The problem with selling your soul for something, as I'm hoping all these fucks find out, is that one day you wake up with neither your soul nor the thing you sold it for
Here's the thing, at firms like this, the prestige of being a partner at a firm that's been around since 1792 is a primary reason for being there. The money is secondary. And being known as the partners that destroyed the oldest firm in NYC, is a dishonor none of them want to be known for. It's what they'll be remembered for, not anything else they've done.
Yeah, they fully nuked their reputation, and that’s part of what this fallout is. Not only did they hemorrhage attorneys as a result of this idiocy, but also, nobody wants to work for them or hire them. You can see the problem that creates.
That's not how law firms work and not how this merger is structured. This at best a lateral move, with increased earning potential in comparison to what was possible in a firm bleeding lawyers and client.
There is nothing "crazy lucrative" about this. I don't understand how you are coming to that beside mistaking this for something like a corporation selling itself for cash or stock.
A year ago that firm would have been worth hundreds of millions of dollars, at the moment it's a fire sale. They're almost surely losing millions on the deal.
They're leaving basically with whatever they were already paid as a partner for the years they were there. Law firms don't operate like or pay like traditional businesses. Partners at firms like this almost always have to be offered a partnership, and buy their way in. Some partnerships at prestigious firms can have buy-in fees upwards of a million dollars.
The partners then are paid a percentage of the business, depending on seniority and managing status. If there is no business, there is no pay. If the firm goes under, or is bought out, there is little pay because the firm isn't worth much, if anything.
They're basically leaving with what they've already squirreled away and not spent with potentially lavish lifestyles over the years.
remember that any lawyers that are part of a law firm, has to resign thier position in order to work with TRUMP in order to reduce liability/reputaiton that would hurt the firm, because trump is very vexacious litigious and doesnt like paying lawyer fees.
Do I miss the “brutal” price they paid? I mean, they’re merging with another firm to form a massive one. The managing partners will be managing partners at the new super-firm. So, where’s the price?
I think "the price" is some sort of loss of prestige from it's feeder schools and cultural capital after offering pro bono work to Trump. I know they lost a bunch of their top associates (really good ones too, apparently) but I heard from a friend who goes to Princeton that a lot of the law students didn't even want to article there anymore. I'm assuming it's the same for other big law schools, especially Harvard Law after Trump basically put a target on their backs.
Cadwalader is like the oldest law firm in NYC, the "Taft" in the name comes from President Taft's brother Henry Taft. From what I understand from my friend (and her associates), it's actually crazy that they're merging with another legal entity.
32 Comments
tanisnikana@lemmy.world · 85 pts · 257d
The sweet smell of fucking around and finding out.
SeeMarkFly@lemmy.ml · 72 pts · 257d
Don't work for someone that won't pay you, even if he says he's the president of the United States of America.
SpaceNoodle@lemmy.world · 33 pts · 257d
Especially if he says that.
SeeMarkFly@lemmy.ml · 10 pts · 257d
For the next few YEARS.
jlow@discuss.tchncs.de · 3 pts · 257d
Yeah, let's hope you don't have to make that decades ...
SeeMarkFly@lemmy.ml · 2 pts · 257d
His heart won't make it. UNLESS they give him a new heart.
But then his ankles will give out. UNLESS the install prosthetic leggs.
But by then his brain will be gone. UNLESS a new development in A.I. lets him keep thinking.
We'll have a 31 Trillion dollar president. Worth every penny that we don't make anymore.
/s In case The Onion is reading.
Bustedknuckles@lemmy.world · 48 pts · 257d
The problem with selling your soul for something, as I'm hoping all these fucks find out, is that one day you wake up with neither your soul nor the thing you sold it for
electricyarn@lemmy.world · 23 pts · 257d
Cowards, worms and traitors rotting away.
Typhoon@lemmy.ca · 18 pts · 257d
Who wants to hire a lawyer that gives up the instant they're pressured? They're cowards and deserve to lose their business.
Tollana1234567@lemmy.today · 5 pts · 257d
yea MS and disney both dropped them, or another firm that immediately rolled over for trump this year.
GhostPain@lemmy.world · 17 pts · 257d
Good.
Triumph@fedia.io · 17 pts · 257d
I'm sure the partners at Cadwalader are wiping their tears with $100s.
halcyoncmdr@lemmy.world · 25 pts · 257d
Here's the thing, at firms like this, the prestige of being a partner at a firm that's been around since 1792 is a primary reason for being there. The money is secondary. And being known as the partners that destroyed the oldest firm in NYC, is a dishonor none of them want to be known for. It's what they'll be remembered for, not anything else they've done.
