Most major law firms have paid out, or are about to pay out, their 2006 associate bonuses. And we all know what that means: a massive exodus from Biglaw of frustrated midlevel associates (with new flat-screen TVs).
From an unexpected source for law firm news, the New York Post, comes this excellent article:
The city’s largest, most prestigious law firms are suffering from serious brain drain.
Young, Gen-X lawyers in their third to fifth year in the business are walking away from their $200,000-a-year positions in record numbers — at times without another job in view.
The reason? They are unhappy with their Blackberry lifestyle — being tethered to the job 24/7 and having to rush back to the office at a moment’s notice when e-mail orders pop up on the ubiquitous PDA.
Here are some of the consequences:
The big-firm brain drain is also giving partners a major case of agita — forcing them to do the yeoman grunt work usually assigned to associates. In addition, the firms are being forced to scramble to fill the mid-level talent void. Some are even doing the previously unheard of — hiring from second-tier law schools.
Oh no — ring the alarm! As the Book of Revelation teaches, when Fortune 500 document dumps are being reviewed by Cardozo rather than Columbia grads, the end is near.
Lawyers, Fun & Money: Brain Drain Hits Major Law Firms [New York Post]
P.S. If you’re an outgoing Biglaw associate wondering what to do next, check out this exciting job opportunity.
P.P.S. We’ll close our associate bonus poll shortly. If you haven’t already voted and would like to do so, click here.