Published: Mar 09, 2009
The great BigLaw de-leveraging of 2009 shows no sign of slowing down. Thus far today, 3 major firms, K&L Gates, Morgan Lewis, and White & Case have all announced layoffs. White & Case alone is axing 200 (!) associates. According to a source at the firm, the affected attorneys at W&C will not learn whether they are the hit list until tomorrow. This approach—making the general announcement and letting the associates fret over their fates for an extra day—seems odd, bordering on sadistic. And ATL reports today that Davis Polk has been conducting stealth layoffs since December. So the bell tolls even for a charter member of the Wall Street elite—Davis Polk is one of those lofty firms that many would consider above the grubbiness of layoffs, cutbacks and other compromises with economic reality. That category is now vanishingly small, if it even exists at all.
-posted by brian
In this final post of our emotional intelligence series, good news abounds. We’ve spent the last two posts driving home the importance of emotional intelligence and exploring all the various reasons why the legal industry doesn’t have enough of it, but today we bring a message of hope.
As a law student, you are well-versed in the law from many hours of academic study, hypothetical case scenarios and legal principles. But what else might you encounter when working in the legal industry that goes beyond your classroom teachings?
In BigLaw, with annual salaries for first-year associates at most firms over the $200,000 mark, with senior associates making more than $400,000 a year,[i] and with equity partners raking in millions of dollars annually,[ii] it’s no wonder that most people see a legal career as being lucrative—and why many harbor ill will toward attorneys for the money they make. But before the point can be made that lawyers are greedy scoundrels and that attorney fees are exorbitant, one must consider:
We’re under no illusions that this post is the first to address the question of what makes a “good” junior associate (given that a quick Google search will reveal numerous identical-sounding pieces). What makes this post different is the simplicity of our suggestions that can help you from Day One.
Greetings to all the aspiring entrepreneurs out there. Very recently we spoke about some common habits of the most successful entrepreneurs, and as promised, this time we’re going to tackle some of the biggest challenges new entrepreneurs face, along with effective strategies to overcome them.