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Tue Jan 8, 2013, 11:12 AM

Law Firm Partners Can Expect Major Layoffs This Year

First junior lawyers and office staff lost their jobs.

Now, as the legal market continues to underperform, law firms are coming for their partners' jobs.

Wells Fargo Private Bank's Legal Specialty Group surveyed roughly 120 firms and found about 15 percent planned to cut the number of partners in the first quarter this year, Reuters reported back in November.

And of the 113 managing partners and firm chairmen who responded to an American Lawyer poll, 55 percent said they planned to get rid of between one and five partners this year, The Wall Street Journal reported Sunday.



Read more: http://www.businessinsider.com/partner-layoffs-at-law-firms-2013-1

Some good news for a change.

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Arrow 7 replies Author Time Post
Reply Law Firm Partners Can Expect Major Layoffs This Year (Original post)
FarCenter Jan 2013 OP
The Velveteen Ocelot Jan 2013 #1
fredamae Jan 2013 #2
FarCenter Jan 2013 #3
fredamae Jan 2013 #4
The Velveteen Ocelot Jan 2013 #6
fredamae Jan 2013 #7
AnotherMcIntosh Jan 2013 #5

Response to FarCenter (Original post)

Tue Jan 8, 2013, 11:13 AM

1. It's not good news when anybody loses their job.

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Response to FarCenter (Original post)

Tue Jan 8, 2013, 11:33 AM

2. Absense of laws these days?

Lawyers, whether you like 'em or not-serve a purpose. If the laws, peoples rights etc are negated, yes--who needs a lawyer to defend rights or prosecute corps etc for violating laws?

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Response to fredamae (Reply #2)

Tue Jan 8, 2013, 11:38 AM

3. Partner's at large to mid-sized law firms are mainly working for corporations and the 1%

Finding tax loopholes, doing contracts, suing over patents, preparing regulatory filings, etc.

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Response to FarCenter (Reply #3)

Tue Jan 8, 2013, 11:44 AM

4. I think where I was going......

More broadly and definitely to include Corps: If regulations/laws/rules and policies are negated then there is no reason to have a legal team regardless of who they represent or am I looking in all the wrong places?

It seems unusual and I'm curious as to what the root cause of this might be......

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Response to fredamae (Reply #4)

Tue Jan 8, 2013, 11:58 AM

6. I think corporations are taking more of their legal work in-house.

That way they can control costs better - the in-house lawyers are salaried and get benefits, which is a cost but a predictable one. If they use external law firms they pay only when they need work done and don't have to pay employee benefits, but the legal services they pay for are considerably marked up by the law firm. So if a corporation needs to cut costs it will often refer less of its work to outside counsel.

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Response to The Velveteen Ocelot (Reply #6)

Tue Jan 8, 2013, 12:18 PM

7. Ok, that makes more sense....Thx :) n/t

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Response to FarCenter (Original post)

Tue Jan 8, 2013, 11:52 AM

5. The practice of law is now structured so that only corporations, the excessively rich, and

 

the truly desperate can afford to have adequate legal services.

The shrinking middle-class cannot afford the services of law firms whose members are required to bill $300 or more per hour. The attorneys who cannot find enough clients to gouge cannot stay with the big or even middle-size law firms.

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