The Legal Profession Feels the Pain of the Recession

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Published in the New York Times March 26, 2009, by Michael J. de la Merced

The wave of layoffs has crashed upon the legal industry.

With the drastic slowdown in the financial sector, increasing numbers of law firms have announced layoffs, lopping hundreds of associates and other nonpartner positions this year.

Just like investment banks, corporate law firms expanded their employee rolls during the boom, adding lawyers to practices that are now struggling. And these firms are now having to shrink their rosters in the face of diminishing profits.

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