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The coronavirus crisis has wreaked havoc upon the legal profession, leading some firms to cut salaries, furlough employees, and even conduct layoffs. Several months have now passed, and many firms have started to partially or completely roll back their austerity measures. But what happens if things get worse?
What if things go the way they did during the last recession? Will incoming first-year associates suddenly find themselves without jobs? Will offers be rescinded like they were in 2009?
This is the question that’s on everyone’s minds, considering start dates have already been deferred. With worries abound, industry observers are here to offer some support and some calming words of comfort. They don’t think there’s anything for first-year associates to worry about; the chances of a 2009 repeat performance are “extremely remote.” From the American Lawyer:
“Those were different times. I’m not seeing that firms are in that kind of financial distress,” said Joan Newman, an executive coach at Joan Newman & Associates, who works with big-firm partners and senior associates.
“Some areas are busier than others, but it’s not all gloom and doom like it was in 2009,” said Newman, who worked with laid-off Big Law associates in 2009 to find other positions. “M&A is down but litigation is starting back up again and labor and employment law is booming.”
A leader of a national law firm echoed these thoughts, saying “it’s highly unlikely that anyone will further push back deferrals or cut the class.”
Some incoming Biglaw associates may have reason to be concerned — they’ve heard nothing from their firms regarding their start dates. Is something like this going on at your firm? Please get in touch with us via email or text — tips@abovethelaw.com or (646) 820-8477) — and we’ll try to get to the bottom of it for you.
Keep your fingers crossed that nothing changes. We’d hate to see yet another lost generation of lawyers left behind by Biglaw.
What Are the Chances of First-Year Associate Cancellations? [American Lawyer]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.