\
  The most prestigious law school admissions discussion board in the world.
BackRefresh Options Favorite

How will biglaw fare during upcoming recession? Massive layoffs?

Will firms with restructuring practices do OK? Assuming you'...
Mint people who are hurt nursing home
  08/17/19
No recession bro
Wonderful cyan striped hyena native
  08/17/19
It will accelerate existing trends. Tons of layoffs in t...
maize marvelous church building pocket flask
  08/17/19
Flame? How would a transactional mid-level at a v10 fare?
Mint people who are hurt nursing home
  08/17/19
Bill 10 hours a day every day and you'll be fine. Have z...
maize marvelous church building pocket flask
  08/17/19
What "squeeze" are you referring to? Firms have re...
Mint people who are hurt nursing home
  08/17/19
The top is gangbusters. Everything else is wilting on the vi...
maize marvelous church building pocket flask
  08/17/19
Arent you an of counsel? What's ur game plan bro
Mint people who are hurt nursing home
  08/17/19
I'm a senior associate with my cash stacked and an eye on th...
maize marvelous church building pocket flask
  08/17/19
(Guy about to be LIFO'd out of his in-house job)
Adventurous avocado parlour weed whacker
  08/17/19
Nah. Theyll have a bunch of long term underperformers to dro...
maize marvelous church building pocket flask
  08/17/19
Depending on the company, but get past the probationary peri...
Aphrodisiac mexican market
  08/17/19
??? Why would you hire a law firm to do an NDA? I’m in...
Excitant psychic
  08/19/19
I can imagine a few reasons. 1. The firm does it for a flat...
Aphrodisiac mexican market
  08/19/19
I just have my secretary find an old one then I change the p...
Claret bateful forum dragon
  08/19/19
Yea, I am talking about negotiating them. Our business fires...
Aphrodisiac mexican market
  08/19/19
Must not have any real work to worry about
Claret bateful forum dragon
  08/19/19
Not sure if you're talking about me, but I don't touch NDAs ...
Aphrodisiac mexican market
  08/19/19
You know it usually takes a year or more to find a good in h...
Excitant psychic
  08/19/19
why does it take so long?
Laughsome school brethren
  08/19/19
Something to do with the thousands of other desperate associ...
Claret bateful forum dragon
  08/19/19
depends on practice group. if you're specialized in somethi...
Bright indecent dog poop
  08/19/19
Many companies are slow as shit. It took me about 10 months ...
Jade Kitty Cat Black Woman
  08/20/19
My experience was similar. Last company I interviewed at, t...
Offensive shimmering sanctuary reading party
  08/20/19
Yeah. I recently stumbled into two.
maize marvelous church building pocket flask
  08/19/19
PE practices will fold up entirely. Will lay off every singl...
Excitant psychic
  08/19/19
LMAO. Odds of survival 0%
Excitant psychic
  08/19/19
this is somewhat right. biglaw firms are all trying to reinv...
floppy green becky incel
  08/17/19
CR. Rainmaker boomers will close ranks and throw everyone el...
Excitant psychic
  08/19/19
180. My firm has already been deequitizing ~5 partners a yea...
sinister garnet office
  08/19/19
Almost as sad as all those NYC cabbies going out of business...
Claret bateful forum dragon
  08/19/19
No mass layoffs - just loads of stealths- huge winnowing at ...
Supple Resort Generalized Bond
  08/17/19
How about 1st and 2nd years? :)))
sinister garnet office
  08/17/19
How u feeling bro? Lots of anxiety in your clsss year?
Mint people who are hurt nursing home
  08/17/19
my hours fluctuate, and I'm being chewed out when I'm low, w...
sinister garnet office
  08/17/19
Get that resume ready son
Hairraiser Azn Mad Cow Disease
  08/17/19
"Ms. Henderson, for example, never cracked 1,100 hour...
sinister garnet office
  08/17/19
Sorry my advice is purely directed at cuck worker goys like ...
Hairraiser Azn Mad Cow Disease
  08/17/19
Lateral to my firm bro. We still going gangbusters here
Mint people who are hurt nursing home
  08/17/19
http://xoxohth.com/thread.php?thread_id=4159145&mc=7&...
sinister garnet office
  08/17/19
We will see 2-3x as many layoffs as we saw in 08-10. Its gun...
ebony rigor area
  08/17/19
...
vibrant crusty stage
  08/17/19
...
vibrant crusty stage
  08/19/19
...
sinister garnet office
  08/24/19
I don't think it would be that bad to be honest. There just ...
talented knife
  08/17/19
Haven't summer class sizes been fairly stable the past few y...
Mint people who are hurt nursing home
  08/17/19
my firm is still very hourglass shaped - lots of 1-3 years, ...
pea-brained state internal respiration
  08/19/19
this sounds about right. class years 2009-2014 were very ve...
Bright indecent dog poop
  08/19/19
...
Mint people who are hurt nursing home
  08/17/19
just take your portable book of business and start your own ...
Comical property
  08/17/19
...
Mint people who are hurt nursing home
  08/19/19
cq is what nickel & diming they'll do. they pretty much ...
Gold disturbing mood toilet seat
  08/19/19
free food? do you work at wachtell?
sinister garnet office
  08/19/19
Midlaw/shitlaw tell. Don’t you have practice group lun...
Mint people who are hurt nursing home
  08/19/19
OFS. I thought JEW meant fruit baskets and snack displays ju...
sinister garnet office
  08/19/19
I do this at my shitlaw firm
Ultramarine heady lay idiot
  08/19/19
If you're a junior and can still potentially slip between pr...
Stimulating Violent Brunch
  08/19/19
Doesn’t that involve hellish hours and crazy deadlines...
Mint people who are hurt nursing home
  08/19/19
Biglaw? Yes.
Stimulating Violent Brunch
  08/19/19
What about boutiques? How will boutiques fare during the rec...
Mint people who are hurt nursing home
  08/19/19
This is entirely firm dependent. Most smaller boutiques (les...
Stimulating Violent Brunch
  08/19/19
Banks shed 30,000 jobs this year. Cant imagine biglaw is doi...
clear learning disabled dilemma
  08/19/19
DB's exit from the US entirely is going to be a huge hit to ...
Stimulating Violent Brunch
  08/19/19
DPW devastated
Mint people who are hurt nursing home
  08/19/19
DB is half the cuts. Citi and HSBC had big cuts too.
clear learning disabled dilemma
  08/19/19
banks aren't "most of the business" - maybe for co...
Bright indecent dog poop
  08/19/19
LJL. This is biglaw we are talking about.
clear learning disabled dilemma
  08/19/19
....
clear learning disabled dilemma
  08/19/19
The only costs left to cut are salaries. Everything else has...
180 Faggot Firefighter
  08/19/19
They really have no need to be in MFH except for old stodgy ...
Stimulating Violent Brunch
  08/19/19
[Boies Schiller Armonk of counsel]
pea-brained state internal respiration
  08/19/19
don't u need to be in proximity to the court bro
Cordovan Odious Site
  08/19/19
Yeah, biglaw attorneys are in court daily.
Stimulating Violent Brunch
  08/19/19
Firms can’t cut associate salaries, though they can cu...
Claret bateful forum dragon
  08/19/19
Seems like $1,500/hr equity partner salaries are the problem...
Cordovan Odious Site
  08/19/19
Without the equity partners the firm would have no clients
vivacious stead
  08/19/19
Large corps need some sort of elite law firm. The work isn't...
Cordovan Odious Site
  08/19/19
Lawyer ethics rules (which were drafted by lawyers) prohibit...
Claret bateful forum dragon
  08/19/19
Exactly why in-house lawyers are scab cucks
Mint people who are hurt nursing home
  08/19/19
In house lawyers that are used to “insource” wor...
Claret bateful forum dragon
  08/19/19
they really should just allow work from home with rotating o...
Bright indecent dog poop
  08/19/19
Will never happen.
Claret bateful forum dragon
  08/19/19
