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Recession Zings Top Law Firms

Associates laid off, programs cut

By Peter Fearon,  Newser Staff

Posted Apr 14, 2008 3:10 AM CDT
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(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."

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.
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)
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.
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)
The floor of the NY Stock Exchange. The economic slowdown has hit law firms, reporting less work in mergers, acquisitions, real estate and mortgages.
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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