The days of firms having someone to get junior associates their dry-cleaning is over. Firms are greedy and they’re super sensitive to maximizing profits.
— A finance industry insider, in comments given to the New York Post on the likelihood that Biglaw firms that service Wall Street banks will experience financial trouble given the dealmaking slowdown in the market. These remarks were given following a high-profile luncheon where executives from some of the biggest banks were present, with much “chatter” having to do with future layoffs. “The conversation was all about when people think hiring freezes will happen and when the layoffs are coming,” said one source. “It’s the worst-kept secret that layoffs will happen,” said another. “There is an entire generation that has never been through an economic downturn. It’s going to be new and painful for a lot of people.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
