Related Posts
How common are layoffs in big law?
More Posts
Need some advice here.I am a fullstack developer with 5 yoe in Angular and Python.My aim is to crack FAANG companies.Now I got an offer from HSBC in a credit risk model monitoring role using Python.It is close to a data engineer role.
My question is that will it be a good idea to shift from development role to a model monitoring role if I want to move to FAANG in the future even for an ML role?Or does FAANG not prefer people who are not in core development roles?Amazon Google Microsoft Adobe Citi Barclays Bank of America
Tonight's pour. Cheers everyone 🥃
Where the married female fish??
Any family law contract attorneys in NY?
Additional Posts in Big Law
What does cap markets involve exactly?
New to Fishbowl?
unlock all discussions on Fishbowl.
Subject Expert
P1. Every Amlaw 100 firm didn’t lay people off in 2008 and I dont think every firm in that group will do so this time.
OP, what exactly are you going to do with your “power”? Scare anyone who isn’t already scared? Try to shame a law firm that’s fighting for survival?
I’m a realist and know as well as the next person that we all have seen things in the last couple of weeks no one expected. But we should be focusing on what we can do something about, like our work quality, our self-care, and our efforts to support our colleagues, rather than feeding the massive freak-out that so many FB strings are becoming.
S&C did not do layoffs in 2008
Thank you for starting this thread. It’s very important to have transparency.
I find it very disingenuous that for the past ten years while big firms have achieved double-digit record profits, they have not shared those profits with associates and staff because it was imperative to save for the eventual downturn. Now, three weeks into a downturn, they are cutting salaries and firing people.
Say it again!
HAPPY NEWS: Cahill Gordon announced on 4/2 that it will NOT be laying off associates or cutting salaries.
Hopefully more firms follow this messaging trend.
Heart goes out to all of my fellow fish who are dealing with furloughs, layoffs, and salary cuts. This is tough.
Cadwalader — layoffs and salary cuts
Pryor Cushman — indefinite furloughs
Womble - layoffs and salary cuts
Lewis Brisbois - delaying raises
Ah okay. Thanks for the confirmation. Sorry for your friend
Mentor
Reed Smith
Womble Carlyle
Cadwalader
And pretty soon, the rest of the AmLaw 100.
Reed Smith is already below market for associate comp so for now they aren't lowering associate salary (I think) - but Womble is in the same boat and did anyway.
Keep an eye on Above the Law - they always seem to get the information before ALM. You can set up a Google Alert for this information too.
Add Baker Donelson to the list. Furloughs and "temporary" salary cuts
Conversation Starter
To associates or staff?
I've spoken with partners at a number of AmLaw 100 firms that while they're focusing on preserving cash flow they want to keep everyone and not reduce salaries. Any firm will break at some point but I think a lot of firms will make it through with the status quo for awhile. Good to see positive news like from Cahill.
Subject Expert
A12: As I’v said all over the place in FB over the last few weeks, many if not all of the firms that now are cutting employee comp and firing people are badly managed. But the rest of your post is pretty misguided. At least in biglaw I have a vague recollection that in recent years that might have included 2019, associates at Cravath scale firms and many others have received mammoth and ever escalating annual salaries and bonuses. Many reasonable people think those comp packages reflect a lot of sharing of the spoils of the last decade. But perhaps you’re one of the sciolists who recently has been asking “what about our bonuses for this year?”
Subject Expert
It is indeed a lonely and inhospitable place for the entitled, associates and partners alike.
Cullen and Dykman-layoffs, furlough and cross the board 25% reduction for all salaried employees
In Toronto, I’ve heard the following:
Norton Rose (10% salary reduction)
Miller Thomson (layoffs to staff and 10% salary reduction)
Gowlings (~10% salary reduction)
Is this just in TO or across the offices in Canada? Have a good friend in another Gowling office and he hasnt had any paycut announced yet...
Clark Hill 10% salary cut
Hogan Lovells
Conversation Starter
FordHarrison & Nixon Peabody
Bryan Cave Leighton Paisner -15% for all associates and staff
Orrick.