Posted by Elizabeth Zelinka
There has been great speculation all year about how the broader recession would ultimately affect Big Law. Some predicted a fairly moderate bump in the road, remedied by some quick associate layoffs, while others imagined a dramatic change in the way that Big Law operates, ranging from revised fee structures to new compensation programs to restructured partnerships.
Posted by Elizabeth Zelinka
Most lawyers who are not currently employed in Big Law are not necessarily aware of the uncertainty facing many law firms. Lawyers working inside of companies, government agencies or non-profits are asking, “Can I get hired today in Big Law?” The better question is “Should I seek a position today in Big Law?”
My best
I just posted an article that summarizes the survey results conducted by Altman Weil—in short, I would say that Big Business and Big Law do not see eye-to-eye on how the future of their relationship will unfold.
While the article speaks for itself, there is another point that is worth highlighting—the fact that many in-house legal departments see themselves further shrinking in size this year and also handing out less work to outside
Lots of lawyers are on the move these days for all sorts of reasons. Some are fed up with Big Law and want a career that is more suited to who they are. Others are fed up with their current firm and want to make a lateral move that will enhance their practice. Still others are being told that the changing economy means that senior-level, non-equity players will no longer have a home in their current firm.
Posted by Elizabeth Zelinka
We see it all over the news—the recession has hit; Big Law is reeling; the law firm model cannot continue unchanged; law firms are wrestling behind the scenes with an enduring level of over-capacity. And speculation among legal industry leaders about how and when this will all improve runs rampant. Of course, there are many hopeful predictions.
But if you speak with corporate leaders (as I have), a not-so-hopeful prediction emerges.
Law firms have begun the clear process of deconstructing the long-lived “lockstep compensation” structures that associates have always enjoyed. This move probably makes very good business sense, and it will add an important measure of flexibility as Big Law continues to right-size its talent base in response to the declining demand for legal work.
What does this mean for Big Law associates? Oddly, it probably means
What would force a bright, accomplished, motivated individual to stay in a situation that is creating abundant misery and dissatisfaction? Perhaps there are hundreds of specific answers to that question, but underneath them all is probably one major issue—fear.
Most people do not embrace positive change because they are afraid to do it. And perhaps the most powerful question any of us can ask is what
Posted by Elizabeth Zelinka
Many professionals today are in the midst of examining their next career move—some out of necessity and some as a solid risk-management measure. Either way, there is an important aspect to taking a solid and profitable next step, whether that next step involves a lateral move, a new industry, starting a new business or purchasing a going concern.
Above all, focus on your strengths.
The Docket