That's what they said about everything other industry. It ha...
Cordovan Odious Site
  08/19/19
??? Almost no one “works from home”
Claret bateful forum dragon
  08/20/19
High skill jobs — consulting, ibanking, tech they do
Cordovan Odious Site
  08/20/19
(rudolph)
provocative awkward jap windowlicker
  08/11/20
lots of hiring in bankruptcy & international law!!!!!!!!...
bipolar kitty
  08/19/19
I’m sure your firm will be happy to keep paying you $3...
Excitant psychic
  08/19/19
I don't foresee a bloodbath. I think firms have been trying ...
harsh round eye
  08/19/19
I think this means it will be worse.
Excitant psychic
  08/19/19
This. There’s always a bloodbath when it comes to rich...
cerebral bearded den doctorate
  08/19/19
When does the OPEN OFFICE taboo start breaking down?
Cordovan Odious Site
  08/19/19
The “growth” in biglaw profitability since the e...
Excitant psychic
  08/19/19
...
180 Faggot Firefighter
  08/19/19
:)
sinister garnet office
  08/19/19
Revenue has been flat for a decade? Holy fuck corpa are at a...
Cordovan Odious Site
  08/19/19
Inflation-adjusted RPL has been flat since ITE :) https:/...
Claret bateful forum dragon
  08/19/19
Why has it dried up? Corps are better at doing mandatory arb...
Cordovan Odious Site
  08/19/19
During ITE, when so many big law firms were desperate for wo...
Claret bateful forum dragon
  08/19/19
So associates aren't doing so bad if salaries have been stag...
Cordovan Odious Site
  08/19/19
Rates haven’t really gone “down” at any gi...
Claret bateful forum dragon
  08/19/19
Firms that bill at high rates implode catastrophically and g...
Cordovan Odious Site
  08/19/19
I see things getting modular where you only pay out NYC BIGL...
Cordovan Odious Site
  08/19/19
(Nostradamus)
180 Faggot Firefighter
  08/19/19
(guy waking up from coma he entered in 2009)
Claret bateful forum dragon
  08/19/19
We gonna see 120 Latham first years get laid off? No. But on...
insane pistol ticket booth
  08/19/19
LOL @ long term reputation existing. I'm old enough to remem...
Cordovan Odious Site
  08/19/19
this^this
Supple Resort Generalized Bond
  08/19/19
Lots of v20 firms did stuff like paying you half your salary...
insane pistol ticket booth
  08/19/19
Out the supposedly prestigious firms that were once a joke
sinister garnet office
  08/19/19
Kirkland and Paul Weiss used to be trash, are now good. C...
Cordovan Odious Site
  08/19/19
Which firms conducted mass layoffs in 2008? Latham, of co...
sinister garnet office
  08/20/19
Found it: https://www.law.com/americanlawyer/almID/120242...
sinister garnet office
  08/20/19
The part that's hardest to predict and likely most important...
Dull ratface public bath
  08/19/19
Can you describe "routine work" that can be automa...
Cordovan Odious Site
  08/19/19
We're likely going to use it for the upcoming LIBOR change. ...
Aphrodisiac mexican market
  08/19/19
Do junior sssociates usually do something like that, with pa...
Mint people who are hurt nursing home
  08/19/19
? I'm inhouse. Don't know what pvt practice is going to do.
Aphrodisiac mexican market
  08/19/19
What are the expected legal consequences for issuers and hol...
Mint people who are hurt nursing home
  08/19/19
For fund mgrs, it'll come down to looking at (1) investments...
Aphrodisiac mexican market
  08/19/19
Thank. Do you have a throwaway? Wanna run some language by y...
Mint people who are hurt nursing home
  08/19/19
Tupac_biggie_pit@yahoo.com
Aphrodisiac mexican market
  08/19/19
E.g. SW is programmed to agree to one of a set of standard f...
Dull ratface public bath
  08/19/19
ty
Cordovan Odious Site
  08/19/19
(Guy who gets it)
judgmental insanely creepy regret church
  08/19/19
Are investment bankers going to way of the dodo bird as well...
Cordovan Odious Site
  08/19/19
Ideally we will just have one person is the owner of the com...
180 Faggot Firefighter
  08/19/19
Ideally I would spend fewer hours of my day dealing with bar...
Dull ratface public bath
  08/19/19
who cares? if you're still in biglaw at this point you're no...
citrine fiercely-loyal private investor
  08/19/19
Some of us are youngs and haven’t been in biglaw that ...
Mint people who are hurt nursing home
  08/19/19
Some seedlings have the misfortune of sprouting just before ...
Claret bateful forum dragon
  08/19/19
(guy who got fired his 5th year)
Bright indecent dog poop
  08/19/19
Unmitigated bloodbath
Splenetic walnut death wish karate
  08/19/19
Massive layoffs? No. Massive FIRINGS due to subpar performan...
twinkling new version
  08/19/19
MFE. Biglaw almost never does “layoffs.” They&rs...
Claret bateful forum dragon
  08/19/19
real talk: there are tons of shitty associates at big law fi...
Bright indecent dog poop
  08/19/19
lol wow those guys suck
vibrant crusty stage
  08/19/19
...
vibrant crusty stage
  08/20/19
...
sinister garnet office
  08/21/19
Has "failed to take control of assignments" ever b...
Cordovan Odious Site
  08/19/19
You mean "take ownership"? Jfc you've never worked...
Mint people who are hurt nursing home
  08/19/19
The last year of law school is a total waste and costs $100K...
Cordovan Odious Site
  08/19/19
Where did you go to law school?
Stimulating Violent Brunch
  08/19/19
Just an amateur fan of law.
Cordovan Odious Site
  08/19/19
...
Stimulating Violent Brunch
  08/19/19
...
Mildly autistic territorial volcanic crater gunner
  08/20/19
all 3 yrs are a waste
Gold disturbing mood toilet seat
  08/19/19
Would salaries as high if you could just have an LLB and pra...
Mint people who are hurt nursing home
  08/19/19
You need to artificially constrain supply to reinforce elite...
Cordovan Odious Site
  08/19/19
HAHAURFUCKED
maize marvelous church building pocket flask
  08/19/19
Rude
judgmental insanely creepy regret church
  08/19/19
...
Mint people who are hurt nursing home
  08/19/19
There can't be associate cuts similar to 08-09 because there...
provocative awkward jap windowlicker
  08/20/19
Firms can cut 100% of their junior associates and have no ne...
Claret bateful forum dragon
  08/20/19
what is "underutilized" at that level? billing les...
sinister garnet office
  08/20/19
Really less than like 1500, but yea there are plenty of lega...
provocative awkward jap windowlicker
  08/20/19
Average bills led at most firms are like 1600. Billable hour...
Claret bateful forum dragon
  08/20/19
Those figures include women going on maternity leave, associ...
Obsidian Trailer Park Background Story
  08/20/19
Lessons From a Decade-Old No-Offer "Ours is a profes...
sinister garnet office
  08/20/19
"Ten years ago this August, when I was a bright-eyed an...
Mildly autistic territorial volcanic crater gunner
  08/20/19
Is that Estrada?
useless vermilion therapy codepig
  08/20/19
Someone post the whole thing
180 Faggot Firefighter
  08/20/19
Paywalled - will a kind poaster copy/paste?
Offensive shimmering sanctuary reading party
  08/20/19
"Ten years ago this August, when I was a bright-eyed an...
sinister garnet office
  08/20/19
Some of the worst writing I’ve ever read. Totally mean...
Cordovan Odious Site
  08/20/19
(Line 3 of author's summer assoc performance review)
Aphrodisiac mexican market
  08/21/19
“Biglaw” will be 200 partners, 500 associates an...
Exhilarant chapel mad-dog skullcap
  08/20/19
Close. Law is dying. Biglaw is going to be a fund that owns ...
180 Faggot Firefighter
  08/20/19
Last of the MoFohicans
Aquamarine theatre degenerate
  08/21/19
yawn we've been hearing about the AI lawyer for 20 years....
pea-brained state internal respiration
  08/22/19
We are all going to die!
useless vermilion therapy codepig
  08/20/19
...
Offensive shimmering sanctuary reading party
  08/20/19


