Believe it: The worst economic downturn since the Great Depression has hit law firms hard. Historically, the legal sector has weathered recessions better than many other sectors have, buoyed by the attendant surges in litigation and bankruptcy work. That’s what’s happened, for instance, amid the wave of corporate scandals — the so-called Enron era — that followed the bursting of the high-tech bubble. Not this time. Big firms are hurting, their profit margins squeezed by both 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.

Given all that, the $160,000 question now is, what happens when the economy recovers? Will things go back to how they were?

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]