Recession

Edwards Angell & Wildman Harrold: A match made in heaven?

What results from the coupling of an angel and a wild man? One might think: angel + wild man = air traffic nightmare.

In the law firm context, however, the result is quite different. Edwards Angell is merging with Wildman Harrold, to form Edwards Wildman Palmer. The merger will take effect on October 1 and “will bring together 650 lawyers across two legacy firms renowned for their deep experience, shared dedication to client service, and highly collaborative cultures,” according to the new firm’s website.

What else do we know about Edwards Wildman Palmer? And what might be motivating this merger?

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Too bad it's not as simple as making a sign.

Yesterday the stock market experienced its biggest drop since 2008. In the wake of the Standard & Poor’s downgrade of U.S. debt on Friday night, the Dow Jones industrial average fell by 5.6 percent and the S&P 500 fell by 6.7 percent. Global markets suffered similarly.

The market decline on Monday was only the latest in a series of slides. As noted yesterday by the New York Times, “[t]he S.& P. 500 is now down 18 percent from its April 29 peak and is nearing official bear market territory, defined as a fall of 20 percent.”

(All in all, it’s pretty depressing stuff. As I tweeted yesterday, “@DavidLat isn’t looking at his #stockmarket holdings today; instead, he’s buying more #Powerball tickets – huge jackpot!”)

What’s frightening about the latest economic turmoil is that it comes on the heels of a brutal recession that the U.S. economy has not yet fully recovered from. In the wake of the aptly named Great Recession, unemployment still exceeds 9 percent, housing markets remain weak, and government policymakers have exhausted many of the tools at their disposal for attempting to revive the economy. Interest rates are basically as low as they can go at this point; fiscal stimulus is a political no-go. What is to be done?

The steep stock market declines raise a question: Are we entering another recession — i.e., the second dip of a double-dip recession? If so, what does that mean for law firms and lawyers? (We’ve already noted the implications for the IPO market — and the lawyers who work in it.)

Let’s discuss, and take a READER POLL….

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We’ve already titillated you with an interview of one of the Apprentice contestants, former Clifford Chance associate James Weir. Now we’ll get our first look at the rest of the contestants on tonight’s premiere of The Apprentice, which this season is built around a recession theme (and stocked with a number of layoff victims, including laid-off lawyers).

Click on the liveblog below to experience the glory and majesty of Donald Trump, Donald Trump’s hair, and the recession-aided desperation of strangers.

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Mayer Brown associates got a disturbing email this morning:

After careful consideration, the firm has decided to implement a job reduction in our US offices that will affect 28 associates and counsel and 47 staff members.

This can’t be good news for the firm’s incoming mutineers who are still waiting to hear back about their start dates. Though the memo, available in full after the jump, suggests that despite laying off these 75 people, things look bright there:

Despite this necessary action, we see encouraging signs for 2010. Thus far, the year is off to a positive start. Taking this step will enable us to maintain our financial strength and continue investing in our practices, our global platform and the professional development of our people – and thereby enhance our ability to provide clients with the high standard of legal work and service that defines Mayer Brown.

We hope the 75 people losing their jobs today were left off the distribution list, because that smarts…

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