Poast new message in this thread



Reply Favorite

Date: August 17th, 2019 10:39 AM
Author: Mint people who are hurt nursing home

Will firms with restructuring practices do OK? Assuming you're an associate who can easily do that kind of work

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700513)



Reply Favorite

Date: August 17th, 2019 10:41 AM
Author: Wonderful cyan striped hyena native

No recession bro

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700520)



Reply Favorite

Date: August 17th, 2019 10:42 AM
Author: maize marvelous church building pocket flask

It will accelerate existing trends.

Tons of layoffs in the lower echelon. Pure fucking bloodbath.

Stealth firings and less hiring in upper echelon.

Squeezing more out of in house counsel.

Restructuring in the upper echelon will do fine but that's about it.

Biglaw will *never* recover from this upcoming recession. At last 2 or 3 well known firms will cease to exist.

If you're not an equity partner q1 of 2020 and dont have a brother in law as GC at a F500 company you will never be an equity partner

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700521)



Reply Favorite

Date: August 17th, 2019 10:46 AM
Author: Mint people who are hurt nursing home

Flame? How would a transactional mid-level at a v10 fare?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700533)



Reply Favorite

Date: August 17th, 2019 10:47 AM
Author: maize marvelous church building pocket flask

Bill 10 hours a day every day and you'll be fine.

Have zero slow weeks.

This is not flame at all. Biglaw is already being squeezed a ton. You're in the best possible position but still at risk.

Try to hook on with semi restructuring deals ROGHT FUCKING NOW

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700540)



Reply Favorite

Date: August 17th, 2019 10:49 AM
Author: Mint people who are hurt nursing home

What "squeeze" are you referring to? Firms have record profits?

How will private equity practices fare?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700558)



Reply Favorite

Date: August 17th, 2019 10:51 AM
Author: maize marvelous church building pocket flask

The top is gangbusters. Everything else is wilting on the vine.

There is a lot of cost pressure from clients. Right now clients have money and will tolerate constant WSJ articles about record firm profits. When earnings dip and revenue falls they flat out will not.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700568)



Reply Favorite

Date: August 17th, 2019 10:52 AM
Author: Mint people who are hurt nursing home

Arent you an of counsel? What's ur game plan bro

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700574)



Reply Favorite

Date: August 17th, 2019 10:53 AM
Author: maize marvelous church building pocket flask

I'm a senior associate with my cash stacked and an eye on the exit. I'm leaving for in house before recession hits.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700578)



Reply Favorite

Date: August 17th, 2019 11:20 AM
Author: Adventurous avocado parlour weed whacker

(Guy about to be LIFO'd out of his in-house job)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700624)



Reply Favorite

Date: August 17th, 2019 12:09 PM
Author: maize marvelous church building pocket flask

Nah. Theyll have a bunch of long term underperformers to drop before me

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700817)



Reply Favorite

Date: August 17th, 2019 5:07 PM
Author: Aphrodisiac mexican market

Depending on the company, but get past the probationary period (if any) and you'll be good. More than likely, more work given to outside counsel will be kept inhouse. I still see law firms working on standard NDAs and shit.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701951)



Reply Favorite

Date: August 19th, 2019 12:51 PM
Author: Excitant psychic

??? Why would you hire a law firm to do an NDA? I’m in house and I have my secretary do them.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709204)



Reply Favorite

Date: August 19th, 2019 1:56 PM
Author: Aphrodisiac mexican market

I can imagine a few reasons. 1. The firm does it for a flat fee. 2. The NDA is part of a larger project, so the fee is rolled into the alternative fee arrangement.

Either way, the point is that there are plenty of cost that can be absorbed by inhouse before reductions in force are made.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709601)



Reply Favorite

Date: August 19th, 2019 2:10 PM
Author: Claret bateful forum dragon

I just have my secretary find an old one then I change the party names. Takes five minutes.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709657)



Reply Favorite

Date: August 19th, 2019 2:13 PM
Author: Aphrodisiac mexican market

Yea, I am talking about negotiating them. Our business fires off our std and legal reviews any edits. There seldom are any meaningful edits. Generally some persnickety lawyer that want x date notice periods, etc.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709670)



Reply Favorite

Date: August 19th, 2019 2:25 PM
Author: Claret bateful forum dragon

Must not have any real work to worry about

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709722)



Reply Favorite

Date: August 19th, 2019 2:34 PM
Author: Aphrodisiac mexican market

Not sure if you're talking about me, but I don't touch NDAs unless a lawyer comes back with edits, they are material edits, or the otherside sent their nda. Even then, NDAs aren't a big deal so I end up accepting most of their edits as it is gen some investor.

I have been on an NDA negotiatjon call with sovereign wealth funds using firms like Cleary though

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709771)



Reply Favorite

Date: August 19th, 2019 12:50 PM
Author: Excitant psychic

You know it usually takes a year or more to find a good in house gig right?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709196)



Reply Favorite

Date: August 19th, 2019 2:36 PM
Author: Laughsome school brethren

why does it take so long?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709775)



Reply Favorite

Date: August 19th, 2019 2:41 PM
Author: Claret bateful forum dragon

Something to do with the thousands of other desperate associates constantly trying to escape biglaw at the same time you are.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709805)



Reply Favorite

Date: August 19th, 2019 2:54 PM
Author: Bright indecent dog poop

depends on practice group. if you're specialized in something like patent law, or bonds or something it's a lot quicker than that.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709892)



Reply Favorite

Date: August 20th, 2019 12:29 PM
Author: Jade Kitty Cat Black Woman

Many companies are slow as shit. It took me about 10 months from when I started looking to when I got an offer. The specific company I wound up with was about 6 months from application to offer, and I was told that was insanely fast by their standards.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38714174)



Reply Favorite

Date: August 20th, 2019 9:00 PM
Author: Offensive shimmering sanctuary reading party

My experience was similar. Last company I interviewed at, the guy interviewing me said it was 10 months from interview to offer for him.

