The years of breakneck expansion in the legal industry are officially over—firms have now moved into contraction mode. While we're still not seeing Great Recession-style mass layoffs—yet—the downturn is generating plenty of anxiety.
On today's episode of our weekly news podcast, On The Merits, we do a Big Law roundup, featuring three Bloomberg Law reporters talking about their corner of the legal industry.
First, Meghan Tribe explains why the firm Cooley is offering incoming associates $100,000 to delay their start dates, and what that might mean for their careers.
Next, Mahira Dayal talks about the UK's so-called "Magic Circle" firms, and why they're waging—and, mostly, losing—a talent war with their American rivals.
Finally, Roy Strom brings us the story of a Big Law titan who got tired of the grind and gave up his enormous salary to become a local traffic court judge.
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