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Rethinking the Legal Profession at the New York Times : Adam Cohen Ponders the Logical Consequences of the Downturn

By Andis Kaulins

At the New York Times, Adam Cohen ponders the logical consequences of the financial crisis in big law in his article, With the Downturn, It?s Time to Rethink the Legal Profession:

"The employment pains of the legal elite may not elicit a lot of sympathy in the broader context of the recession, but a lot of hard-working lawyers have been blindsided, including young associates who are suddenly finding themselves with six-figure student-loan debts and no source of income.

Leading firms have historically avoided mass layoffs, concerned that their reputations would take a hit. But some have been putting those inhibitions aside, perhaps calculating that the stigma of pushing out their colleagues has faded. Law firm managers and bar associations should be looking for more creative ways to deal with the hard times ? like reducing pay for both partners and associates to save jobs, as a few firms have begun doing.

The silver lining, if there is one, is that the legal world may be inspired to draw blueprints for the 21st century."

Read the rest here.

Full post as published by LawPundit on April 02, 2009 (boomark / email).