With me, they just never got back to me after the second in-person round ljl.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716759)



Reply Favorite

Date: August 19th, 2019 2:54 PM
Author: maize marvelous church building pocket flask

Yeah. I recently stumbled into two.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709896)



Reply Favorite

Date: August 19th, 2019 12:49 PM
Author: Excitant psychic

PE practices will fold up entirely. Will lay off every single attorney.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709184)



Reply Favorite

Date: August 19th, 2019 12:47 PM
Author: Excitant psychic

LMAO. Odds of survival 0%

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709170)



Reply Favorite

Date: August 17th, 2019 10:49 AM
Author: floppy green becky incel

this is somewhat right. biglaw firms are all trying to reinvent themselves as leaner with fewer associates and more cheaper non partner track staff. the recession will be a good chance to transform without much judgment

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700556)



Reply Favorite

Date: August 19th, 2019 12:48 PM
Author: Excitant psychic

CR. Rainmaker boomers will close ranks and throw everyone else to the wolves.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709176)



Reply Favorite

Date: August 19th, 2019 2:01 PM
Author: sinister garnet office

180. My firm has already been deequitizing ~5 partners a year.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709624)



Reply Favorite

Date: August 19th, 2019 2:26 PM
Author: Claret bateful forum dragon

Almost as sad as all those NYC cabbies going out of business!

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709725)



Reply Favorite

Date: August 17th, 2019 10:54 AM
Author: Supple Resort Generalized Bond

No mass layoffs - just loads of stealths- huge winnowing at 3rd and 5th years

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700579)



Reply Favorite

Date: August 17th, 2019 2:43 PM
Author: sinister garnet office

How about 1st and 2nd years? :)))

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701466)



Reply Favorite

Date: August 17th, 2019 2:44 PM
Author: Mint people who are hurt nursing home

How u feeling bro? Lots of anxiety in your clsss year?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701477)



Reply Favorite

Date: August 17th, 2019 2:47 PM
Author: sinister garnet office

my hours fluctuate, and I'm being chewed out when I'm low, which pisses me off; OTOH, some of my classmates have had no work for months and routinely bill 10-20 hours a week, nbd.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701488)



Reply Favorite

Date: August 17th, 2019 3:34 PM
Author: Hairraiser Azn Mad Cow Disease

Get that resume ready son

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701618)



Reply Favorite

Date: August 17th, 2019 3:46 PM
Author: sinister garnet office

"Ms. Henderson, for example, never cracked 1,100 hours of client billable work in any year and struggled with basic tasks. Ms. Tolton received below-average reviews in four of her last five years, averaged 1,722 client hours in the three years before her first family leave and 523 client hours in the two years she took leaves."

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701671)



Reply Favorite

Date: August 17th, 2019 3:49 PM
Author: Hairraiser Azn Mad Cow Disease

Sorry my advice is purely directed at cuck worker goys like me

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701680)



Reply Favorite

Date: August 17th, 2019 3:51 PM
Author: Mint people who are hurt nursing home

Lateral to my firm bro. We still going gangbusters here

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701684)



Reply Favorite

Date: August 17th, 2019 4:57 PM
Author: sinister garnet office

http://xoxohth.com/thread.php?thread_id=4159145&mc=7&forum_id=2

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701927)



Reply Favorite

Date: August 17th, 2019 11:15 AM
Author: ebony rigor area

We will see 2-3x as many layoffs as we saw in 08-10. Its gunna be really bad. Glad Im in bigfed.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700616)



Reply Favorite

Date: August 17th, 2019 11:18 AM
Author: vibrant crusty stage



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700621)



Reply Favorite

Date: August 19th, 2019 1:57 PM
Author: vibrant crusty stage



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709606)



Reply Favorite

Date: August 24th, 2019 5:24 PM
Author: sinister garnet office



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38736455)



Reply Favorite

Date: August 17th, 2019 11:26 AM
Author: talented knife

I don't think it would be that bad to be honest. There just isn't the bloat there was in '08, and firms have been ruthless in cutting bloat since then.

Realistically, all these firms are eat what you kill - so the partners are probably going to have to take the hit.

What are they going to do? Fire some 13th year of counsel who makes $400,000 and bills 2200 hours while supervising $6 million of your book?



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700654)



Reply Favorite

Date: August 17th, 2019 11:40 AM
Author: Mint people who are hurt nursing home

Haven't summer class sizes been fairly stable the past few years?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38700696)



Reply Favorite

Date: August 19th, 2019 1:18 PM
Author: pea-brained state internal respiration

my firm is still very hourglass shaped - lots of 1-3 years, lots of partners, complete ghost town for the 2010-2013 class years. cases are getting completely overwhelmed because the seniors that are left just can't handle everything

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709421)



Reply Favorite

Date: August 19th, 2019 2:40 PM
Author: Bright indecent dog poop

this sounds about right. class years 2009-2014 were very very tiny so there just aren't a lot of senior associate/of counsel types around right now for the volume of big law work there is generally.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709804)



Reply Favorite

Date: August 17th, 2019 2:22 PM
Author: Mint people who are hurt nursing home



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701411)



Reply Favorite

Date: August 17th, 2019 5:14 PM
Author: Comical property

just take your portable book of business and start your own firm lol.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38701981)



Reply Favorite

Date: August 19th, 2019 10:39 AM
Author: Mint people who are hurt nursing home



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708613)



Reply Favorite

Date: August 19th, 2019 10:46 AM
Author: Gold disturbing mood toilet seat

cq is what nickel & diming they'll do. they pretty much did all the nickel & diming they could during ITE -- cutting summer program expenses, fewer non-billable support staff, scaling down holiday parties, removing free food in conference rooms, etc.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708634)



Reply Favorite

Date: August 19th, 2019 10:55 AM
Author: sinister garnet office

free food? do you work at wachtell?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708661)



Reply Favorite

Date: August 19th, 2019 11:21 AM
Author: Mint people who are hurt nursing home

Midlaw/shitlaw tell. Don’t you have practice group lunches with buffets?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708762)



Reply Favorite

Date: August 19th, 2019 11:31 AM
Author: sinister garnet office

OFS. I thought JEW meant fruit baskets and snack displays just laying around the place all the time nbd.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708803)



Reply Favorite

Date: August 19th, 2019 4:55 PM
Author: Ultramarine heady lay idiot

I do this at my shitlaw firm

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710670)



Reply Favorite

Date: August 19th, 2019 10:54 AM
Author: Stimulating Violent Brunch

If you're a junior and can still potentially slip between practice areas, start doing some restructuring/BK work.

I don't think we're entering a recession like we saw in 08. It will probably be less dramatic. Still, you'd be wise to make yourself valuable.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708659)



Reply Favorite

Date: August 19th, 2019 10:55 AM
Author: Mint people who are hurt nursing home

Doesn’t that involve hellish hours and crazy deadlines

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708664)



Reply Favorite

Date: August 19th, 2019 10:56 AM
Author: Stimulating Violent Brunch

Biglaw? Yes.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708665)



Reply Favorite

Date: August 19th, 2019 11:18 AM
Author: Mint people who are hurt nursing home

What about boutiques? How will boutiques fare during the recession?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708752)



Reply Favorite

Date: August 19th, 2019 12:50 PM
Author: Stimulating Violent Brunch

This is entirely firm dependent. Most smaller boutiques (less then 50 lawyers, regional focused) have 3-4 attorneys (tops) that originate serious work.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709193)



Reply Favorite

Date: August 19th, 2019 10:57 AM
Author: clear learning disabled dilemma

Banks shed 30,000 jobs this year. Cant imagine biglaw is doing much better since banks are most of the business.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708671)



Reply Favorite

Date: August 19th, 2019 10:59 AM
Author: Stimulating Violent Brunch

DB's exit from the US entirely is going to be a huge hit to a few of the big firms.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708677)



Reply Favorite

Date: August 19th, 2019 11:19 AM
Author: Mint people who are hurt nursing home

DPW devastated

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708753)



Reply Favorite

Date: August 19th, 2019 11:22 AM
Author: clear learning disabled dilemma

DB is half the cuts. Citi and HSBC had big cuts too.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708771)



Reply Favorite

Date: August 19th, 2019 2:41 PM
Author: Bright indecent dog poop

banks aren't "most of the business" - maybe for corporate they are a large chunk but barely a blip for firms with large litigation practices.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709809)



Reply Favorite

Date: August 19th, 2019 2:43 PM
Author: clear learning disabled dilemma

LJL. This is biglaw we are talking about.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709824)



Reply Favorite

Date: August 19th, 2019 2:45 PM
Author: clear learning disabled dilemma

....

