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AMERICANLAWYER.COM AUGUST 2013

Did you take a break and unplug from the news this summer? See what you missed on americanlawyer.com. Here’s a sample of readers’ favorite stories in June and July.

■ Something resembling a bomb went off in The Am Law 100 on June 24 when Weil, Gotshal & Manges announced that it was responding to what it called the legal marketplace’s “new normal” by laying off a slew of associates and staffers and substan tially reducing the compensation of some 10 percent of its partners. As The Am Law Daily reported in “Weil Slashes 60 Asso ciates, 110 Staffers,” several legal commen tators predicted that the cuts would kick off a wave of similar moves by other firms.

■ Not so, according to the leaders of a half
dozen other Am Law 100 firms interviewed
by The Am Law Daily the following day. In
a story headlined “Weil Peers See Layoffs
as Isolated Event,” those firm leaders said
that while the market for premium legal
services has not fully rebounded from its
prerecession heyday, they thought Weil’s
decision was largely firmspecific and driv
en at least partly by the steep drop in the
kind of large corporate bankruptcies the
firm has thrived on in recent years.

■ Am Law Daily contributor Steven J. Harper weighed in with his own take on Weil’s news with a June 28 column titled “The True Cost of the Weil Layoffs.” In Harper’s view, the human fallout of what ever struggles that large law firms are now having is likely to fall disproportionately on junior lawyers and nonlawyer staffers, rath er than the richly compensated partners who Harper believes should share the pain.

■ Yet another voice heard from on this topic belonged to Tyler Coulson, a former Sidley Austin associate whose decision to ditch the firm and walk from coast to coast with his dog was previously chronicled by The Am Law Daily. Our interview with Coulson was prompted by his wry per sonal blog musings about the hidden up side of the layoffs on those affected (“Note to LaidOff Weil Lawyers: This Could Be a Blessing,” July 3). The story was widely shared on Twitter.

ERRATA

CORRECTIONS

Because of law firm errors in submitting
the data, “Spreading the Wealth” [July]
incorrectly stated Baker Donelson’s part
ner compensation spread for 2012. It is
5.9:1. Jenner & Block’s partner compen
sation data was also incorrect. It is 18.5:1.
The average multiple for Am Law 100
firms that submitted partner pay spreads
was 10.88, and the median was 9. 45. For
Second Hundred firms, the average was
10. 46, and the median was 10.

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