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Is Big Law Cooking Up Scheme Not to Extend Offers to Summers?

Reply to email within an hour. Or else.

That’s the concrete issue which is preoccuping summers and those responding to their issues on Subreddit Big Law. Here is the thread. 

But the real matter might be that the law firm has overhired summers (it was a large group at most law firms) and, given current market ambiguities, are pulling back from making offers to all. 

Overall, clouds are gathering over the law-firm sector. 

Steptoe and Johnson has introduced associate salary haircuts. Those not making their numbers are getting docked. Their situation will be reviewed at a later time.

Redgrave has already laid off.

And the bottom line on all this is this: To retain the stars – and law firms operate on twinkle power – there has to be lucrative payment of Profits Per Equity Partner. Here is where those had been at top firms during boom 2021:

Law.com documented:

for 2021:

. Wachtell $8.4M
2. Kirkland $7.388M
3. Davis Polk $7.01M
4. Sullivan & Cromwell $6.366M
5. Paul Weiss $6.162M
6. Simpson Thacher $5.980M
7. Cravath $5.803M
8. Quinn Emanuel $5.746M
9. Latham $5.705M

Cut the PEP and the stars will go elsewhere.

Summers won’t be allowed to get in the way of keeping equity partners financially content. It could be that fewer offers will be made this season than recently. How summers are treated could be the next shoe to drop in a sector where things could be shifting to stealth layoffs.

Meanwhile, it’s career common sense to answer those emails within an hour.

Connect with Editor-in-Chief Jane Genova [email protected]. Complimentary consultations. No selling.

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