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May 17, 2008 12:49:31 AM CDT

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Recession Zings Top Law Firms  

Posted Apr 14, 08 3:10 AM CDT in Business    Most Covered

(newser) – The recession has begun to nip at the heels of New York's big law firms, reports the Wall Street Journal. Some firms are beginning to lay off associates, rescind offers to those coming out of law school, and scale back summer associate programs. It's all due to a slowdown in work relating to mortgages, real estate transactions, mergers, and private equity deals.

"I come to work and expect 12 hour days and it's just not happening," said one junior associate at a top New York law firm. "People have encouraged me to take pro bono work and I have, but there are days when I don't have enough to do."

Source Wall Street Journal

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Recession Zings Top Law Firms
A study group at the University of Texas Law School in Austin. The recession is beginning to zap law firms, with fewer jobs available for associates.   (AP Photo/Houston Chronicle, Kim Christensen)
Recession Zings Top Law Firms
A newly minted lawyer graduates from Yale Law School. The prospects for new attorneys is growing increasingly murky as law firms lay off or postpone hiring new associates.   (AP Photo/Bob Child)
Recession Zings Top Law Firms
The floor of the NY Stock Exchange. The economic slowdown has hit law firms, reporting less work in mergers, acquisitions, real estate and mortgages.   (Getty Images)
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