What Are Biglaw's Leaders Worried About? Money....
Some firms may soon be facing hard times.
I feel like I have been really lucky in that Mintz is on this upward trajectory and the partners are not spoiled, it is not baked in. I think some of my peers at some Am Law 50 firms have … it’s hard when partners are used to making a certain amount of money and then make less. In the real world, it is not particularly material, but it does create a problem. And unfortunately, that is something that concerns them, as it would me. You want a constant upward trajectory, and that is going to be hard this year.
Managing partners are concerned about that. And there are some firms that are going to have a hard time and, hopefully for them, it turns around quickly. There is a level of concern.
— Bob Bodian, managing member at Mintz Levin, in comments given to the American Lawyer, on concerns that he’s heard of from his peers. “The one thing I always bear in mind is that we are all really fortunate when you take our problems in context and look at the world around us,” Bodian continued. “It is important to bear that in mind when confronting our own, less earth-shattering, problems.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
