The bad news keeps pouring in for lawyers with these latest headlines:
- Equitized: A look at BigLaw’s Second-class Citizens (Law360)
- Law Firms discourage lateral departures with bonus clawbacks and other financial penalties (ABA Journal)
- An Expensive Law Degree, and No Place to Use it (NY Times).
From the Times article:
Mr. Acosta is just one of tens of thousands of recent law school graduates caught up in a broad transformation of the legal profession. While demand for other white-collar jobs has grown substantially since the start of the recession, law firms and corporations are finding they can make do with far fewer in-house lawyers than before, squeezing those just starting their careers.
Here in Jackson, 2016 seems to be a shake out year. Firm breakups and downsizing are going on that points to fewer lawyers and staff at the big firms. That’s going to lead to increased competition for lawyers who do personal injury, family law and other practice areas that lawyers outside big firms focus on.
These pressures will in turn lead to more anxiety and depression for lawyers who are worried about their future.