A Study in Why Major Law Firms Are Shrinking

[sallyawp]

<p>The following are some exerpts from an article that appeared in the Sunday, June 7, 2009 NY Times:</p>

<p>

AFTER months of anxious planning, it was time for Hugh Verrier to finally press send.</p>

<p>In his two years as chairman of White & Case, the venerable Wall Street law firm, Mr. Verrier had already laid off 70 young lawyers and shuttered offices in Bangkok, Dresden and Milan. He had watched top partners flee to competitors . . . .

</p>

<p>

Now Mr. Verrier, who had worked exclusively at the century-old firm since leaving Harvard Law School in 1982, sat in his office high above 44th Street and Avenue of the Americas, considering the e-mail message he was about to send. It announced that 200 more lawyers would lose their jobs, nearly 1 in 10 at the firm over all — and not just young associates with everything in front of them, but some million-dollar-a-year ones like himself, the ones with twin mortgages, kids in private school and no Plan B.

</p>

<p>

[quote]
The reaction was swift and frantic. Partners who were staying scurried to protect their favorite workers; r</p>