What does the coronavirus and a possible recession mean for firm hiring? Forum

[Neptr]

All this news of coronavirus and the stock market dropping has me, as a 2L, fairly concerned about the effect they will have on hiring for the next couple years.

I’ve heard the ‘08 horror stories of summer associate classes getting no-offered en masse which doesn’t help.

I’m curious if firms have started talking or thinking about cutting down summer classes and hiring.

[antelope]

I've been reading about the "impending recession" since May of last year in the news. The situation back in 2008 was way worse than what it currently is. If a recession happens, it wouldn't be as bad as the one in 2008

[Skool]

No one knows what will happen. Firms have already cut down on the number hired for the summer 2020 in anticipation of the next recession/current business slow down (even before this weeks Dow beat down, if you search this board, you’ll see hints of associates sitting around with nothing to do at big firms). I don’t think anyone can say what effect corona will have on big law.

[Ultramar vistas]

No one knows what will happen. Firms have already cut down on the number hired for the summer 2020 in anticipation of the next recession/current business slow down (even before this weeks Dow beat down, if you search this board, you’ll see hints of associates sitting around with nothing to do at big firms). I don’t think anyone can say what effect corona will have on big law.

I kind of think this is nonsense? Revenue across the board was up again in 2019, and I see no evidence of a downturn in the legal market yet. There are always practice groups, industries and markets that are underutilized at any one time, but I think that to say there are more biglaw attorneys currently having slow periods than any other time is just unsubstantiated b.s.

As to whether firms are slowing hiring - for the past 3 years I’ve heard this from folks and it never seems particularly true. Every firm understands that they cannot predict the recession and although I’m sure plenty of firms would like to get control of their summer class and defer more to 3L hiring, they also all know that the 3L pickings are pretty slim, so the cycle just keeps going.

[LaLiLuLeLo]

Restructuring will be booming. You’re already seeing the squeeze on smaller or mid sized companies that aren’t very liquid and rely on manufacturing or supplies from China. The production disruption is killing them.