What's going on in Texas?
Posted: Mon Jan 18, 2016 10:24 pm
Anyone care to share what's going on? read in another thread some firms might be laying off and no offering more people than usual....
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Can you link to that thread?Anonymous User wrote:Anyone care to share what's going on? read in another thread some firms might be laying off and no offering more people than usual....
What do you mean by restructured? You mean moving people from Houston to NYC? (I'm confused by what you mean by the "restructured classes from Houston to NYC" part)JohannDeMann wrote:Yeah plenty of firms last year restructured classes from Houston to NYC. I think more of the same this year and more no offers/firings.
I doubt litigation is going to feel the hit as hard as corporate work (I imagine you are in lit since you are at a boutique). Also, I think you are right - Houston will feel it more. Most people I have talked to here in Houston in Corporate are pretty slow right now. With oil falling sub $30, I don't see us speeding up anytime soon when most places need $55+ oil to be profitable. Hopefully if it does blow up in Houston other cities will absorb since it seems corporate work is still booming in most places.OklahomasOK wrote:I haven't really heard much, honestly. I graduated from OU, now work in Dallas. Several friends in JD preferred positions got the axe (landmen at Chesapeake and the like) but as far as big law goes, it's a little slower than normal. I know a couple friends are gnawing at the bit for hours but aren't concerned about their jobs.
I work in a boutique that feels market effects 2-3 years after the fact and we're absolutely slammed right now. Somewhat of a mixed bag. I imagine Houston will feel the effects of depressed oil moreso than Dallas or Austin.
I know some first years who had V5 offers in NY that have debated seeing if that offer was still open. I don't know if that is necessary. I think firms learned their lesson in 08/09 that it will rebound and when it does they don't want to be super low on associates. It probably is not the best time to be a 7/8th year because the market is not great for making partner or exit options, but 1-4th years are probably okay - there is no way oil stays low forever. This happens - oil booms and it busts.Anonymous User wrote:At a big 3 (or whatever, you get it) in Dallas. Things have slowed down a lot. Word from those in the know is to expect a really rough 2016. Haven't heard of layoffs yet though. Anyone thinking about lateraling to higher ground (i.e., out of an energy based economy)?
I am also interested in this. I am a first year at a top Texas firm. I have connections at another top firm (similar to the one I'm with now) in a more stable market, so I'm fairly confident I could make the move if I chose. Assuming I can, does any advise going or sticking it out and risking being a victim of the market? All considerations are pretty equal otherwise.Anonymous User wrote:I know some first years who had V5 offers in NY that have debated seeing if that offer was still open. I don't know if that is necessary. I think firms learned their lesson in 08/09 that it will rebound and when it does they don't want to be super low on associates. It probably is not the best time to be a 7/8th year because the market is not great for making partner or exit options, but 1-4th years are probably okay - there is no way oil stays low forever. This happens - oil booms and it busts.Anonymous User wrote:At a big 3 (or whatever, you get it) in Dallas. Things have slowed down a lot. Word from those in the know is to expect a really rough 2016. Haven't heard of layoffs yet though. Anyone thinking about lateraling to higher ground (i.e., out of an energy based economy)?
Another TX junior associate interested in this. At a firm that has a fair bit of oil & gas work, and I have the chance to go to a coastal market, but at a firm's office where the practice focuses on various industries. Not worried about being laid off or anything like that (at least in the short term), but I'm basically trying to weigh whether the switch--which would provide a more steady workflow immediately, and accelerate my career development (b/c I'd actually be working at a higher, more consistent pace compared to my current situation, which is best described as sporadic) and potentially expand exit options (and locations) due to the various industry focuses of that firm's office-- is worth the higher COL, an additional bar exam, and losing the early connections that I've made so far (I genuinely like and respect the people I work with).Anonymous User wrote:I am also interested in this. I am a first year at a top Texas firm. I have connections at another top firm (similar to the one I'm with now) in a more stable market, so I'm fairly confident I could make the move if I chose. Assuming I can, does any advise going or sticking it out and risking being a victim of the market? All considerations are pretty equal otherwise.Anonymous User wrote:I know some first years who had V5 offers in NY that have debated seeing if that offer was still open. I don't know if that is necessary. I think firms learned their lesson in 08/09 that it will rebound and when it does they don't want to be super low on associates. It probably is not the best time to be a 7/8th year because the market is not great for making partner or exit options, but 1-4th years are probably okay - there is no way oil stays low forever. This happens - oil booms and it busts.Anonymous User wrote:At a big 3 (or whatever, you get it) in Dallas. Things have slowed down a lot. Word from those in the know is to expect a really rough 2016. Haven't heard of layoffs yet though. Anyone thinking about lateraling to higher ground (i.e., out of an energy based economy)?
I am right in the same boat. Could move to LA or NY, but I am loving no state income tax, I own a house (probably would rent it out if I moved to avoid selling in this market), etc. I really don't want to go back to CA lolAnonymous User wrote:Another TX junior associate interested in this. At a firm that has a fair bit of oil & gas work, and I have the chance to go to a coastal market, but at a firm's office where the practice focuses on various industries. Not worried about being laid off or anything like that (at least in the short term), but I'm basically trying to weigh whether the switch--which would provide a more steady workflow immediately, and accelerate my career development (b/c I'd actually be working at a higher, more consistent pace compared to my current situation, which is best described as sporadic) and potentially expand exit options (and locations) due to the various industry focuses of that firm's office-- is worth the higher COL, an additional bar exam, and losing the early connections that I've made so far (I genuinely like and respect the people I work with).Anonymous User wrote:I am also interested in this. I am a first year at a top Texas firm. I have connections at another top firm (similar to the one I'm with now) in a more stable market, so I'm fairly confident I could make the move if I chose. Assuming I can, does any advise going or sticking it out and risking being a victim of the market? All considerations are pretty equal otherwise.Anonymous User wrote:I know some first years who had V5 offers in NY that have debated seeing if that offer was still open. I don't know if that is necessary. I think firms learned their lesson in 08/09 that it will rebound and when it does they don't want to be super low on associates. It probably is not the best time to be a 7/8th year because the market is not great for making partner or exit options, but 1-4th years are probably okay - there is no way oil stays low forever. This happens - oil booms and it busts.Anonymous User wrote:At a big 3 (or whatever, you get it) in Dallas. Things have slowed down a lot. Word from those in the know is to expect a really rough 2016. Haven't heard of layoffs yet though. Anyone thinking about lateraling to higher ground (i.e., out of an energy based economy)?
Don't want to jump if things are gonna pick up some, but not seeing too many bright signs in the market. Any word on whether there is going to be increased deal movement as a result of lower prices? How soon till we hit the breaking point yet? Maybe I should have taken that bankruptcy/restructuring course in law school after all....