More and more biglaw firms are cutting salaries in response to COVID-19. What does this mean for your job search?
It's becoming more and more widespread: Biglaw firms are cutting associate salaries in response to the current economic downturn. Some firms have cut salaries by as much as 25%. Many others have been cutting by 10-15%.
This is obviously bad news for current associates at these firms. But what could this mean for those still in law school?
One potential ramification from this change is that firms may be less willing to hire as many students for new classes. Firms may be skeptical of what is coming next, and may be less willing to hire huge summer classes.
A corollary to this potential outcome is that firms may also be unwilling to hire for certain practice areas. Some areas, such as bankruptcy, will explode during this time period, while others may slow down substantially. Therefore, a student who is either (i) interested in one of the more in-demand practice groups or (ii) flexible about their situation may have more success in the job hunt.