
I feel like ecvc is picking back up too :/
Coach
I think other areas like general IP/tech trans/cap markets were more heavily impacted
What are VC funds doing right now??