Tough times at Cravath, Swaine & Moore

Last week I gave a talk to recent law graduates who were contemplating solo practice.  Not so much because they were excited about going out on their own but  because Big Law and even Not So Big Law isn’t hiring so much.

More evidence of that comes from Elizabeth Wurtzel’s piece in the Wall Street Journal about Cravath’s deferral offer to new first years  by providing them an $80,000 incentive not to work.  According to Ms. Wurtzel, many of these first years declined the offer.  She surmises that they did so because they were concerned about the stability of Cravath.  Maybe and maybe not.

The point is that there has been a sea-change in the legal industry and what the new paradigm will be is anyone’s guess.

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