The coronavirus is hitting the legal industry hard. Here's everything we know about pay cuts, layoffs, and how summer associate classes are shaping up.
- Law firms have been hit hard by the coronavirus pandemic, with high-stakes trials on pause and deal work related to M&A and IPOs drying up.
- Still, there are bright spots. Restructuring lawyers have seen a surge in activity, and firms with strong labor and employment practices are getting a boost.
- The coronavirus has forced an unprecedented switch to remote work, and some insiders say the move is already prompting a rethink of office space and talent needs for the long run.
- We've been tracking layoffs and job cuts at law firms, and the latest on firms' plans for their 2020 associate classes.
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Law firms have been hit hard by the coronavirus pandemic, with high-stakes trials being put on pause and deal work related to M&A and IPOs drying up.Still, there have been some bright spots. Restructuring lawyers have seen a surge in activity as clients looks to navigate the crisis, and firms with strong labor and employment practices are getting a boost as clients navigate cutting jobs and workplace safety issues. Advertisement
The coronavirus has forced an unprecedented switch to remote work, and some insiders have told us that the move is already prompting a rethink of office space and talent needs for the long run.
We've been tracking layoffs and job cuts, plus the latest on firms' plans for their 2020 associate classes. Here's everything we know.
Law firms are delaying or eliminating summer associate classes
- Law firms are starting to cancel summer associate classes entirely as they scramble to cut costs
- Top law firms are delaying start dates for summer associates - here's everything we know so far
Layoffs and furloughs
- Law firms are pulling the trigger on pay cuts and layoffs - and they're already rethinking tech, office space, and recruiting for the long term
- Major law firms are weighing pay cuts for partners against unseemly staff layoffs as billings plunge
How law students are grappling with uncertainty
- The coronavirus just delayed the country's No. 1 bar exam, and that could be a huge setback for law students seeking jobs at smaller New York firms
- The coronavirus is disrupting law students' path to $200,000 full-time gigs
Winners and losers
- Labor and employment attorneys are seeing a surge in business, and big firms are setting up coronavirus task forces to help clients navigate layoffs and workplace safety
- 10 lawyers who navigated the biggest bankruptcies in history are set for a boom in business as the coronavirus fuels a restructuring surge
- Activist investors are scooping up 'ridiculously cheap' shares during the coronavirus crisis, setting off a war of words involving top law firms and Wall Street titans like Carl Icahn
- Big Law M&A work is evaporating as coronavirus spreads, but some firms are about to make bank. Here are the winners and losers.
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