[UPDATE 2: Partners' checks were reduced 50%. I have received information that some associates received full pay for their end-of-month check, which seems to be overriding initial information I received about associate paychecks. Hey, I'm trying, and apologies. But I'm doing better than Bobby. I'm not sure whether I am complimenting or insulting myself with that one.]
[UPDATE: It seems some associates received full paychecks. Confusion abounds.]
Howrey is paying 50% of each associate's paycheck, and waiting to see whether Winston will pick up the other 50% on March 15. Maybe this won't be such a big issue if Howrey can obtain a cool $20M for the Howrey name.
Fifty percent for what period? February 15-28? March 1-15? No word at all regarding other employees?
ReplyDeleteit's not just associates. It's level one partners, too.
ReplyDeleteYeah.. they have a "Partner Meeting" and then fail to inform the partners of this nice little tidbit of information. Not that f-ing with peoples pay is especially important. Brillant move, Boland! It really inspires trust and confidence! It really makes us want to help push this deal through. If you are setting out to alienate people, you're doing a great job.
ReplyDeletePartners are paid (in advance) for the entire month on the first of each month, so given that Howrey won't survive beyond 3/15, the bank has only authorized payment for half the month. Associates and staff are paid at the end of each period, and were paid in full today for 2/16-2/28.
ReplyDeleteAfter an hour or so for this to percolate, it seems likely that this is no news. If current Howrey were to make payments to partners for the month of March, the rump of Howrey that remains could just end up trying to recapture the money from anyone who leaves during the month.
ReplyDeleteUmm, source? I'm an associate and I got my full paycheck today. Maybe they're cutting partners' draws in half, but what you have written is a complete falsehood.
ReplyDeleteBed bugs are one of the items screwing up the deal - partners don't want to staff with W&S employees who have them, but W&S doesn't have any idea who does or doesn't
ReplyDelete@6:40. More like a misunderstanding than a "falsehood". 4:11 has the point mostly correct.
ReplyDeleteInteresting new piece at amlawdaily from the Winston side of things regarding potential liabilities of the deal.
ReplyDeletehttp://amlawdaily.typepad.com/amlawdaily/2011/02/howreywinstonbartalk.html
Scott Hataway is leaving for Paul Hastings. That leave all the Litigation Attorneys basically with no boss and no information about what is going on. Basically getting info second hand that really only applies to associates.
ReplyDeleteIs having bedbugs like having crabs? Is there any way to get rid of them?
ReplyDeleteSince he is free of such encumbrances as sanity, intelligence, common sense, foresight, morality or compassion, and obviously (gag!) never obtained his poetic license, I believe it is clear that the one of the very few values The Bobster has is an intense and obsessive interest in seeing his name in print. In acknowledgment of the fact that said Bobster's Ass is Grass, I suggest that from this moment forward, it is prudent to take a lesson from a wiser culture and refer to this skank as "that person," thus depriving him of the ecstatic strokes he has been receiving in these posts.
ReplyDeleteRe: 10:44 - "That person" has no problem with being correctly labeled a moron, a liar and a thief. But oh dear God help anyone who criticizes his poetry!
ReplyDeleteSo much for London:
ReplyDelete"Howrey left with one City partner as Kirkland swoops"
http://www.thelawyer.com/howrey-left-with-one-city-partner-as-kirkland-swoops/1007121.article
I planned those departures years ago.
ReplyDelete-Bob
@4:11pm: "Partners are paid (in advance) for the entire month on the first of each month, so given that Howrey won't survive beyond 3/15, the bank has only authorized payment for half the month. Associates and staff are paid at the end of each period, and were paid in full today for 2/16-2/28."
ReplyDeleteThis makes sense to me and is consistent with what I heard from friends there. Is Howrey still making 401k contributions, insurance payments, and other benefits payments? Or have those been cut? I heard that some of the partner benefits (tax assistance for example) are being eliminated. How about partner pension contributions?
As far as the pensions go, Howrey's Associates are being directed to deposit blood and internal organs to cryogenic organ bank accounts for use by the Partners as may be required in their old-age. If the deposits go unneeded the accounts roll-over into the Winston & Strawn Bed Bugs' accounts and they can consume the body parts at will, regardless of age.
ReplyDeleteA friend of mine who handles bankruptcy law suggests that anyone being stiffed by Howrey on compensation or reimbursements should send a notice to Bob and others to document their pre-bankruptcy claim.
ReplyDeleteGiven the recent update, I'd be curious to know if the writer of this blog knows of anyone other than a partner who received a 50% paycheck yesterday.
ReplyDeleteMatt Wolf, we are so proud of your leadership and determination to demand loyalty pledges for your future role as managing partner. Also, your vindictiveness in setting partner salaries has paid off handsomely. Love, Matt's mom.
ReplyDeleteWhy I just so might know, but I keep it confidential. Would you care to enlighten us?
ReplyDeleteI think somebody might be lying to you. I got paid 100% yesterday, as did every other associate I've talked to.
ReplyDeleteHowrey: 11:32 here. I don't claim to have inside information. Your original posting was wrong, and you've adjusted it. Your current assertion, though, that "some associates" received full paychecks, would be true if ALL associates were paid in full. So the question remains, do you know of anyone other than a partner who received a 50% paycheck yesterday.
ReplyDeleteFurthermore, since associates are paid for time already worked (as opposed to partners, who get their draws prospectively), I'm pretty sure it'd be illegal for Howrey to retroactively dock their pay by 50%.
ReplyDeleteWell, we all know that dissolving firms always pay everyone what they are owed.
ReplyDelete