What is going on at STB? Forum
Forum rules
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
Anonymous Posting
Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
What is going on at STB?
What is going on at Simpson Thacher? I've heard separately from numerous friends/acquaintances who work there that a large number of associates had bonuses cut significantly for failing to comply with RTO, were put on "PIPs," and/or were outright terminated. Apparently most of the terminations, PIPs and/or bonus reductions were communicated in December. From what I've heard, associates who were terminated were in most cases given pretty generous "severance" packages (generous website time and a generous period during which they'll remain on payroll), so maybe that's why this has remained under wraps so far. Anyone have more details?
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
All for not complying with RTO?
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
No idea, but I got the impression that bonus cuts are the only consequence for not complying with RTO. The PIPs/terminations are probably justified in some cases, but the number of people in that bucket seems to indicate stealth layoffs too.
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Anonymous User wrote: ↑Tue Jan 23, 2024 1:05 amWhat is going on at Simpson Thacher? I've heard separately from numerous friends/acquaintances who work there that a large number of associates had bonuses cut significantly for failing to comply with RTO, were put on "PIPs," and/or were outright terminated. Apparently most of the terminations, PIPs and/or bonus reductions were communicated in December. From what I've heard, associates who were terminated were in most cases given pretty generous "severance" packages (generous website time and a generous period during which they'll remain on payroll), so maybe that's why this has remained under wraps so far. Anyone have more details?
Literally nothing happened to STB. It's still the middle-tier NY biglaw firm it always was
-
- Posts: 22
- Joined: Mon Feb 27, 2023 11:10 pm
Re: What is going on at STB?
Ridiculous comment. Many people in my YLS class went there as their first choiceAnonymous User wrote: ↑Tue Jan 23, 2024 7:44 pmAnonymous User wrote: ↑Tue Jan 23, 2024 1:05 amWhat is going on at Simpson Thacher? I've heard separately from numerous friends/acquaintances who work there that a large number of associates had bonuses cut significantly for failing to comply with RTO, were put on "PIPs," and/or were outright terminated. Apparently most of the terminations, PIPs and/or bonus reductions were communicated in December. From what I've heard, associates who were terminated were in most cases given pretty generous "severance" packages (generous website time and a generous period during which they'll remain on payroll), so maybe that's why this has remained under wraps so far. Anyone have more details?
Literally nothing happened to STB. It's still the middle-tier NY biglaw firm it always was
Want to continue reading?
Register now to search topics and post comments!
Absolutely FREE!
Already a member? Login
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Were they all at the very bottomCondescendingLiberal wrote: ↑Tue Jan 23, 2024 7:47 pmRidiculous comment. Many people in my YLS class went there as their first choiceAnonymous User wrote: ↑Tue Jan 23, 2024 7:44 pmAnonymous User wrote: ↑Tue Jan 23, 2024 1:05 amWhat is going on at Simpson Thacher? I've heard separately from numerous friends/acquaintances who work there that a large number of associates had bonuses cut significantly for failing to comply with RTO, were put on "PIPs," and/or were outright terminated. Apparently most of the terminations, PIPs and/or bonus reductions were communicated in December. From what I've heard, associates who were terminated were in most cases given pretty generous "severance" packages (generous website time and a generous period during which they'll remain on payroll), so maybe that's why this has remained under wraps so far. Anyone have more details?
Literally nothing happened to STB. It's still the middle-tier NY biglaw firm it always was
of your class?
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Has the anti-STB troll resurfaced again?Anonymous User wrote: ↑Tue Jan 23, 2024 9:07 pmWere they all at the very bottomCondescendingLiberal wrote: ↑Tue Jan 23, 2024 7:47 pmRidiculous comment. Many people in my YLS class went there as their first choiceAnonymous User wrote: ↑Tue Jan 23, 2024 7:44 pmAnonymous User wrote: ↑Tue Jan 23, 2024 1:05 amWhat is going on at Simpson Thacher? I've heard separately from numerous friends/acquaintances who work there that a large number of associates had bonuses cut significantly for failing to comply with RTO, were put on "PIPs," and/or were outright terminated. Apparently most of the terminations, PIPs and/or bonus reductions were communicated in December. From what I've heard, associates who were terminated were in most cases given pretty generous "severance" packages (generous website time and a generous period during which they'll remain on payroll), so maybe that's why this has remained under wraps so far. Anyone have more details?
