US associate cuts were the story in 2008. Partners will be next, says Richard Lloyd
Since the financial crisis began to grip the global economy in the summer of 2007, law firm associates have been feeling the effects. For more than a year there has been a succession of layoffs, bonuses have been cut and, in a few cases – Latham & Watkins and Orrick Herrington & Sutcliffe – associates are being kept at 2008 pay. With the global economy showing no signs of improving, more associate cuts seem likely to follow this year.
