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We are in a recession right now. I think the question of how it impacts your job depends on your firm and their internal economics. Some firms that are over extended will probably throw some overboard, but firms that stay relatively lean probably won’t do layoffs because they don’t build out their bench for the next two months, they build for the next few years and the market will rebound over that time period (as is the nature of our cyclical economy)
Those who know the answer aren’t on here
Hard not to be worried when I can’t find work in my firm, but trying to breathe and relax as best i can. Was laid off in 2020 and so am extra anxious when my hours aren’t good (though i was laid off despite averaging 2,000 billables…) and I just hope my current firm is better about weathering the economic storm.
Nothing we can do either way, so am just trying my best to do perfect work when i can find it and otherwise get my chores done and try to enjoy my time away
Firm that laid me off in 2020 was Nixon Peabody. Feels like ages ago though only 2 years
We are in a recession.
I think it depends on how your firm hired the past couple years. E.g., I'm a mid in cap markets/banking but we're not very busy so I'm helping out with debt doc work streams in our firm bankruptcy matters and trying to keep busy + provide value.
I am starting my third year in January and there are only 3 associates senior to me in a pretty robust corporate group, 10 juniors below me 3 others in my class
F
And it's pointless and annoying, and people should just use the subscribe to post option.
Currently working in middle market cap markets - very worried but then again I have been for 2 years now so who knows
The woman I’m dating works at a regional firm, and they laid off several associates today citing the economy. Her sister works at a larger firm and they stated they are pausing hiring.
So I would be prepared, but don’t worry because you cannot control the business cycle.
Kirkland and Ellis made some layoffs already
The first round of bloodletting came at the first sign of a downturn. When things are bad firms usually end up making successive waves of cuts.
It would be great to not have a salary cut then come out into an economic boom as a 5th year! Here’s to hoping
F
Depends on your practice area. During the housing market crash in 2008, a lot of deal lawyers got the boot. Litigation wasn’t hit as hard. Talk to the partners about it. It is a very reasonable question that they are thinking about too. Ask about what happened during past recessions. I do m&a and corporate transactions and we are definitely seeing a slow down due to higher interest rates, but partners have assured us we will be fine because the firm has a policy of not laying people off every time there is a recession. (Regional mid-sized firm with mid-market salary to match) Obviously this is only sustainable for a certain period of time, but it’ll all work out in the end. I was laid of from a non-traditional law job in 2015 when the oil and gas market tanked and definitely ended up in a better place after a few months of job searching and doc review. As long as you have not been spending all that new lawyer money on luxury vehicles and a fancy apartment and have been socking some away for a rainy day, you will weather the storm.