Literally nothing happened to STB. It's still the middle-tier NY biglaw firm it always was
of your class?
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Not OP but STB is probably a top three firm in NYAnonymous User wrote: ↑Tue Jan 23, 2024 9:07 pmWere they all at the very bottomCondescendingLiberal wrote: ↑Tue Jan 23, 2024 7:47 pmRidiculous comment. Many people in my YLS class went there as their first choiceAnonymous User wrote: ↑Tue Jan 23, 2024 7:44 pmAnonymous User wrote: ↑Tue Jan 23, 2024 1:05 amWhat is going on at Simpson Thacher? I've heard separately from numerous friends/acquaintances who work there that a large number of associates had bonuses cut significantly for failing to comply with RTO, were put on "PIPs," and/or were outright terminated. Apparently most of the terminations, PIPs and/or bonus reductions were communicated in December. From what I've heard, associates who were terminated were in most cases given pretty generous "severance" packages (generous website time and a generous period during which they'll remain on payroll), so maybe that's why this has remained under wraps so far. Anyone have more details?
Literally nothing happened to STB. It's still the middle-tier NY biglaw firm it always was
of your class?
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Yeah, not sure how this turned into a debate about STB’s prestige, but let’s not pretend it’s a mid-tier firm. So, anyway, back to the original question …
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
How?Anonymous User wrote: ↑Wed Jan 24, 2024 1:53 amNot OP but STB is probably a top three firm in NYAnonymous User wrote: ↑Tue Jan 23, 2024 9:07 pmWere they all at the very bottomCondescendingLiberal wrote: ↑Tue Jan 23, 2024 7:47 pmRidiculous comment. Many people in my YLS class went there as their first choiceAnonymous User wrote: ↑Tue Jan 23, 2024 7:44 pmAnonymous User wrote: ↑Tue Jan 23, 2024 1:05 amWhat is going on at Simpson Thacher? I've heard separately from numerous friends/acquaintances who work there that a large number of associates had bonuses cut significantly for failing to comply with RTO, were put on "PIPs," and/or were outright terminated. Apparently most of the terminations, PIPs and/or bonus reductions were communicated in December. From what I've heard, associates who were terminated were in most cases given pretty generous "severance" packages (generous website time and a generous period during which they'll remain on payroll), so maybe that's why this has remained under wraps so far. Anyone have more details?
Literally nothing happened to STB. It's still the middle-tier NY biglaw firm it always was
of your class?
I would put Wachtell/Cravath/S&C/DPW/P&W/maybe even Skadden above Simpson.
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Lol at STB being top 3. It's top 10 though. I don't think anyone would deny that. The tiers have always been
WLRK/CSM
DPW/SC
Skadden/PW/STB/LW
WLRK/CSM
DPW/SC
Skadden/PW/STB/LW
- GFox345
- Posts: 364
- Joined: Sun Jul 12, 2015 3:53 am
Re: What is going on at STB?
This Board is a fucking cesspit.
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Nice unearned DPW boost - they're there or thereabouts for M&A, but not miles ahead of any of the others for M&A. And "always" if you're going back about five years. (PW and LW are definitely newcomers as corporate players in NY. If you're including them you have to include K&E. LW more for capital markets than M&A in New York.) More conventional / robust analyses for M&A would have the tiers at:Anonymous User wrote: ↑Wed Jan 24, 2024 11:44 amLol at STB being top 3. It's top 10 though. I don't think anyone would deny that. The tiers have always been
WLRK/CSM
DPW/SC
Skadden/PW/STB/LW
1. WLRK / CSM
2. S&C / Skadden (although Skadden may have fallen off a bit)
3. DPW / STB / Cleary (historically) / K&E / PW / LW
4. Weil / Debevoise / GDC / Cleary (possibly now) / Freshfields
Register now!
