The worst economic downturn since the Great Depression has hit law firms hard. Big firms are hurting, with profit margins squeezed by sagging demand and record-high expenses. The result: the now familiar litany of mass layoffs, salary freezes and cuts, deferred start dates for first-year associates, and canceled or downsized summer programs. The $160,000 question now is, what happens when the economy recovers? Will things go back to how they were? The answer, according to law firm and law school leaders, is no.
Has the Recession Forever Changed Large Law Firms?
The American Lawyer
October 6, 2009