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: Legal Blog Watch

A Dismal Legal Economy in 2009, With One Small Exception

By Bruce Carton

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The legal economy ended 2009 in shambles, as no fewer than 12,196 people were laid off from major law firms during the year. Law Shucks reports here that, out of that frighteningly high number, 4,633 were lawyers and 7,563 were staff. The site also points out that as layoffs are notoriously underreported, the actual number of layoffs in 2009 was likely much higher. Unfortunately the situation is not likely to improve anytime soon. Law Shucks adds that "we expect a particularly aggressive round of performance-related (a/k/a 'stealth') layoffs in the coming months as annual-review season heats up." Despite this continued sorry state of affairs in the world of BigLaw, one tiny group of fledgling lawyers continues to be in white-hot demand: former U.S. Supreme Court clerks. According to this Daily Journal article (via How Appealing), former clerks are not only still being hired by major law firms, but are commanding signing bonuses of up to $250,000 (on top of starting salaries of as much as $160,000 in big firms). According to Todd C. Peppers, a "Supreme Court clerkship expert" and a professor at Roanoke College in Virginia, "a lucrative position at a major law firm is a 'siren song that's...

Full post as published by Legal Blog Watch on January 05, 2010 (boomark / email).