Resources to assist law school applicants, students & graduates.
It's still FREE!
Already a member? Login
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Anonymous User wrote: ↑Wed Jan 24, 2024 4:04 amYeah, not sure how this turned into a debate about STB’s prestige, but let’s not pretend it’s a mid-tier firm. So, anyway, back to the original question …
-
- Posts: 1763
- Joined: Wed Jan 30, 2019 7:34 pm
Re: What is going on at STB?
TLS hivemind literally can't distinguish prestige from job security. Probably because of GFC trauma.Anonymous User wrote: ↑Wed Jan 24, 2024 2:36 pmAnonymous User wrote: ↑Wed Jan 24, 2024 4:04 amYeah, not sure how this turned into a debate about STB’s prestige, but let’s not pretend it’s a mid-tier firm. So, anyway, back to the original question …
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
When one firm pays twice as much as every other firm, that firm is in its own tier lol. Full stop.
Simpson is a great firm though, not sure where the hate is coming from. Not sure about the layoffs though. If I had to guess, probably more indicative of the fact that STB hired pretty heavily throughout the SPAC boom/2021 and SPACs are dead plus PE has slowed in a high interest rate environment.
Simpson is a great firm though, not sure where the hate is coming from. Not sure about the layoffs though. If I had to guess, probably more indicative of the fact that STB hired pretty heavily throughout the SPAC boom/2021 and SPACs are dead plus PE has slowed in a high interest rate environment.
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
STB 4th year. Here is my understanding of the facts.
Rule via updated handbook earlier this year: STB has discretionary ability to reduce bonus for not complying with RTO of 3 days week average.
The bonus was paid Dec 29. From my data points: those who were impacted were (a) asked to schedule their review prior to 12/29 and (b) told that their bonuses would cut 20% for not complying with RTO 3 days a week average.
The rest were given the option to schedule their review with the partner either in December or January.
Not facts: I believe, though may not be case across the board, that each of these individuals who were withheld 20% had performance issues.
minor edits for clarity
Rule via updated handbook earlier this year: STB has discretionary ability to reduce bonus for not complying with RTO of 3 days week average.
The bonus was paid Dec 29. From my data points: those who were impacted were (a) asked to schedule their review prior to 12/29 and (b) told that their bonuses would cut 20% for not complying with RTO 3 days a week average.
The rest were given the option to schedule their review with the partner either in December or January.
Not facts: I believe, though may not be case across the board, that each of these individuals who were withheld 20% had performance issues.
minor edits for clarity
Get unlimited access to all forums and topics
Register now!
I'm pretty sure I told you it's FREE...
Already a member? Login
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Jesus. That's lame as hell.Anonymous User wrote: ↑Sun Jan 28, 2024 6:03 pmSTB 4th year. Here is my understanding of the facts.
Rule via updated handbook earlier this year: STB has discretionary ability to reduce bonus for not complying with RTO of 3 days week average.
The bonus was paid Dec 29. From my data points: those who were impacted were (a) asked to schedule their review prior to 12/29 and (b) told that their bonuses would cut 20% for not complying with RTO 3 days a week average.
The rest were given the option to schedule their review with the partner either in December or January.
Not facts: I believe, though may not be case across the board, that each of these individuals who were withheld 20% had performance issues.
minor edits for clarity
How do they confirm you're in office?
Do they send someone around to check in? And how long does one need to stay to count as being in office for the day??
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
We are unsure. Maybe swiping card. Def no one checks office by office (and assistants do not either).Anonymous User wrote: ↑Mon Jan 29, 2024 12:34 pmJesus. That's lame as hell.Anonymous User wrote: ↑Sun Jan 28, 2024 6:03 pmSTB 4th year. Here is my understanding of the facts.
