As the economy crashes further into recession, law firms are doing some major renovations. Many partners who have lost their jobs will be scrambling to look for a permanent position.
“This is the month to watch,” legal consultant Colin Beebe says. “In January and February, you’re going to see a lot of partners calling and asking, ‘How do I get take?’”
Consultants say there are many different scenarios taking place. Some partners have practices which are getting pushed out of firms that are looking to streamline operations. Others are looking to find a more financially sound outlet for their business. Still, some partners are getting recruited by firms that view the difficult economic times as a way to acquire talent that they otherwise wouldn’t be able to.
“I’ve been encouraging firms to hug their laterals close to them,” says Dan DiPietro, who is the client head at the Law Firm Group at Citi Private Bank. “Last year and this year will be a real test for the cohesiveness of firms.”