What's up at Shearman?
 

Sounds like Shearman is starting to disintegrate. I heard the partners are calling for the senior partner Heleniak to step down and that the partners are all scared. Rumor has it that the year end numbers were for crap and that Shearman is going to take a dive. Anybody know what's going on? I'm a first year and if the firm is going to go the way of Brobeck I need to start preparing. I have heard a bunch of partners left recently and that many were asked to leave. If they are throwing the partners overboard to save the ship, what does it mean for me? I haven't seen anything in the media so I have no way of knowing the truth. Anyone?

If your credentials are good, make a move. This is an excellent time for a first year to make a move to a different firm. You're probably more marketable as a first year than anytime in the last five years. It probably doesn't even affect your career much. Maybe you get a haircut if you wait for more than a few more months, but probably not.

As for true implosion, the most serious indicators of complete failure are significant periods of slowness/low work for many associates and material departures of partners and business.