Rule via updated handbook earlier this year: STB has discretionary ability to reduce bonus for not complying with RTO of 3 days week average.
The bonus was paid Dec 29. From my data points: those who were impacted were (a) asked to schedule their review prior to 12/29 and (b) told that their bonuses would cut 20% for not complying with RTO 3 days a week average.
The rest were given the option to schedule their review with the partner either in December or January.
Not facts: I believe, though may not be case across the board, that each of these individuals who were withheld 20% had performance issues.
minor edits for clarity
How do they confirm you're in office?
Do they send someone around to check in? And how long does one need to stay to count as being in office for the day??
I understand from a biz perspective.
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
STB associate in a non-NY office. My understanding is that many, but certainly not all, of the people impacted by RTO bonus cuts also had performance issues. I am aware of a few people who are known to be good associates and whose bonuses were cut purely for noncompliance with RTO; however, in those cases the noncompliance was pretty extreme. I am also aware of a few people whose bonuses were cut purely for performance issues but who were not PIP’d or terminated, and my impression of those associates is that they are pretty average performers—definitely not grinders or rock stars, but generally fine and net adding value. So that’s … interesting.Anonymous User wrote: ↑Mon Jan 29, 2024 3:38 pmWe are unsure. Maybe swiping card. Def no one checks office by office (and assistants do not either).Anonymous User wrote: ↑Mon Jan 29, 2024 12:34 pmJesus. That's lame as hell.Anonymous User wrote: ↑Sun Jan 28, 2024 6:03 pmSTB 4th year. Here is my understanding of the facts.
Rule via updated handbook earlier this year: STB has discretionary ability to reduce bonus for not complying with RTO of 3 days week average.
The bonus was paid Dec 29. From my data points: those who were impacted were (a) asked to schedule their review prior to 12/29 and (b) told that their bonuses would cut 20% for not complying with RTO 3 days a week average.
The rest were given the option to schedule their review with the partner either in December or January.
Not facts: I believe, though may not be case across the board, that each of these individuals who were withheld 20% had performance issues.
minor edits for clarity
How do they confirm you're in office?
Do they send someone around to check in? And how long does one need to stay to count as being in office for the day??
I understand from a biz perspective.
The firm has declined to officially tell associates how they are tracking attendance, which is frustrating for associates in light of the fact that bonuses are now tied to attendance. In my (non-NY office), our attendance is tracked through a combination of keycard swipes, VPN tracking and office checks (yes, really). If we are working from home or otherwise out of the office (including for client or firm business), we are supposed to inform a list of staff members who are involved with HR/staffing-type matters in advance. I don’t know whether people are actually doing that.
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
smdh.Anonymous User wrote: ↑Thu Feb 01, 2024 11:07 amSTB associate in a non-NY office. My understanding is that many, but certainly not all, of the people impacted by RTO bonus cuts also had performance issues. I am aware of a few people who are known to be good associates and whose bonuses were cut purely for noncompliance with RTO; however, in those cases the noncompliance was pretty extreme. I am also aware of a few people whose bonuses were cut purely for performance issues but who were not PIP’d or terminated, and my impression of those associates is that they are pretty average performers—definitely not grinders or rock stars, but generally fine and net adding value. So that’s … interesting.Anonymous User wrote: ↑Mon Jan 29, 2024 3:38 pmWe are unsure. Maybe swiping card. Def no one checks office by office (and assistants do not either).Anonymous User wrote: ↑Mon Jan 29, 2024 12:34 pmJesus. That's lame as hell.Anonymous User wrote: ↑Sun Jan 28, 2024 6:03 pmSTB 4th year. Here is my understanding of the facts.
Rule via updated handbook earlier this year: STB has discretionary ability to reduce bonus for not complying with RTO of 3 days week average.
