A. Challenges of the New Economy In 2009, more people were laid off by more firms than had been reported for all previous years combined. 1 Letting attorneys go in significant numbers is not something large law firms have had a great deal of experience with until recently. Standard practice in most large law firms had been to retain attorneys until a partnership decision was made. These firms did so in part because they feared the reputational stigma attached to firing one of their own; as one blog explains, the “vast majority” of prospective lawyers “turned up their noses at firms…[that] laid people off.” 2 How quickly times have changed. Despite the novelty of big firms having to let their attorneys go, it still comes as a surprise how poorly some large law firms have handled the process of layoffs over the past year. To be fair, firms made these decisions under great stress and uncertainty, when the risk of total firm collapse existed and in fact happened to some, which certainly influenced the choices they made. Many firms insist that they have only let attorneys go for performance rather than economic reasons, even when it strains credulity…. Read full this story
- Harvard math professor is placed on leave for giving Jeffrey Epstein his own office on campus and allowing the school's website to be used to burnish the pedophile's reputation after his 2008 conviction, review finds
- Appeals court: Shell game over, Prenda Law must pay sanctions in full
- Amazon 'purchases cameras to take temperatures of its workers during the coronavirus pandemic from a Chinese firm blacklisted by the US'
- Business Brexit: 40 Percent of US Firms Consider Ditching the UK
- U.S. mortgage firms push for support as borrowers halt payments
- How big banks including Chase and Citi helped virtually all of their wealthiest clients get millions of dollars in pandemic aid while up to 94 percent of their smaller customers got none
- Aguero says Lionel Messi will only leave Barcelona in event of ‘catastrophe’ with Argentina pal ‘comfortable and happy’
- May faces new row over Brexit transition as Barnier stands firm
- Blackwater considered itself above the law, US state department was warned
- Secrets behind the Gogglebox families - including what they do for a living
How Law Firms Can Leverage Their Relationships With Alumni (Including Those Not Leaving of Their Own Accord) and Why It Matters have 364 words, post on www.natlawreview.com at June 12, 2010. This is cached page on Law Breaking News. If you want remove this page, please contact us.