Vault Announces Firms to Avoid Rankings

In the fall and winter of 2008, Vault contacted more than 18,000 current and former associates at 167 formerly prominent law firms across the country to seek their participation in a new set of rankings it plans to release this week. Participants were asked to rate their current or former firm in terms of how it handled issues related to the slumping economy. Vault compiled this data to calculate its brand new Top 20 Firms to Avoid If You Want a Paycheck rankings, which in 2009 will join its traditional slate of Top 100 Law Firms, Best 20 Law Firms for Diversity and Vault Partner Rankings.

Associates were asked to assign one to five stars on issues such as frequency of interaction with HR personnel, quantity of empty or dark associate offices, farewell happy hour attendance, shrinking or frozen compensation, and ability to switch practice groups before getting kicked to the curb. Other factors such as number of partner offices with closed doors, blatant lying about layoffs, touting “profits per partner” while slashing bonuses and asking real estate associates to actually come into work were considered. The firms were then scored against each other.

Upon learning about the new rankings, Heller Erhman’s former managing partner expressed disappointment that the now defunct firm would not reach the top of any Vault ranking before dissolving. In contrast, Dechert LLP's chairman rejoiced at the reality that his firm was almost certain to finally jump to the top of the law firm heap. Dechert released a statement that it is “delighted and excited about the opportunities for associate diminution that are presented by this bear economy.” Similarly, in an email to the partnership, K&L Gates' chairman noted that while “he’s never paid much attention to rankings,” he definitely has paid attention to the “droves of idiotic, credit-card wielding associates at his firm that would take these rankings in stride.”

Vault claims that these new rankings will help it to stay relevant in a changing United States economy. “We know that these aren’t typical, feel good ratings,” explained Vault Vice President Sally Isaacs, “but the reality is that managing a legal career takes more than just getting average grades at a top tier law school and then defaulting to a New York law firm. Frankly, our readership is looking for less focus on quality of life issues and more insight into the quality and quantity of a potential paycheck.”