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WHAT WE’RE WATCHING
THE BETTER RECESSION? – In a recent Law.com Trendspotter column, we discussed how some law firms learned during the Great Recession that cutting associates is a purported “cost-saving” measure that can come back to bite them when the economy improves. And while there’s plenty for associates to not love about the current downturn—losing work to partners, enduring pay cuts and enjoying less face time with decision-makers—the truth is young lawyers at large firms are still in a much better position now than associates were 10 years ago. As Eli Wald, the Charles W. Delaney Jr. professor of law at the University of Denver Sturm College of Law, told Patrick Smith: “It’s fair to say…associates at Big Law have an advantage compared to a decade ago: job stability. Letting people go is expensive, and when business picks up and you are missing people, you now have to train someone from scratch.”
