Lock down – the impact of the downturn on the recruitment market
Partnership used to be for life as a general rule – barring exceptional circumstances. This meant that any moves between law firms in a partner's career were the exception, rather than the rule. And then the world changed. The impact on major and mid-tier law firms, and by implication the outlook of their top talent, has been significant and has continued to shift in response to a range of macro and micro situational indicators. Over the past 25 years, there have been many contributory macro-economic, corporate and political factors to contend with: a technological revolution; the huge expansion of law firms into global businesses; the advent of the US firms' threat to City firms from the late 1990s onwards; and most recently, the global credit crunch.
The economic crisis has forced a rethink in hiring strategies, with firms less willing to take a chance on new recruits than before, say Andrew Caulfield and Ian Holloway
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