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No Lawyer Is Safe


The law crisis is now engulfing even the top firms. New York-based Weil, Gotshal & Manges, which has GE as a client and managed the Lehman Brothers bankruptcy, has fired 60 associates and 110 non-lawyers. It has also reduced the pay for 30 partners. In a firm wide email, management cited the mass firings as a response to the “new normal” of the legal market, in which there is much less demand for “high-end legal services.” The New York Times reports:

“We believe that this not just a cycle but that the supply-demand balance is out of whack across the industry,” [Barry M. Wolf, Weil’s executive partner] said. “If we thought this was a cycle and our business was going to pick up meaningfully next year, we would not be doing this.”

The challenges facing the law business are not temporary results of the recession. They are the result of, among other things, technological developments like WireLawyer that allow the automation or outsourcing of routine legal tasks. Aspiring lawyers, take note.

[Blind Justice Image courtesy of Shutterstock]

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