The current credit crisis will wipe out a lot of jobs at financial services institutions, and their legal departments won’t be spared. Many in-house lawyers have already lost their jobs, while more know that their days are numbered. Some may be able to find another staff position, but others may decide that their best bet for future employment will be at a law firm.
Lawyers at The Bear Stearns Companies Inc., which collapsed in March, have pursued all of those options. The fate of its staff attorneys offers a preview of what can be expected by corporate counsel at the financial institutions that tanked in September.
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