The 2019.10.03 blog quoted below suggests that BigLaw partners and counsel need to have "a clear-eyed view" of their future prospects. Those who sense any vulnerability to their position should act quickly to take an objective look at the full spectrum of their rights, benefits, risks, and alternatives. There is no reason not to have a personal strategic plan ... one that includes both protective measures and a well considered "Plan B" for a soft landing if needed.
2020.07.17 "Will The Next Wave Of Layoffs Target Nonequity Partners?" (Law 360 - subscription required) reports expectations that law firms will starting in the current quarter, "disproportionately shed nonequity partners, and off-partner-track lawyers, to counsel and specialists."
2020.01.24 "ABA Rules For Departing Attys Set Unprecedented Limits" (by Amy Richardson and Hilary Gerzhoy January 24, 2020, 4:53 PM EST
Law360 (January 24, 2020, 4:53 PM EST). This article begins with these two paragraphs:
2020.01 "Why Law Firms Collapse" (by Yale Law Prof Morley, The Business Lawyer, Winter 2019-2020) singles out one main reason why law firms cannot seem to escape a death spiral once they begin to fail, namely (quoting from his article):
2019.12.09 [Age Discrimination] "When is a Partner Not an Employee? According to the Eighth Circuit, Equity Partners in Law Firms Not Employees Under the ADEA" - by Gordon Rees Law.
2019.11.13 "Law Department Leaders Bracing for Recession" (Bloomberg Law) reports that 76% of chief legal officers expect a recession within two years, and that they are preparing "by cutting back on internal hiring and what they spend on outside counsel." A reduced spend for BigLaw will be a domino that inevitably leads to downsizings aimed at service partners. That leads to the next blog . . .
2019.10.03 [Blog] "Memo to Exiting Lawyers: You’re Not Part of the Firm’s Strategy" Look in the mirror for the best insight from this Bloomberg BigLaw Blog because individual partners (and other senior lawyers) should heed its warnings, and develop a personal strategy the moment they fall out of step with their firm's billable hour or rainmaking expectations. As noted in this blog:
2019.08.09 "Being a Law Firm Partner Was Once a Job for Life. That Culture Is All but Dead" (Wall Street Journal). This article gives a realistic assessment of BigLaw 2020, noting for instance:
Unfortunately, "divide, isolate, and conquer" is a time-tested law firm (and employer) technique for shedding attorneys in a cost-effective manner. Those who face the storm alone should heed the old adage: if you take your boat out into a squall, you may survive but the odds are you will perish. In the employment world, the message is more suitably "you may get what you are entitled to receive, but odds are you will not." It is better to seek help at an early time, in order to plot a smart assertive course that leads to the best possible terms for any exit and associated transition.
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