Tariff Fallout on Jobs - How Bad Could It Get for Law Firm Associates?
Futures are down heading into Friday, after the Dow carnage Thursday. M&A is in decline. Business is in a panic. So, it's predictable that professional anonymous networks such as Fishbowl Big Law would start asking if we'll soon experience another 2008, in terms of loss of jobs. Recall, that was the first year of the brutal global downturn. In one day Latham cut loose more than 400. In other firms start dates were delayed. Worse, job offers were rescinded. Paul Weiss was among the few law firms which didn't lay off. Well, that Fishbowl post asks: "When is it okay to say this feels like 2008?" The majority of replies say that question is probably from someone who wasn't there in 2008. Back then I was coaching the newly jobless former associates. Most had nowhere to go, that is, in the legal sector and had to take non-legal survival jobs to pay off student loan debt. The average monthly nut at that time was $700. However, there's this quip: "Nah ...