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709839)



Reply Favorite

Date: August 19th, 2019 11:13 AM
Author: 180 Faggot Firefighter

The only costs left to cut are salaries. Everything else has already been cut.

You may also see some firms moving to cheaper real estate though this is even less likely.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708725)



Reply Favorite

Date: August 19th, 2019 11:31 AM
Author: Stimulating Violent Brunch

They really have no need to be in MFH except for old stodgy white shoe prestige. Banks have already been fleeing MFH for a decade or more. Firms will eventually follow. Skadden will one day have its main "campus" (so they can make it sound more prestigious) in North Jersey and will stop burning money in MFH.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708804)



Reply Favorite

Date: August 19th, 2019 1:19 PM
Author: pea-brained state internal respiration

[Boies Schiller Armonk of counsel]

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709426)



Reply Favorite

Date: August 19th, 2019 1:57 PM
Author: Cordovan Odious Site

don't u need to be in proximity to the court bro

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709608)



Reply Favorite

Date: August 19th, 2019 2:30 PM
Author: Stimulating Violent Brunch

Yeah, biglaw attorneys are in court daily.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709742)



Reply Favorite

Date: August 19th, 2019 1:53 PM
Author: Claret bateful forum dragon

Firms can’t cut associate salaries, though they can cut bonuses. More likely is a “promotion” to counsel level where comp is black box (or else high the first year then lower after that). This already happens. It’s a “take a pay cut of 100,000 or leave” type deal. Happens to partners too. I know for a fact that partners at some V10 firms are paid less than first year associates when they underperform.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709583)



Reply Favorite

Date: August 19th, 2019 2:00 PM
Author: Cordovan Odious Site

Seems like $1,500/hr equity partner salaries are the problem instead of associates being paid $400k or $500k.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709617)



Reply Favorite

Date: August 19th, 2019 2:06 PM
Author: vivacious stead

Without the equity partners the firm would have no clients

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709640)



Reply Favorite

Date: August 19th, 2019 2:09 PM
Author: Cordovan Odious Site

Large corps need some sort of elite law firm. The work isn't disappearing into the void.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709655)



Reply Favorite

Date: August 19th, 2019 2:28 PM
Author: Claret bateful forum dragon

Lawyer ethics rules (which were drafted by lawyers) prohibit attorneys from working for corporations and representing third parties. Which is the only reason why law firm profits have never been siphoned off to shareholders and CEOs like corporate profits have.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709735)



Reply Favorite

Date: August 19th, 2019 2:32 PM
Author: Mint people who are hurt nursing home

Exactly why in-house lawyers are scab cucks

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709759)



Reply Favorite

Date: August 19th, 2019 2:34 PM
Author: Claret bateful forum dragon

In house lawyers that are used to “insource” work, maybe yes. But companies need in house lawyers to manage their firms too.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709772)



Reply Favorite

Date: August 19th, 2019 2:42 PM
Author: Bright indecent dog poop

they really should just allow work from home with rotating offices. it's a pure waste of money when 99% of the work can be done at home and most lawyers would prefer it anyway.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709821)



Reply Favorite

Date: August 19th, 2019 2:50 PM
Author: Claret bateful forum dragon

Will never happen.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709859)



Reply Favorite

Date: August 19th, 2019 2:50 PM
Author: Cordovan Odious Site

That's what they said about everything other industry. It happened.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709865)



Reply Favorite

Date: August 20th, 2019 9:47 AM
Author: Claret bateful forum dragon

??? Almost no one “works from home”

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38713477)



Reply Favorite

Date: August 20th, 2019 1:47 PM
Author: Cordovan Odious Site

High skill jobs — consulting, ibanking, tech they do

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38714494)



Reply Favorite

Date: August 11th, 2020 8:50 AM
Author: provocative awkward jap windowlicker

(rudolph)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#40737137)



Reply Favorite

Date: August 19th, 2019 11:25 AM
Author: bipolar kitty

lots of hiring in bankruptcy & international law!!!!!!!!!!!!!!!

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38708779)



Reply Favorite

Date: August 19th, 2019 12:47 PM
Author: Excitant psychic

I’m sure your firm will be happy to keep paying you $350,000 after the work dries up.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709166)



Reply Favorite

Date: August 19th, 2019 12:55 PM
Author: harsh round eye

I don't foresee a bloodbath. I think firms have been trying to operate leaner anyway since 2008 so cuts won't be as drastic.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709233)



Reply Favorite

Date: August 19th, 2019 1:07 PM
Author: Excitant psychic

I think this means it will be worse.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709356)



Reply Favorite

Date: August 19th, 2019 1:59 PM
Author: cerebral bearded den doctorate

This. There’s always a bloodbath when it comes to rich, entitled, and powerful people confronting an ever-shrinking pie. These folks are in BIGLAW for one reason and one reason only.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709614)



Reply Favorite

Date: August 19th, 2019 2:03 PM
Author: Cordovan Odious Site

When does the OPEN OFFICE taboo start breaking down?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709631)



Reply Favorite

Date: August 19th, 2019 12:58 PM
Author: Excitant psychic

The “growth” in biglaw profitability since the end of the 2008 ITE has been entirely through shrinking of the pie. Revenue has been flat, but boomer partner scum has succeeded in shrinking the number of partners by creating more non-equity and counsel, dragging out associate track forever. So they have fewer co partners to de equities to prop up PPP. Chickens will come home to roost, which means entire practice groups will fold and every attorney in those groups will lose their jobs.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709266)



Reply Favorite

Date: August 19th, 2019 1:12 PM
Author: 180 Faggot Firefighter



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709388)



Reply Favorite

Date: August 19th, 2019 1:14 PM
Author: sinister garnet office

:)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709394)



Reply Favorite

Date: August 19th, 2019 1:37 PM
Author: Cordovan Odious Site

Revenue has been flat for a decade? Holy fuck corpa are at all time high profitability that is ominous as fuck.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709509)



Reply Favorite

Date: August 19th, 2019 2:05 PM
Author: Claret bateful forum dragon

Inflation-adjusted RPL has been flat since ITE :)

https://twitter.com/davidmichaels/status/1108035509660467200

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709635)



Reply Favorite

Date: August 19th, 2019 2:13 PM
Author: Cordovan Odious Site

Why has it dried up? Corps are better at doing mandatory arbitration or something?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709668)



Reply Favorite

Date: August 19th, 2019 2:31 PM
Author: Claret bateful forum dragon

During ITE, when so many big law firms were desperate for work, companies realized they could pay firms $400/hr instead of $1000/hr. They’ve been doing that ever since. Some companies have also been bringing lots of stuff in house.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709753)



Reply Favorite

Date: August 19th, 2019 2:35 PM
Author: Cordovan Odious Site

So associates aren't doing so bad if salaries have been stagnant instead of plunging even though rates have gone down?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709773)



Reply Favorite

Date: August 19th, 2019 2:39 PM
Author: Claret bateful forum dragon

Rates haven’t really gone “down” at any given firm. Work has been shifted from firms charging $1000 to firms charging $400. And lawyers have moved with that work. So now a “counsel” is earning $200,000 at an AmLaw 100 firm (billing 2100 hours per year) when he otherwise would have been making $400,000-$600,000 at a V30 firm.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709799)



Reply Favorite

Date: August 19th, 2019 2:44 PM
Author: Cordovan Odious Site

Firms that bill at high rates implode catastrophically and go away instead of taking haircuts but the end result for the lawyer is the same. Yea that's common human nature.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709830)



Reply Favorite

Date: August 19th, 2019 1:32 PM
Author: Cordovan Odious Site

I see things getting modular where you only pay out NYC BIGLAW rates for the highest level things and farm out piecemeal the low level shit to back office.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709483)



Reply Favorite

Date: August 19th, 2019 1:36 PM
Author: 180 Faggot Firefighter

(Nostradamus)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709500)



Reply Favorite

Date: August 19th, 2019 2:05 PM
Author: Claret bateful forum dragon

(guy waking up from coma he entered in 2009)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709639)



Reply Favorite

Date: August 19th, 2019 2:14 PM
Author: insane pistol ticket booth

We gonna see 120 Latham first years get laid off? No. But only because they don’t have classes that big anymore.

