This morning, as the Senate conducts another bailout hearing amidst reports that the credit crisis is just getting worse, we learn that White & Case, in the wake of its decision to lay off 70 attorneys, is slashing its budget for this year's holiday party to $250,000 (down from the $750,000 bash at the U.N. last year).
More significantly, it stands to reason that these latest moves at White & Case are just the tip of the iceberg. As it is no longer inconceivable that even law firm Queen Elizabeths can go the same way as the Wall Street cadavers of Bear Stearns, Merrill Lynch and Lehman Brothers, the remaining attorneys at this law firm monolith will be increasingly tempted to seek safer haven on more stable ships and management will be more aggressively weighing the pros and cons of linking up with other New York giants like Milbank or Shearman and even foreign powerhouses like Linklaters or Lovells. One thing is for certain -- the landscape of Big NY Law is changing before our eyes.
On a brighter note, the same old conservatism of law firms that deemed layoffs entirely anathema only a decade ago and more generally stood in the way of operating their businesses not only more efficiently but also more humanely seems finally to be giving way to the economic and lifestyle necessities of the day. Progressive and healthy ideas like attorney flex-time arrangements, diversity hirings and promotions, alternative billing arrangements and even increased lawyer accountabilty seem to be taking root at Big Law. Reports abound at major firms about not only new mothers but new fathers servicing their clients from home with overt if not begrudging approval of firm management; more firms count significant numbers of blacks and women among their partnership ranks; billable hour formulas are being replaced with fixed fee arrangements that reward attorneys for productivity and efficiency instead of hours logged; and in the aftermaths of the Refco indictment of Mayer Brown partner Joseph Collins and the disgraced entirety of Milberg Weiss, any attorney that had his or her hands too deep into this monstrosity of a credit fraud is scouting out dark corners and those that were wise or lucky enough to be far removed will surely think thrice before affiliating with any venture that smells bad. After all, it is common knowledge that while finance lawyers today are catching up on their reading, prosecutors and criminal defense lawyers have never been busier.
Next report: New York firms on the rise.
Thankfully at least one recruiting company has a brain -- appreciate your putting the state of the ny market in a nutshell and keeping us big law associates updated, hanover. by the way, r u hiring? sounds like you guys have more fun than we fungible lit midlevels!
We're delighted that you are enjoying the entries, Gustonson, and yes, we are always happy to speak with biglaw associates interested in legal market consulting. Just send us an email at info@hanoverlegal.com and perhaps we'll set up a meeting!