These are not outliers. They’re not anomalies. It is something that’s happening quietly in many, many firms in the industry.
– Zeughauser Group consultant Kent Zimmermann, commenting on the stealth layoffs that have been going on at Biglaw firms around the country. In fact, according to his sources — all managing partners — at least three major firms will soon be conducting another round of layoffs.
So yeah, Dewey is history. Everyone and his mother has written about what the bankruptcy of the “storied” law firm means. According to Kent Zimmermann, a legal consultant at the Zeughauser Group, Dewey could represent one of the first dominos. “Dewey’s failure is rocking the industry in the sense that most firms are saying to themselves, if Dewey could go down, could we?”
And for most firms, the answer is yes. After all, Dewey cited the economic downturn and massive partner compensation arrangements as the root causes for the firm’s collapse. Those causes are common to many large firms. Surely we have all seen the images of those sweet pads in Lawyerly Lairs. Reading those tea leaves, it is clear that Armageddon is a comin’ (or a stayin’, if you consider the other Biglaw firms that have folded).
Dewey’s fate is sad. Well, at least for Dewey and for other large firms. It might be good news for others, however. And, no I do not mean the other Biglaw firms who got to score them some Dewey rainmakers….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
Non-attorneys would think the stress comes from preparing for a big trial, deposing a hostile witness, or crafting the perfect contract for a picky client.
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