Big Law associates just months ago were hot commodities—they had the luxury of choosing between major firms who offered to let them work and live wherever they like and dangled hefty signing bonuses.
Now some are out of jobs.
The hiring frenzy has swiftly turned to an anxious moment for junior lawyers. News of recent layoffs at highly profitable firms is slowly seeping across the industry. There are warning signs that the pressure to cut headcount will only grow in the New Year.
There’s no consensus on how many firms will make layoffs and how deep the cuts will be, other than that few expect a Great Recession-style bloodletting. The moves so far appear to be limited to correcting over-hiring that occurred during the boom, industry analysts and recruiters said.
“The firms that are seeing the biggest impact are the ones that over-hired last year and now that work has slowed,” said Summer Eberhard, a partner at Major Lindsey & Africa who recruits associates. “They hired so many attorneys that they don’t have the work to give them and so hours are extraordinarily low.”
Cooley LLP recently laid off an unspecified number of lawyers, mirroring the cost-cutting moves taken by Big Tech clients the law firm is known for representing.
Kirkland & Ellis, one of the best-performing firms and biggest hirers during the boom time, has also cut midlevel associates in recent...
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