Is 'Big Law' Era Over?

From Debra Cassens Weiss at ABA Journal:
Legal blogger David Lat, founding editor of Above the Law, says there may be good reason for lawyers to panic, but they will ultimately survive.
Speaking to law students at the University of California at Berkeley, Lat admitted news of layoffs and other job woes at Above the Law can be anxiety-inducing, according to the Legal Pad blog. But there’s a good reason, he said. “If people are panicked, it’s because there are reasons to panic.”
Lat managed to be “both depressing and extremely jovial at the same time,” according to Legal Pad’s account of his talk. Lat said BigLaw salaries will be decreasing, lockstep promotions are on the way out, and the golden age of the legal profession is likely ending.
Yet the legal profession and lawyers will survive, at least in some form, Lat said. “At the end of the day, lawyers, we are like cockroaches. You can’t kill us.”

Law Partner Pay Cuts

From the online ABA Journal of the American Bar Association:
Associates and staff were low-hanging fruit waiting to be cut in law firm layoffs. Start dates for new attorneys have been delayed, salaries have been frozen and benefits formerly taken for granted have been axed. At least one well-known law firm has even reduced the coffee service offered at its Chicago headquarters.
But now BigLaw partnerships seeking to stabilize their finances amidst a global economic free fall are getting down to the nitty-gritty. A growing number of major firms are reducing partner pay, Bloomberg reports.
Cuts in partner compensation have recently been announced at Allen & Overy, Dewey & LeBoeuf and DLA Piper, and could well be quietly under way at other major international firms, too, according to the news agency.
“It’s hard to get rid of a partner, so cutting pay is a simple way of sending a message that maybe people ought to think about moving toward the door,” says attorney Bruce MacEwen, a New York City-based legal consultant.
Partners at a number of top London-based international law firms have been warned to expect their compensation to drop as much as one-third this year, compared to 2008, the Evening Standard reported in January.

WolfBlock Dissolves

Philadelphia is losing one of its great law firms, Wolf Block. The firm is going out of business: dead, nada, kaput.

Here's a statement from Sayde Ladov, Chancellor of the Philadelphia Bar Association on the dissolution of this storied firm:

“This is a sad day for Philadelphia. Our hearts and thoughts go out to our friends and colleagues at Wolf Block.
“Philadelphia is a city brimming with history, and as a century-old institution, Wolf Block is an important part of that tradition. Wolf Block lawyers have been at the forefront of litigation that has changed the face of Philadelphia. In addition, Wolf Block has been an outstanding corporate citizen that has contributed to the common good, producing judges of state and federal courts, former city officials, chancellors of the Philadelphia Bar Association and the Pennsylvania Bar Association and even a president of the American Bar Association.
“This is a difficult day for Philadelphia’s lawyers, reminding us that no one is immune to current economic challenges. Despite the loss of this venerable law firm, however, we remain confident that Philadelphia’s legal community will weather this storm and emerge stronger as a result.”
“As Philadelphia lawyers, we have a responsibility to ensure continued access to justice.

“For more than 200 years, the Philadelphia Bar Association has fought to protect legal rights, advocate due process and ensure the rule of law. We have survived a civil war, two World Wars and a Great Depression.
“I want to assure citizens that Philadelphia’s legal community will survive this economic crisis, too, and that the Philadelphia Bar Association will continue on its mission of promoting access to justice.”

BTW: I don't know who came up with the term "unwind" to describe the liquidation (or dissolution) of Wolf Block but it's a bad term. It's false, artificial. It's like calling layoffs "downsizing" or terming tax increases "revenue enhancements" or calling civilian war deaths "collateral damage."

Maybe these terms came from Bradford Hildebrandt which was brought in to oversee the Wolf Block dissolution. Here's how it was announced:

The partners of WolfBlock LLP have voted to commence an orderly unwinding of the firm's business.
WolfBlock will remain in the practice of law for several months to protect the interests of its clients, employees and creditors. The decision to unwind was reached in view of a confluence of unfavorable factors: the economic recession, especially in the firm's core real estate practice; the constriction of credit occasioned by the ongoing banking crisis; and the intended and anticipated departure of significant partners and practices.

These dreadful, stagnant and hopelessly phony words and phrases stink. They don't fool anyone. They're insulting, dumb and depersonalizing.

I will use this pompous "announcement" in my corporate communications classes as I teach my student's how NOT to announce bad news.

Great Resource

Our friend Gina Furia Rubel has written a new book called Everyday Public Relations For Lawyers and it's chock full great PR tips - and not just for lawyers.
Let's face it: Lawyers (and many of the rest of us) need PR help. As incredible as this may seem, many good lawyers aren't very good communicators. And many aren't very good writers. When Gina moved from lawyering to PR I honestly wondered if any lawyer could pull this off. I was skeptical because I know how difficult (and specialized) PR can be. But in addition to her legal training Gina did have PR experience. And when she went into the PR business for herself she started with a real passion for the profession. Now, she's a savvy businesswoman, author, lecturer and a consummate pro. She's a high energy person who delivers for her clients.
So Gina has combined the training and good judgment of an attorney with the experience and creativity of a seasoned public relations professional. And she's produced a valuable guide loaded with practical and insightful tips for every lawyer. She's a treasured colleague.
And Everyday Public Relations For Lawyers is a wonderful guide to the nuts and bolts of PR.