The legal services industry continued to slash payrolls in January with a loss of 1,300 jobs, according to the US Department of Labor.
The job losses in the legal sector were .003% of the 598,000 jobs shed throughout the US last month, as the national unemployment rate rose to 7.6%.
Since the current recession began in December 2007, the economy has lost 3.6 million jobs, about half of them in the last three months. The legal sector shed 14,500 during that period.
Recruiters on both the East and West coasts report that associate hiring at law firms has largely stopped, and firms are now mostly targeting partners with portable books of business.
The last time so few people were employed in legal services was in 2004.
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Posted by Erik Even
on February 6, 2009. Filed under Home,Law Firm News,Layoffs.
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Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
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