There Will Be More Than Enough Time To Blog When You’re Laid Off

How do we know that the market for CDOs is tanking? Law firms’ corporate structuring departments have way too much time on their hands these days:

In brief, it may have been legal, but it wasn’t appealing — at least not to some of the female lawyers unknowingly nominated for “Hottest Female Associate” at the city’s top white-shoe firm.

What began as an admittedly “sophomoric” contest by two no-name blogger employees at prestigious Skadden, Arps, Slate, Meagher & Flom last month turned into a nightmare for the famed law firm, which quickly saw its reputation veering in the wrong direction as word spread of the sexed-up, inter-office shenanigans.

. . .

It’s unclear how many of the women knew they had been nominated, much less were aware their mugs had been posted on the renegade Web site Skadden Insider, an unofficial source of company gossip and goings-on.

. . .

The bloggers eventually posted part of an interoffice e-mail fired off by a company executive earlier this month that ordered them to cease and desist, calling the contest “inappropriate” and saying it “does not reflect our values and standards of behavior.”