The bonus was paid Dec 29. From my data points: those who were impacted were (a) asked to schedule their review prior to 12/29 and (b) told that their bonuses would cut 20% for not complying with RTO 3 days a week average.
The rest were given the option to schedule their review with the partner either in December or January.
Not facts: I believe, though may not be case across the board, that each of these individuals who were withheld 20% had performance issues.
minor edits for clarity
How do they confirm you're in office?
Do they send someone around to check in? And how long does one need to stay to count as being in office for the day??
I understand from a biz perspective.
The firm has declined to officially tell associates how they are tracking attendance, which is frustrating for associates in light of the fact that bonuses are now tied to attendance. In my (non-NY office), our attendance is tracked through a combination of keycard swipes, VPN tracking and office checks (yes, really). If we are working from home or otherwise out of the office (including for client or firm business), we are supposed to inform a list of staff members who are involved with HR/staffing-type matters in advance. I don’t know whether people are actually doing that.
Well, definitely not throwing them an app.
Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.
Register now, it's still FREE!
Already a member? Login
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
4th year from above. Agree with the performance issue point. LOL, welcome to biglaw. They'll eat you up and spit you out. This is standard across biglaw, and performance based CUTS are more common than ATL or your recruiting office will tell you. There is a an expectation to be great. Up or out.Anonymous User wrote: ↑Thu Feb 01, 2024 11:27 amsmdh.Anonymous User wrote: ↑Thu Feb 01, 2024 11:07 amSTB associate in a non-NY office. My understanding is that many, but certainly not all, of the people impacted by RTO bonus cuts also had performance issues. I am aware of a few people who are known to be good associates and whose bonuses were cut purely for noncompliance with RTO; however, in those cases the noncompliance was pretty extreme. I am also aware of a few people whose bonuses were cut purely for performance issues but who were not PIP’d or terminated, and my impression of those associates is that they are pretty average performers—definitely not grinders or rock stars, but generally fine and net adding value. So that’s … interesting.Anonymous User wrote: ↑Mon Jan 29, 2024 3:38 pmWe are unsure. Maybe swiping card. Def no one checks office by office (and assistants do not either).Anonymous User wrote: ↑Mon Jan 29, 2024 12:34 pmJesus. That's lame as hell.Anonymous User wrote: ↑Sun Jan 28, 2024 6:03 pmSTB 4th year. Here is my understanding of the facts.
Rule via updated handbook earlier this year: STB has discretionary ability to reduce bonus for not complying with RTO of 3 days week average.
The bonus was paid Dec 29. From my data points: those who were impacted were (a) asked to schedule their review prior to 12/29 and (b) told that their bonuses would cut 20% for not complying with RTO 3 days a week average.
The rest were given the option to schedule their review with the partner either in December or January.
Not facts: I believe, though may not be case across the board, that each of these individuals who were withheld 20% had performance issues.
minor edits for clarity
How do they confirm you're in office?
Do they send someone around to check in? And how long does one need to stay to count as being in office for the day??
I understand from a biz perspective.
The firm has declined to officially tell associates how they are tracking attendance, which is frustrating for associates in light of the fact that bonuses are now tied to attendance. In my (non-NY office), our attendance is tracked through a combination of keycard swipes, VPN tracking and office checks (yes, really). If we are working from home or otherwise out of the office (including for client or firm business), we are supposed to inform a list of staff members who are involved with HR/staffing-type matters in advance. I don’t know whether people are actually doing that.
Well, definitely not throwing them an app.
RTO is important and STB has been lax for a while. We're 4 days in.
Free food in NYC 6TH floor cafe; can you throw us an app - were desperate!
-
- Posts: 3
- Joined: Thu Feb 01, 2024 4:13 pm
Re: What is going on at STB?
can you distinguish which office you're referencing?
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
-
- Posts: 428793
- Joined: Tue Aug 11, 2009 9:32 am
Re: What is going on at STB?
Seriously? What are you waiting for?
Now there's a charge.
Just kidding ... it's still FREE!
Already a member? Login