Firms saw in the last recession that they could do whatever they wanted and really suffer no long term reputational consequences. So it’s going to be just (maybe more!) cold hearted and brutal, but it will have a smaller impact given the comparative leanness of biglaw now (support staff too).

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709672)



Reply Favorite

Date: August 19th, 2019 2:19 PM
Author: Cordovan Odious Site

LOL @ long term reputation existing. I'm old enough to remember when Kirkland was a joke.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709688)



Reply Favorite

Date: August 19th, 2019 2:20 PM
Author: Supple Resort Generalized Bond

this^this

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709699)



Reply Favorite

Date: August 19th, 2019 2:34 PM
Author: insane pistol ticket booth

Lots of v20 firms did stuff like paying you half your salary to work for a nonprofit for a year. Obviously concerned at canning all their first years. I’m not so sure they do that this time as they see no dip in Latham’s recruiting...

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709768)



Reply Favorite

Date: August 19th, 2019 2:51 PM
Author: sinister garnet office

Out the supposedly prestigious firms that were once a joke

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709867)



Reply Favorite

Date: August 19th, 2019 2:55 PM
Author: Cordovan Odious Site

Kirkland and Paul Weiss used to be trash, are now good.

Cravath, Sullcrom used to be good, are now trash.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709901)



Reply Favorite

Date: August 20th, 2019 12:24 PM
Author: sinister garnet office

Which firms conducted mass layoffs in 2008?

Latham, of course, but I also heard of Weil and Mayer Brown.

https://thelawyerbubble.com/2013/06/26/the-true-cost-of-the-weil-layoffs/

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38714158)



Reply Favorite

Date: August 20th, 2019 12:26 PM
Author: sinister garnet office

Found it:

https://www.law.com/americanlawyer/almID/1202425647706/

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38714163)



Reply Favorite

Date: August 19th, 2019 2:17 PM
Author: Dull ratface public bath

The part that's hardest to predict and likely most important will be the extent to which clients can implement software that automates more routine work. At my megacorp we're already trying to automate most of what our contracts managers do, and a lot of paralegal work as well. My ideal career path over the next ten years is to link up with somebody who is really good at these implementations so that I can put as many lawyers out of work as possible, especially lawyers in "JD-advantaged" jobs. It seems like there will be another Wilson Sonsini event that comes along to reshuffle the biglaw hierarchy. The disrupters will blend together consulting, programming/SW dev and legal skill sets to print money doing this for thousands and thousands of corps.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709683)



Reply Favorite

Date: August 19th, 2019 2:20 PM
Author: Cordovan Odious Site

Can you describe "routine work" that can be automated? How can a machine interpret the meaning of a sentence in doc review?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709695)



Reply Favorite

Date: August 19th, 2019 2:32 PM
Author: Aphrodisiac mexican market

We're likely going to use it for the upcoming LIBOR change. Machine searches pooled docs for LIBOR language and spits out an amendment replacing that particular language with our preapproved amendment language. At least, that is from a few demos. Consultants are jumping all over this automated stuff.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709758)



Reply Favorite

Date: August 19th, 2019 2:34 PM
Author: Mint people who are hurt nursing home

Do junior sssociates usually do something like that, with partner sign off?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709767)



Reply Favorite

Date: August 19th, 2019 2:36 PM
Author: Aphrodisiac mexican market

? I'm inhouse. Don't know what pvt practice is going to do.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709782)



Reply Favorite

Date: August 19th, 2019 2:38 PM
Author: Mint people who are hurt nursing home

What are the expected legal consequences for issuers and holders as a result of the LIBOR change?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709794)



Reply Favorite

Date: August 19th, 2019 3:41 PM
Author: Aphrodisiac mexican market

For fund mgrs, it'll come down to looking at (1) investments as the lack of fallback language may make the product less liquid or change in value as a result of no LIBOR, (2) ties or referenced in benchmarks or performance target, and (3) operations and admin, e.g., Libor is used for late payments or risk management.

We probably don't have enough LIBOR shit to warrant a full on automated program. Probably just something to flag docs with a contract atty from like Axiom.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710215)



Reply Favorite

Date: August 19th, 2019 8:01 PM
Author: Mint people who are hurt nursing home

Thank. Do you have a throwaway? Wanna run some language by you

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38711393)



Reply Favorite

Date: August 19th, 2019 8:54 PM
Author: Aphrodisiac mexican market

Tupac_biggie_pit@yahoo.com

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38711701)



Reply Favorite

Date: August 19th, 2019 2:34 PM
Author: Dull ratface public bath

E.g. SW is programmed to agree to one of a set of standard fallbacks that have been approved for an account/transaction of the same size, automates collecting all internal approvals, and then sends the document for signature. What was once at least a couple and often 10+ hours of human labor happens with a human likely doing a 10 minute check to confirm before hitting approve and sending the electronic signature version of the doc out. This is relatively standard stuff in form contracts used by various mass market services, but will be come "smarter" and more able to replicate reading/review effort and interpretation made by a human today. But the main reason to do it is that the contract manager can never get squeezed by Sales to give too much ground and then shove the contract in a drawer and hope they never have to revisit it. Now the Sales team will have to justify directly to Finance why their customer should get a concession that's way out of line with the last 500 deals that were done with this combo of products, account history, growth potential, margin, etc.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709766)



Reply Favorite

Date: August 19th, 2019 2:36 PM
Author: Cordovan Odious Site

ty

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709776)



Reply Favorite

Date: August 19th, 2019 2:38 PM
Author: judgmental insanely creepy regret church

(Guy who gets it)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709787)



Reply Favorite

Date: August 19th, 2019 2:42 PM
Author: Cordovan Odious Site

Are investment bankers going to way of the dodo bird as well? A greased up suit telling you this sow's ear is a silk purse and taking a massive fee seems like a waste when you can get just a few tech nerds data crunching the actual value pretty precisely.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709816)



Reply Favorite

Date: August 19th, 2019 2:20 PM
Author: 180 Faggot Firefighter

Ideally we will just have one person is the owner of the company and every other job will be automated.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709698)



Reply Favorite

Date: August 19th, 2019 2:43 PM
Author: Dull ratface public bath

Ideally I would spend fewer hours of my day dealing with barely triple digit IQ boomers who are flailing in their attempts to make heads or tails of a standard form agreement.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709825)



Reply Favorite

Date: August 19th, 2019 2:41 PM
Author: citrine fiercely-loyal private investor

who cares? if you're still in biglaw at this point you're not even human

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709807)



