The Economist has a piece on the fate of a good number of law firms in the western world. The outlook seems to contrast with the resurgence of Indian law firms which seem to have seen a fine upswing by late 2009, though on far less lucrative deals.
WHAT do you say to a recent law-school graduate? “A skinny double-shot latte to go, please.” From New York to Los Angeles, Edinburgh to Sydney, the downturn of the past two years has hit the legal profession with unprecedented severity. As even some leading law firms struggle for survival, recruitment has dried up. The lucky few who get jobs are often being told to find something else to do for now, and report for duty on some far-off date.
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