Cadwalader axed 96 lawyers today. Above the Law has two posts (1, 2) detailing the layoffs. Obviously, if you're planning an interview with Cadwalader, rethink that. There was much discussion about how a firm could just lay off so many attorneys like this.
Is it smart to do? Maybe, depending on how dire the situation is. It will kill recruiting and really hurt their reputation. On the other hand, it clears out some dead weight.
As a business, do they have a responsibility to avoid this sort of layoff? Here is what I wrote on ATL:
As someone heading into OCI, I really hope this isn't me in a few years, but why do people expect a firm to take a financial hit by holding onto attorneys it doesn't need? Or, why shouldn't a firm expand quickly to meet needs even if it is just a bubble?
This is pretty similar to the auto industry and the Big 3. They expanded and were happy to pay line workers $30/hr when work was great, but now they're hurting and need to shed some weight. Of course, the difference is one group is unionized.
There are a lot of opinions out there and I'd like to hear yours. Best of luck to those affected by this news.
0 comments:
Post a Comment