Question for Senior Lawyers

Look at the bigger picture…so you read about 2011 when the economy was in the worst recession since the great depression... During those years summer classes were getting no-offered and some firms did things like pay associates half salaries to go on hiatus.

But the question during that time wasn’t about trying to lateral to some plum in-house gig or smaller market firm, it was just holding onto the job you had. So that was particularly hard for everyone even those with “pedigree“ because you can’t escape economics, i.e. it’s not that pedigree did nothing, it’s that there’s just no money to hire another lawyer for deals/business that aren’t happening, which is exacerbated in smaller markets where less capital flows. Litigation attorneys generally fare better in recessions, but you might have to pivot into bankruptcy work etc.

You should plan for the next recession which will hit us all soon. Deal financing will dry up once the interest rate increases propagate through the economy. You’re burnt out now but during a recession, if you’re still at a firm, you’ll be scrounging for hours and worried about stealth layoffs (hopefully you are at a firm where this did not occur widespread during 2008-2012). There isn’t really a right answer to this…just hope you have the brownie points to not be on the chopping block when the time comes.

/r/biglaw Thread