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Darkness fell fast for lawyers in the first two quarters of 2020.
According to Bloomberg Law, lawyer jobs dropped off the cliff in the last 6 months. Put a number on that and Bloomberg Law says it's 15%.
But it's possible we will never really know, will we. Those lost jobs could be positioned and packaged as voluntary early retirements and performance-related terminations. Every law firm wants/needs to protect its brandname. Layoffs can inflict reputational damage.
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Takeaway: Even for associates with jobs it is smart hedging to play around with how to leverage experience and skills to another line of work.
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Bankruptcy & Restructuring - Maybe Perry Mason Was in Wrong Practice Area
The original episodes and reruns of "Perry Mason" continue to entertain - and inspire. The dogged defense lawyer never gave up on pursuing justice for the innocent.
So?
All that nobility of action seems almost naive in 2020.
Had Mason retooled and developed expertise and eventually a brandname in bankruptcy and restructuring he could have earned real money. And during the current global economic downturn money is everything.
Abovethelaw reminds us what the partners and associates in law firms whose signatures are in those fields are pulling down per hour:
Kirkland & Ellis - Partners $1,845, Associates $1,165
Weil Gotshal - Partners $1,695, Associates $1,050.
No wonder the ambitious are willing to embrace the average of $145,550 student loan debt (including undergraduate) to have a shot at that kind of compensation for their labor. They may never achieve that. But the blind faith that they can must be the ultimate high.
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Lawyers, What the Planets Have in Store for You This Week (if you believe in all that)
The planets will be busy this week of August 3rd. If you lawyers believe that has influence on human affairs, then read on.
New York Magazine's Madame Clairevoyant describes all that activity.
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For example, on Monday you will feel a need to push back. If that's not a good fit for the box you play in on planet earth then you will have to be figure out when to hold and when to fold.
On Tuesday, you will experience unique confidence about your communications. So, it might be the day to dig in or revise the brief and develop a fresh persona on social media.
As for the latter, just look at how much attention lawyers with strong social network identities are getting on LinkedIn Updates.
I have a hunch that helped Colin Levy land a new job. He had been laid off from his general counsel position at Salary.com. In addition to becoming employed again, he had developed into an influencer since getting the boot and becoming quite active on social.
For the rest of the week, until Friday, your mood will be fairly stable. Then come Friday, what will arise within you is your protective spirit. Whether it is your significant other or the world you will yearn to reach out to make things better. That could be the time to volunteer for pro-bono work. Lots of folks could be getting evicted from their rentals or their home foreclosed on.
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Jittery progressives are monitoring the continuing health challenges U.S. Supreme Court Justice Ruth Ginsburg is addressing.
Bloomberg Law reports that, yes, last Friday she was released from the hospital. The latest medical situation involved a bile duct.
Justice Ginsburg says she has no intention of retiring. We believe her. But we also know the wisdom of the old adage: People plan, the gods laugh. Her medical problems have been occurring closer and closer together. Will the human body triumph over extreme will power?
The fear is that there will be no election in November or that the incumbent could win. That means that conservatives will control filling the seat vacated by Justice Ginsburg.
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