On Subreddit Big Law new JD who received a job offer from Sidley Austin is concerned if it will be rescinded. That lawyer has heard the talk about layoffs. That is there is the buzz about a softening in hiring and the termination of associates not pulling their weight. Here is the thread.
Well, most of the 40 reponders hammer that structurally the economy of 2022 is not that of 2008. Also, even if there is a downward trajectory in the economy there is the lag factor. In 2007 the credit market took a hit but the layoffs didn’t happen until a year later.
As for Sidley, the outlook from the responders is that, like most large transactional firms, it is in good shape. Currently there is plenty of work to go around. Some might recall that at Paul Weiss when current chairperson Brad Karp took that role in 2008 he went about transforming the one-dimensional litigation firm into a powerhouse for transactional work. Now it is balanced in both. Like Sidley, Paul Weiss is probably sitting pretty.
The responsders also observes that layoffs throw shade on the law firm brand. Therefore, they are to be avoided. If there is a falloff in demand, law firms might adopt other measures. For example, they could adopt the Steptoe and Johnson model of reducing salary for those associates not making the numbers. The shame of that could trigger voluntary exits.
Discover how amazing results can happen in your marketing communications, including books. Complimentary consultation with [email protected]. Text 203-468-8579.