Friday, January 11, 2008

BigLaw Lay Offs

So, you break your back, and your wallet. You graduate from law school, pass the bar exam, get a job at BigLaw, for big hours and big bucks. Sure, you are doing the crap work, getting paid less per hour than your construction worker buddies, but hey, you got a career in law and in another 7...err.....8.....uh...9 or 10 years you might be a non-equity partner.

Then your fantasy bubble bursts.

You are being layed off.............

Yup, Cadwalader is laying off 35 associates, nearly 10% of its lawyers are gone, with three month's severance. Nice deal, great show of support for those new associates you recruited.

According to the article, more layoffs are coming - at least some of BigLaw, including one of my favorite BigLaws did buyouts and took care of their associates. Apparently not all are going to do so.
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