Tollana1234567@lemmy.today · 5 pts · 257d
also the fact that some firms have a pipeline with law schools , it hurts them in other ways too if they have been reputation of brownosing for trump.
gravitas_deficiency@sh.itjust.works · 2 pts · 196d
Yeah, they fully nuked their reputation, and that’s part of what this fallout is. Not only did they hemorrhage attorneys as a result of this idiocy, but also, nobody wants to work for them or hire them. You can see the problem that creates.
Triumph@fedia.io · 1 pts · 257d
Then why did they do it? Must have been crazy lucrative for them.
halcyoncmdr@lemmy.world · 8 pts · 257d
Two options really...
Clent@lemmy.dbzer0.com · 2 pts · 257d
That the question.
Who wants that for such a law firm? Who wants to work for such a firm?
They didn't think ahead or the consequences of their action. Wildly lucrative institutions don't sell themselves off to competitors.
Any assumption that it was crazy lucrative is based on a need for things to make sense.
Triumph@fedia.io · 3 pts · 257d
No, no - the sale wasn't crazy lucrative for the firm, it was crazy lucrative for the partners who sold it off.
Clent@lemmy.dbzer0.com · 0 pts · 257d
That's not how law firms work and not how this merger is structured. This at best a lateral move, with increased earning potential in comparison to what was possible in a firm bleeding lawyers and client.
There is nothing "crazy lucrative" about this. I don't understand how you are coming to that beside mistaking this for something like a corporation selling itself for cash or stock.
Triumph@fedia.io · 1 pts · 257d
Regardless of how it's structured, the partners at Cadwalader have to be walking away with a lot of money from the deal.
halcyoncmdr@lemmy.world · 3 pts · 257d
A year ago that firm would have been worth hundreds of millions of dollars, at the moment it's a fire sale. They're almost surely losing millions on the deal.
They're leaving basically with whatever they were already paid as a partner for the years they were there. Law firms don't operate like or pay like traditional businesses. Partners at firms like this almost always have to be offered a partnership, and buy their way in. Some partnerships at prestigious firms can have buy-in fees upwards of a million dollars.
The partners then are paid a percentage of the business, depending on seniority and managing status. If there is no business, there is no pay. If the firm goes under, or is bought out, there is little pay because the firm isn't worth much, if anything.
They're basically leaving with what they've already squirreled away and not spent with potentially lavish lifestyles over the years.
Tollana1234567@lemmy.today · 13 pts · 257d
remember that any lawyers that are part of a law firm, has to resign thier position in order to work with TRUMP in order to reduce liability/reputaiton that would hurt the firm, because trump is very vexacious litigious and doesnt like paying lawyer fees.
echodot@feddit.uk · 12 pts · 257d
What I don't get is everybody knows this about him. Yet supposedly intelligent lawyers still getting to bed with him. Why?
ClownStatue@piefed.social · 11 pts · 257d
Do I miss the “brutal” price they paid? I mean, they’re merging with another firm to form a massive one. The managing partners will be managing partners at the new super-firm. So, where’s the price?
sigmaklimgrindset@sopuli.xyz · 13 pts · 257d
I think "the price" is some sort of loss of prestige from it's feeder schools and cultural capital after offering pro bono work to Trump. I know they lost a bunch of their top associates (really good ones too, apparently) but I heard from a friend who goes to Princeton that a lot of the law students didn't even want to article there anymore. I'm assuming it's the same for other big law schools, especially Harvard Law after Trump basically put a target on their backs.
Cadwalader is like the oldest law firm in NYC, the "Taft" in the name comes from President Taft's brother Henry Taft. From what I understand from my friend (and her associates), it's actually crazy that they're merging with another legal entity.
Tollana1234567@lemmy.today · 3 pts · 257d
the new firm would likely suffer the same fate if they rolled over for trump, it would be stupid for them to do that.
phoenixarise@lemmy.world · 2 pts · 249d
Lawyers of all people should have known better. Love this for them.
rafoix@lemmy.zip · 1 pts · 257d
Fascists gonna fasc.
A_norny_mousse@feddit.org · 1 pts · 257d
ramble81@lemmy.zip · 4 pts · 257d
It means that if they had been billing for time it would have come up to about $100 million at the standard rate they charge.
A_norny_mousse@feddit.org · 2 pts · 257d
Thanks, I realized it a minute before you posted.
Bricriu@lemmy.world · 0 pts · 257d
No non-paywalled link?