Is Your Paycheck Making You Nervous?
IP Law 360 examined why we are seeing more layoffs in law firms recently, in an article titled “Lawyers Fear Layoffs” and published on Friday, May 30th (subscription required). When I was interviewed, I suggested that lawyers should be aware of the link between high associate salaries and the probability that more law firms will announce layoffs in the wake of a market compensation increase. I personally feel that the last so-called salary wars in early 2007 were so aggressive that a scaling back in personnel isn’t surprising, although it is certainly unfortunate.
Others in the article said that recent layoffs can be linked only to the lack of demand for legal services in particular practice areas. There is no denying the impact of the credit crisis on the market at large and law firms specifically. Do you think that associates’ increased salaries play any part in the current belt-tightening environment?
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- Making a Lateral Cross-Country Move to San Francisco
- An Alternative to Lay-offs: Simpson Thacher’s New Public Service Fellowship Program
- Seven Years Without Making Partner: What Now?