Reply Favorite

Date: August 19th, 2019 2:42 PM
Author: Mint people who are hurt nursing home

Some of us are youngs and haven’t been in biglaw that long

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709818)



Reply Favorite

Date: August 19th, 2019 2:51 PM
Author: Claret bateful forum dragon

Some seedlings have the misfortune of sprouting just before a flood.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709872)



Reply Favorite

Date: August 19th, 2019 2:44 PM
Author: Bright indecent dog poop

(guy who got fired his 5th year)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709829)



Reply Favorite

Date: August 19th, 2019 2:41 PM
Author: Splenetic walnut death wish karate

Unmitigated bloodbath

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709810)



Reply Favorite

Date: August 19th, 2019 2:51 PM
Author: twinkling new version

Massive layoffs? No. Massive FIRINGS due to subpar performance and low hours? Yes. Very disappointing that associates' performance is about to nosedive.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709868)



Reply Favorite

Date: August 19th, 2019 2:52 PM
Author: Claret bateful forum dragon

MFE. Biglaw almost never does “layoffs.” They’d rather fuck your reputation and career than risk the firm’s clients thinking there’s something wrong with the firm.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709880)



Reply Favorite

Date: August 19th, 2019 2:53 PM
Author: Bright indecent dog poop

real talk: there are tons of shitty associates at big law firms that suck and bill low hours for years before they get pushed out.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709884)



Reply Favorite

Date: August 19th, 2019 3:08 PM
Author: vibrant crusty stage

lol wow those guys suck

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709995)



Reply Favorite

Date: August 20th, 2019 2:02 PM
Author: vibrant crusty stage



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38714579)



Reply Favorite

Date: August 21st, 2019 2:11 PM
Author: sinister garnet office



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38720708)



Reply Favorite

Date: August 19th, 2019 2:55 PM
Author: Cordovan Odious Site

Has "failed to take control of assignments" ever been defined?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38709905)



Reply Favorite

Date: August 19th, 2019 7:59 PM
Author: Mint people who are hurt nursing home

You mean "take ownership"? Jfc you've never worked in an office have you?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38711380)



Reply Favorite

Date: August 19th, 2019 4:36 PM
Author: Cordovan Odious Site

The last year of law school is a total waste and costs $100K. Corporate clients do not want to pay to train associates. Why not transition to a 2 year law school program + 1 year apprenticeship at slave wages at a law firm, similar to residency for doctors.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710591)



Reply Favorite

Date: August 19th, 2019 4:39 PM
Author: Stimulating Violent Brunch

Where did you go to law school?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710611)



Reply Favorite

Date: August 19th, 2019 4:49 PM
Author: Cordovan Odious Site

Just an amateur fan of law.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710650)



Reply Favorite

Date: August 19th, 2019 8:54 PM
Author: Stimulating Violent Brunch



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38711700)



Reply Favorite

Date: August 20th, 2019 6:58 PM
Author: Mildly autistic territorial volcanic crater gunner



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716090)



Reply Favorite

Date: August 19th, 2019 4:46 PM
Author: Gold disturbing mood toilet seat

all 3 yrs are a waste

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710642)



Reply Favorite

Date: August 19th, 2019 4:48 PM
Author: Mint people who are hurt nursing home

Would salaries as high if you could just have an LLB and practice law? Big lawyer in UK make shit

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710646)



Reply Favorite

Date: August 19th, 2019 8:56 PM
Author: Cordovan Odious Site

You need to artificially constrain supply to reinforce elite hegemony.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38711718)



Reply Favorite

Date: August 19th, 2019 4:56 PM
Author: maize marvelous church building pocket flask

HAHAURFUCKED

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710675)



Reply Favorite

Date: August 19th, 2019 4:57 PM
Author: judgmental insanely creepy regret church

Rude

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38710681)



Reply Favorite

Date: August 19th, 2019 8:41 PM
Author: Mint people who are hurt nursing home



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38711596)



Reply Favorite

Date: August 20th, 2019 7:14 AM
Author: provocative awkward jap windowlicker

There can't be associate cuts similar to 08-09 because there isn't as much associate bloat. Realistically, the next wave of cuts in any deep recession has to be focused on underperforming service partners / counsels / perma-associates, who were largely spared last recession but who have also been slowly getting phased out since (de-equitization, comp decreases, etc.). A real downturn will accelerate this greatly, which is pretty good news for anyone who isn't an underutilized service partner, especially on-track associates.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38713169)



Reply Favorite

Date: August 20th, 2019 9:50 AM
Author: Claret bateful forum dragon

Firms can cut 100% of their junior associates and have no negative repercussions. They need the senior perma associates and counsel to do the work. Unlike in the past, the firms have no intent to ever promote the senior perma associates and counsel to partner, so there is no need to have junior associates coming up in the ranks to replace them. Remember that even in 2008 Latham fires 100% of its junior class.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38713485)



Reply Favorite

Date: August 20th, 2019 10:01 AM
Author: sinister garnet office

what is "underutilized" at that level? billing less than 1,000 hours?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38713522)



Reply Favorite

Date: August 20th, 2019 3:08 PM
Author: provocative awkward jap windowlicker

Really less than like 1500, but yea there are plenty of legacy partners bumbling around at 1000 or below taking draws way above their production. At least at firms that haven't shifted entirely to eat what you kill.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38714892)



Reply Favorite

Date: August 20th, 2019 4:06 PM
Author: Claret bateful forum dragon

Average bills led at most firms are like 1600. Billable hours are greatly exaggerated.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38715211)



Reply Favorite

Date: August 20th, 2019 6:46 PM
Author: Obsidian Trailer Park Background Story

Those figures include women going on maternity leave, associates being fired/leaving who don't do work, and rainmakers who don't bill but generate tons of business for others to do. Eliminating those people would get you a much higher number.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716054)



Reply Favorite

Date: August 20th, 2019 6:37 PM
Author: sinister garnet office

Lessons From a Decade-Old No-Offer

"Ours is a profession with clear expectations for what a legal career should look like, and those of us who graduated during the Great Recession experienced what happens when those shopworn rules go out the window."

https://www.law.com/newyorklawjournal/2019/08/19/lessons-from-a-decade-old-no-offer/?slreturn=20190720182502

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716028)



Reply Favorite

Date: August 20th, 2019 7:01 PM
Author: Mildly autistic territorial volcanic crater gunner

"Ten years ago this August, when I was a bright-eyed and bushy-tailed (if, alas, prematurely bald) rising 3L"

Glad he didn't bury the lede

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716098)



Reply Favorite

Date: August 20th, 2019 9:01 PM
Author: useless vermilion therapy codepig

Is that Estrada?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716773)



Reply Favorite

Date: August 20th, 2019 9:00 PM
Author: 180 Faggot Firefighter

Someone post the whole thing

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716761)



Reply Favorite

Date: August 20th, 2019 9:03 PM
Author: Offensive shimmering sanctuary reading party

Paywalled - will a kind poaster copy/paste?

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716787)



Reply Favorite

Date: August 20th, 2019 9:07 PM
Author: sinister garnet office

"Ten years ago this August, when I was a bright-eyed and bushy-tailed (if, alas, prematurely bald) rising 3L, I was no-offered by my summer firm. As the financial crisis whipped through the ranks of our profession, my career in BigLaw ended before it started.

A decade removed, I can look back on that moment, and on what followed, with a certain amount of perspective. After all, some flailing notwithstanding, I landed fine—where I should have been, in fact. And what seemed like a long and painful struggle to right my career is contextualized by privilege; as a straight-passing white guy from the ‘burbs with Jewish-mom-approved educational credentials, I was at no great risk of starving.

