Statistics based on the National Law Journal ranking of the top 250 practices show a relative decline in numbers of associates when compared to partner numbers. The research was triggered after the analysts noticed a 50 per cent decline in summer associate hiring in the decade to 2012 among 600 firms. The researchers conclude: ‘Associates were most integral to the large law firm model over 25 years ago. Although large law firms went on a hirng spree at various points during the 1990s and 2000s, the firms themselves were simultaneously adding a new layer of human capital that was neither associate or partner/owner. And in the process, associates were gradually being marginalized.’
Short-term profits
Analyst William Henderson concludes that large law firms appear to be chasing short-term profits at the expense of longer-term sustainability. 'Large firms are not going extinct. But as a matter of demographics, they are greying. If BigLaw were trading on the Nasdaq, the analysts would be very critical of this trend.’ Source: Today’s General Counsel
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