Cooley became the first major law firm this year to admit to laying off employees in anticipation of a prolonged work slowdown well into 2023. But the firm will likely be one of many to see a big impact from the tech industry slump.

In recent years, revenue and profit growth at tech-centric law firms has outpaced many of their competitors in the Am Law 200. But the recent downturn in the tech sector, coupled with a short-term attitude toward talent management, reveals vulnerabilities in the model that made rapid growth possible.

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