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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My firm (20-30 range) has a global town hall today.  Partners didn't get a draw this quarter and I'm thinking this will be layoffs, but I'm stupidly optimistic they'll start with paycuts.  [/quote]

Update: partner comp reduced by 20% for first half of year, hiring freeze, summer program will get dialed back (but not canceled), no salary reductions for associates or staff.  Caveat re: layoffs/pay reductions - this is the absolute last resort; don't want to get there, but we really don't know how long this will last or how bad it will get so no blanket promise to never do so.  [/quote]

At the very least, reviews are going to get a lot tougher and there will be more “performance” terminations.  No one wants to be the one to admit to Latham-ing associates, although Latham sure seems to have survived just fine.[/quote]

What is "Latham-ing" an associate?[/quote]

It’s when a firm lays off associates due to financial constraints or to boost profits but tells the associates fired that it was due to their poor performance. Done by most big firms. [/quote]

Ah, okay. I'm not in the law profession myself but have plenty of friends who are, including a partner at Latham, so I was just curious.

Sounds about right from what I do know about big law![/quote]

Large law firms have devolved into a horrible cesspool. They need to follow a more corporate model and hire fewer people with a view to have them stay. Charge reasonable rates. Pay associates far less. Allow for more job security. Should devalue billable hours and value good work and team building etc.  The accounting firms are like this. Big law can do it. [/quote]

Don’t worry, I think a lot of these “traditional” industries like big law and banking will change once the Boomers die out. Millennial men actually want to spend time with their families.[/quote]

I hope so, but I wonder if they see what their Gen-X and Boomer counterparts have done and don't know how to work differently.[/quote]

No, won’t change. All law firm partners are greedy- that determines their behaviors no matter what generation[/quote]

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