Programming note: Lookzy will be off tomorrow, back Wednesday.

Welcome to Lookzy. Lookzy is the daily email newsletter that makes staying up to date as a BigLaw lawyer fun and easy (because your job often won't be).

We cover the big stories your colleagues are talking about, digests of the day's big litigation and corporate news, salary/bonus/layoff developments and interesting law firm and law school news. We keep it topical and direct so that you can go back to billing.

In today's Lookzy:

• The lowdown on Kirkland's stealth layoffs

• Legal fees in the US Women's National Soccer Team settlement

• The tycoon who might acquire a NFL team

• Transporting your bribery cash via private jet

• How much a top in-house lawyer can make

LOWDOWN ON KIRKLAND LAYOFFS

Per Law.com, Kirkland has reportedly terminated up to 25 associates across its US offices over the last several weeks. Corporate associates in Texas seem to have been hit particularly hard by the layoffs.

The layoffs apparently weren't a complete surprise to these associates. The terminated associates reportedly had been given warnings about low hours and other performance issues. They were also offered several months' severance in consideration for signing a non-disparagement agreement.

Kirkland's approach follows much of the standard approach law firms take for "stealth" layoffs. While it can seem fair (they were given warnings and didn't bill much!), in practice, the layoffs can be a tough racket. Few associates have much control over their hours if their department is truly slow.

Further, at other firms, we've received reports of associates being put on performance improvement plans and being held back in class year and for bonus purposes all for general "performance" issues. But in practice, the partners doing so have not been forthcoming about what exactly the performance issues are or how associates can overcome them. They simply need to "do better".

In other examples reported to us, firms which have set annual hours minimums have told associates on pace for hitting those minimums that, in practice, they need to be striving for a minimum several hundred hours higher in order to solidify their chance at actually receiving their full bonus. Unheard of in the bull market.

Our best advice? Start accepting most, if not all, work offered to you, be collaborative and proactive, and build rapport with partners. If you're really worried, try to keep your options open, network, and even consider taking on restructuring work. Read our early deep dive on stealth layoffs here for more.

Have any confirmation of layoffs, stealth or otherwise? Reply to this email with any gossip and stay fully anonymous. We'll take your rumors, even if hearsay, and try to verify and report back.

ECON SNAPSHOT

The difference between special bonuses and layoffs.

Yesterday: The Fed ended up raising rates by 75 basis points. This was expected, but the market tanked on suggestions that the Fed wouldn't necessarily start slowing the pace of its raises soon.

Even Stripe today announced that it is laying off "around 14%" of its workforce. Amazon and Apple are instituting hiring freezes lasting until the middle of next year. Stay safe out there.

THE VERDICT

Arguing today's litigation news

FTC v. Zuck. Magistrate Judge Susan van Keulen denied Meta's attempt to depose certain FTC officials in the fight over the FTC'S bid to stop Meta from buying Within Unlimited. Zuck is expected to be deposed.

USWNT Settlement. Members of the US Women's National Team in soccer sought final court approval of their $24 million pay discrimination settlement with the US Soccer Federation. Winston Strawn is seeking $6.6 million in legal fees are part of the settlement.

"Bribery cash transported by PJ". Glencore was ordered to pay $311.1 million by a London court over a number of bribery charges relating to preferential treatment in the award of certain oil contracts. The Court was told that Glencore employees transported the cash used for bribes via private jet. Paints quite the image.

Force majeure. A lawsuit in Texas claimed that Baker Botts lost two clients at least $100 million due to malpractice with a gas gathering contract. The plaintiffs claim Baker Botts neglected to warn them that there was a chance the force majeure clause could invalidate the parties’ intention.

THE DEAL

Wheelin' and dealin' today's corporate news

NFL M&A. Dan Snyder, owner of the Washington Commanders football team, announced he is exploring transactions involving the Commanders, aka a potential sale of the team, using BofA Securities. Commanders fans collectively let out a sigh of relief. The last sale of a NFL team went for $4.65 billion (Denver Broncos), so Snyder should expect a payday. Early reports are that Jeff Bezos and Jay-Z are interested.

Grocery M&A update. AGs of three states are seeking a TRO blocking a $4 billion dividend payment to shareholders of Albertsons until it's proposed merger with Kroger is fully reviewed. The dividend was announced at the same time as the merger and approximately $1 billion of the dividend will go to Albertsons shareholder Cerberus.

These pretzels are making me thirsty. Wetzel's Pretzel's was agreed to be sold by CenterOak Partners to MTY Franchising USA Inc. for $207 million. Gibson Dunn and Fasken represented the companies, respectively.

BUSINESS OF THE FIRM

Firm Moves: 

• McDermott promoted 32 new partners and 11 new counsels.

• Alex Dimitrief, formerly general counsel of GE and a partner at Kirkland, joined Sotera Health Company as general counsel.

Industry News:

• Seconding at...the Mayor's office? Paul Weiss, King & Spalding, Kirkland, O’Melveny, Ropes & Gray, Shearman & Sterling, Simpson Thatcher and Wilkie Farr & Gallagher agreed to join a program by NYC mayor Eric Adams where associates may be seconded to various city departments.

• Columbia Law raised $325 million over the last five years, over its $300 million goal.

• GW Law professor and patent law scholar Dmitry Karshtedt died at age 45.

• Choate Hall announced its long-term leadership plan, with litigation co-chai Melissa Bayer Tearney starting as the firm's new co-managing partner in 2025.

• Microsoft's top lawyer and vice chair Brad Smith earned $23.4 million last fiscal year.

BOILERPLATE

Alright, back to billing. That's all, folks!