It is hard to believe that less that 20 years ago law firm partners followed a relatively safe and dignified trajectory from junior partner through retirement.. American Lawyer Media released a report this week: “Up or Out: When Partners Need to Go.” which paints a grim and unsettling landscape of partner termination practices in large
The web is awash with reaction to the dramatic news from Weil, Gotshal & Manges which includes not only staff and associate layoffs, but also dramatic cuts in partner compensation for selected partners. Is this a “one off” or the beginning of a trend? The pundits and the partners disagree.Will More Firms Follow? YES