http://www.bloomberg.com/news/2013-06-2 ... r-pay.html
Another bloodbath is coming soon to Biglaw, probably by this fall. Expect to see a ton of summers get no-offered and end up back at the drawing board. The oversupply, as the linked article points out, is just not going away:
“It’s been going on at a number of firms all year, but Weil is a significant story because it’s a New York firm and highly successful,” Zeughauser said. “It’s an indication of how pervasive the overcapacity in the industry is.”
Zeughauser says the Weil firings are part of the right sizing that has been going on for some time, as far back as 2009 when Latham & Watkins LLP fired 190 lawyers and 250 staff.
“It’s not just that less is coming in,” Zeughauser said, “It’s a sign of the rising role of LPO’s and contract attorneys that are filling a need that clients have been long demanding, which is they don’t want to pay these kind of prices for first to third year associates.”
I suppose the real question is why anyone on this board went to law school in the first place, in the face of such overwhelming advice to the contrary? For the past 5 years, the news re: law as a "career" has been universally terrible. You guys are a bit like a 12 year old lighting up a Marlboro Red on the way out of your grandpas hospital room where he's taking chemo for Stage IV lung cancer. It's been no secret that law is the single worst grad school/ "career" choice by a very wide margin, a degree almost universally worthless and basically a complete joke.
User has been warned.