But ours is a profession with clear expectations for what a legal career should look like, and those of us who graduated during the Great Recession experienced what happens when those shopworn rules go out the window. Our experiences, both good and bad, show how our profession can be surprisingly brittle in times of crisis.

So as law-school applications show signs of ticking up, and the current generation of graduates prepares to move up and out, a look back is in order, as there is much to learn from the years where it all went wrong. I’ve organized this into 10 bite-sized nuggets, one for each year.

First: Things can change in an instant. There is a temptation to believe you will see the storm clouds gathering—some did, although I don’t know how many clueless 20-somethings numbered in those ranks. But when crisis struck, it came as lightning, not thunder.

My class of 2010 entered law school amidst warnings of “waning momentum,” but inside it was business as usual. Law firms held 1L receptions in the typical spare-no-expense style. One jaded teaching assistant summed up the expectations: “You’ll all get Bs, and you’ll all get jobs.”

On-campus interviewing was August 2008. Then, in September, Lehman Brothers collapsed. Cue law-firm layoffs and headlines about how big firms were “shrinking.” By the time they welcomed us into their ranks in summer 2009, our summer firms were not the same places that had extended offers a mere 10 months prior.

Second: Don’t assume that even the strong norms of the profession will hold in a crisis. I believed, as did many of my classmates, that no-offers were for people who jumped into the Hudson River. The merely meh? Worst-case scenario, “cold-offers” (wink-wink). My firm had planned well, and my summer class was far smaller than usual, so I thought we were all safe.

I was wrong. As a summer, I was unspectacular. But although I did not purify myself in the waters of the river Muhheakantuck, I was one of six or seven members of our class of around 20 not invited back. Many of the others were far stronger candidates than I.

(In case you’re wondering: a phone call, from a managing partner, as I was browsing the racks of the late, lamented 1st Avenue Kim’s Video—a perfect place to receive that kind of news.)

Third: This “profession” is a business—and a cutthroat one at that. Reacting to the flood of no-offers, my school’s career office gave some excellent advice: If they didn’t explain why, don’t ask.

Businesses do not like to look weak, and admitting to no-offering summer associates on economic grounds, even during the Great Recession, simply would not reflect well on those firms. Some classmates disregarded that advice and asked, only to receive chapter and verse about how they had screwed up—which many likely did, because they were summer associates. That did not help when going on future interviews.

Fourth: Our profession is far more interconnected than it first appears. The contracting economy and funding cutbacks meant that both the government and many not-for-profits put up “no vacancy” signs—especially with free deferred BigLaw associates to pick up the slack. The ripple effect hit aspiring public-interest lawyers just as hard as firm associates. Everyone was adrift, and as my cohort spent 3L year and long after applying to everything under the sun—as was, I should note, already the expectation for folks pursuing public-interest careers, a path that has always been less regimented—this new state of affairs became more and more apparent. There were simply no jobs, and the few that were available were awash in candidates.

The unexpected silver lining: Nobody was alone. An upheaval of the profession and the global economy does wonders for providing comfort in community—something about misery being fond of dinner parties.

Fifth: There is little room for bitterness or taking things personally. In the aftermath, I cursed, I stomped, and I dreamed of (light) arson. But most of all, I dreaded calling for my character-and-fitness affidavit when applying for bar admission. But I did call, and you know what? They didn’t even seem to remember what had happened.

Law’s a business. Things move fast and memories fade. It wasn’t personal for employers to decide against making offers, even if it was deeply so to me. So as hard as it was to move on, we all had to.

Sixth: Even an obvious departure from the norm is sometimes very hard to accept. That the classes of 2010 and 2011 were struggling was public information, set against the backdrop of a financial crisis that sent unemployment rates skyrocketing. Yet when our no-offers came up in interviews—as they did, for years after—there was often a sense of suspicion: “What really happened? What did you do?” The implication was that economics masked a deeper deficiency, about which we were not being candid.

Seventh: Though it may seem obvious, career uncertainty begets delayed decisions. A familiar theme is how millennials take longer to launch, putting off “adult” milestones like buying houses. The same goes for career progression. A friend recently applied for an AUSA position nine years out of law school, and the interview was peppered with repeating variations on a theme: Why now? After all, the usual pattern is to head to BigLaw for three or four years and then become a federal prosecutor. She would have loved to do that. But she was no-offered, and it took four years even to find steady work at a firm, and then four more years to make a dent in her loans, and only then was she ready to jump ship to the USAO.

In a profession governed by well-established expectation and “normal” timelines, seasoned with endless conventional wisdom, we could not and did not meet our marks.

Eighth: Relatedly, sometimes what you’re doing until your real job comes along is, in fact, your real job. I recall a colleague who, while spending a nightmarish few years striking out in interview after interview, took on a few cases here and there to keep himself afloat. One day he woke up and thought, “Wait! I think I’m a solo.”

Planning out your career is a luxury. It won’t always happen the way you expect, even without a global financial collapse. Many of my classmates and colleagues, especially those on the public-interest side, are not precisely where they expected to be. But there is joy and fulfillment to be found in happy accidents.

Ninth: Beware of confirmation bias. I was ready to write that “most” of my classmates who had been no-offered or otherwise displaced ended up fine. Except a not-insignificant number left law entirely, or dropped off the radar. It is tempting to say that things have returned to normal, but for a lot of people, things never got even close to normal in a profession for which “lockstep” is the ideal.

Tenth: Never take anything for granted. We could be on the verge of another economic crash. Or everything could just be perfectly fine. The point is to be ready. Even if you aren’t bracing for impact every moment of every day, do consider what might happen if, like us, you suddenly found yourself in world where the old rules of progression simply did not apply anymore.

“Back to normal” lasts only as long as we agree it does. And there are storm clouds on the horizon."

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716824)



Reply Favorite

Date: August 20th, 2019 11:38 PM
Author: Cordovan Odious Site

Some of the worst writing I’ve ever read. Totally meandering with no information conveyed.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38717841)



Reply Favorite

Date: August 21st, 2019 7:57 AM
Author: Aphrodisiac mexican market

(Line 3 of author's summer assoc performance review)

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38718912)



Reply Favorite

Date: August 20th, 2019 8:26 PM
Author: Exhilarant chapel mad-dog skullcap

“Biglaw” will be 200 partners, 500 associates and a bunch of AI software at 5 firms in ten years. If you aren’t an owner of the AI IP, you will be unemployed or in shitlaw.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716508)



Reply Favorite

Date: August 20th, 2019 9:00 PM
Author: 180 Faggot Firefighter

Close. Law is dying. Biglaw is going to be a fund that owns the IP. The general counsel of the fund will be the last "practicing" lawyer in biglaw in the US.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716755)



Reply Favorite

Date: August 21st, 2019 2:09 AM
Author: Aquamarine theatre degenerate

Last of the MoFohicans

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38718496)



Reply Favorite

Date: August 22nd, 2019 10:38 AM
Author: pea-brained state internal respiration

yawn

we've been hearing about the AI lawyer for 20 years. predictive coding still can't find the documents that matter for litigation.

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38724643)



Reply Favorite

Date: August 20th, 2019 8:57 PM
Author: useless vermilion therapy codepig

We are all going to die!

(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38716725)



Reply Favorite

Date: August 20th, 2019 9:43 PM
Author: Offensive shimmering sanctuary reading party



(http://www.autoadmit.com/thread.php?thread_id=4325042&forum_id=2#38717070)