The Performance Review Season Talent May Dread
Law firms, recently hungry for as many lawyers as they could find, are now looking to trim ranks. But rather than using layoffs, law firms are managing people out through the review process.
October 06, 2022 at 03:56 PM
6 minute read
Law Firm Structure
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|The Shift: The War for Talent is Turning Into a Race to Trim the Ranks
My, how quickly things can change. Just a few months ago, despite plenty of global tumult, law firms were desperate to hire as many lawyers as they could. Firms were having trouble meeting client demand, particularly on the corporate side. But as inflation fears sank deeper into the markets and deal work slowed, the tone within law firms started to shift.
It is still early, but the chatter and some early movement all point to a trimming of the collective ranks on the way. With more highly compensated talent on the books and a slow down in the work they were doing, firms need to "rightsize." They aren't looking to do so through mass layoffs, however, but rather through aggressive performance reviews.
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