THERE IS NO QUESTION 2008 will go down in history as a year of seismic change in our readers’ world as big firms attempted to quell the tremblings of a turbulent economy. Our 2009 Daily Report Dozen is a snapshot of the tremors felt on the brink of that plunge.
Because of the timing of the global economic crisis-hastened by the Sept. 16 collapse of Lehman Bros.-it’s important to take note of the dates we use. We asked firms to report head count as of Aug. 31 in order to exclude first-year associates, who start work in September. Historically, our thinking was since the first-years do not contribute much to the full-year bottom line, including them unfairly deflates revenue per lawyer figures. So in the summer of 2008, when the head counts were taken, those now ubiquitous lawyer layoff reports we read about were still modest associate prunings. However, for the majority of the firms, which close their books Dec. 31, the financials reported in these pages capture that abysmal fourth quarter.
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