When we go back to the financial crisis of ‘08 and ‘09, we saw firms decimate associate classes, and when the market picked up, they found they hollowed out their associate ranks. It really financially punished a lot of firms. They didn’t have the associate depth to handle the uptick in work.
— Michael Ellenhorn, founder and CEO of investigative intelligence firm Decipher, in comments given to the American Lawyer, on why Biglaw firms may be hesitant to conduct more layoffs, despite the current economic climate. In fact, Ellenhorn says lateral activity right now is “swing[ing] toward the normal” as Biglaw firms strive to “maintain consistency” within their ranks.
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.