The National Law Journal wonders if last week, during which 1,100 lawyers lost their jobs, is just a sample of what’s ahead:
Even in the darkest days of the dot-com bust earlier this decade or in the recession of the early 1990s, there was never a day like Thursday in the world of law firms.
In the space of a few hours, some 300 lawyers — the equivalent of a midsize firm — were handed pink slips around the country. And by the close of business on Friday the 13th, more than 1,100 lawyers and staff had either been fired or asked to consider buyouts…
Unfortunately, more surprises may be on the way. The layoffs last week are “going to accelerate the decision by other law firms to lay people off,” says Jerry Kowalski, a New York-based legal consultant.