Nothing Is As It Seems: Associates Have to Figure Out for Themselves Developments Like the Reed, Orrick, Dechert Layoffs and More

There is the ongoing pile-up of layoffs of associates. Now the media centers are focusing on Reed Smith. As Bloomberg Law documents, the law firm is cutting 30 associates, along with 20 professional staff. 

Earlier there had been the Reduction-in-Force announcements by Orrick (40 associates) and Dechert (55 associates). If the market for lawyers with similar skills seems like it is getting glutted (Deja Vu 2008 - 2009) maybe it is. Also, what about those delayed start dates. Deferred could mutate into rescinded. 

Sure, some practices such as restructuring might be hiring. 

A sign that things might be picking up for M&A is that Paul Weiss hired the expert in that from Morgan Stanley - Rob Kindler. So, some law-firm practices could be beefing up manpower in dealmaking. On the other hand, lots of deals have been falling through.

 Another promising area for hires are the specialized AI practices established by law firms ranging from Paul Weiss to Gibson Dunn. Among the legalities already baked into AI are everything from copyright in a commercial context to errors which trigger alleged defamation (see "Mark Walters v Open AI").

Otherwise, as postings and comments on professional anonymous networks hammer, the lateral market in myriad practices is dead for junior lawyers. Midlevels still can move around if they experience their current situation as impossible to endure. 

Clearly law-firm management has the upper hand. However, there are possibilities in government and in-house, for those willing to take a haircut. That’s the rub.

In my coaching lawyers, I recommend to always keep bringing up-to-date the resume and continue to invest the time and energy in networking.

The current ethos across professional services, not only law, mirrors the meme in the comedies of William Shakespeare. That is: Nothing is as it seems. I warn professionals not to believe what "is told to them by management" about the market in general or about their own job security. Instead they are responsible to ensure that they can continue to make a good living.

Takeaway: Don’t get comfortable.

Where are you in how you make your living? Or in your job search? Intuitive career coaching offers you a new way to go about it. That menu of services includes Tarot Readings. Take advantage of a complimentary consultation. Schedule an appointment with Jane Genova (janegenova374@gmail.com or text 203-468-8579).

Genova and Associates also provides Human Resources communications, ranging from white papers to thought-leadership articles. You will differentiate yourself from the competition. Let’s talk (janegenova374@gmail.com or text 203-468-8579).

 


Comments

Post a Comment

Popular posts from this blog

America Not Hiring in 2026: Back to Golden Age of Solopreneurs?

 For hiring, 2025 was a brutal year to search for a job. The Wall Street Journal reports that 2026 could be worse: "At a gathering of CEOs in Midtown Manhattan this month organized by the Yale School of Management, 66% of leaders surveyed said they planned to either fire workers or maintain the size of their existing teams next year. Only a third indicated they planned to hire." The WSJ adds that pullback from adding manpower could be temporary. But given shareholders' demand for cost-efficiency and the continual improvements in AI, chronic unemployment could become standard. However, there is a solution. An old-fashioned one. That's becoming a solopreneur, that is setting up your own business without partners or employees. The model dates back to ancient times.  The golden age of the solo business owner in America had been from the late 1800s to about the mid 1920s.  There had been a wave of immigrants, discrimination against them and few jobs. They drove pushcarts ...
Read more

Scott Barshay's Leadership at Paul, Weiss Torpedoed, PR Nothing But a Joke, Sympathy for Brad Karp

  Last week was a bad, gone worse and worse, one for law firm Wachtell.   This week starts out as what could upend the new leadership of Scott Barshay (The Decider) at Paul, Weiss.  Today's very long-form article in The New York Times  by Michael Schmidt and Jessica Silver-Greenberg depicts Barshay negatively. Understatement. He is rolled out as one-dimensionally power-driven, abrasive, divisive and downright naive about the power of the media. About the latter, he blew off any concern about the media's response to the law firm's removing from the website the Center to Combat Hate.  An example of the beating delivered Barshay? Here is the NYT coverage of the response by some at Paul, Weiss when Barshay was hired: "But there was unease among some at Paul Weiss. Partners and associates learned from lawyers at Cravath that some people there were not unhappy to see Mr. Barshay go. His ego made him difficult to work with, the Paul Weiss lawyers were told." No ambigu...
Read more

Newly Minted PhDs in Economics Face Unwelcoming Job Market: Of Course, I Left My PhD in Humanities Off the Resume

Monitor postings on Reddit subunits focused on careers and it's no longer news that PhDs, both newly minted and those already in the labor market, generally are finding the credential an obstacle in the search for a job or even contract assignments. No, not an asset.  Let's cut to the chase. The highly educated have to get smart about this, fast. With some exceptions, I advise those I coach to leave the PhD off job-search materials. The negative assumptions among those hiring range from that you expect too much money to you'll be a know-it-all.  When my boutique collapsed post-9/11 and I had to land a survival job I lopped off everything but the BA. At the interview I dumbed-down my vocabulary. Sure Harvard was started in 1636 but America remains anti-intellectual. In addition, the integration of AI into strategy and operations makes knowledge work in general less and less marketable.  That's the narrative of our times: Advanced degrees having low or no ROI. The result,...
Read more