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."