Can you believe it's already December? It's amazing how fast time flies by, especially during the holiday season. Just like you and me, law firms are busy around this time of year, too. Typically it's a lot of holiday party gossip (not so much this year) and bonus speculation (again, less than normal this year), but this year is different. Instead of champagne and bonus checks, it's layoff speculation and the like.
This week, I decided to round-up some of the downers in the legal community that are so unusual for this time of year. I know, bah humbug.
Just yesterday, the AmLawDaily blog reported that Davis, Polk & Wardwell announced it will halve associate bonuses, following in the footsteps of other law firms in the past two weeks. Bonuses began at $35K last year, but will only begin at $17,500 this year. The firm released a statement saying that this year was very economically challenging.
Above the Law has reported on lots of holiday party details recently, but late last week a Skadden tipster told them their firm was moving full steam ahead with their shindig. Other firms made the news in their post, including Debevoise & Plimpton. Although it was for opposite reasons; they have not yet announced their bonuses and they're scaling back their holiday party.
Whether or not your firm is scaling back their holiday fiestas and cutting back on the bonuses, let's just be thankful we have our jobs.
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