According to some of the more optimistic reports, the first clouds of recession may be lifting. However, the immediate prognosis for lawyers still seems to be rather bleak – an impression added to by an article in The Times last week entitled 'UK legal industry faces loss of 10,000 lawyers'. Although a fall in the number of lawyers is likely to be met with cheers in some quarters, what does it mean for us as a profession?

For one thing, it's likely to work as a deterrent for entry into the profession at trainee level, and we're also likely to lose a lot of young talented NQs. While some of these losses are, to an extent, sadly inevitable, if taken too far, might they result in firms cutting off their future oxygen supply?  The abandonment of an entire generation of lawyers is likely to create a gap that the firms would take several years to fill.

For those of us with City legal careers well underway, redundancy is a scary prospect. Not only would it be incredibly tough to find another job, but redundancy would stall the development of our skills and undermine professional confidence. We senior associates are criticised for our high salary expectations and warned that they may make us unemployable. But these expectations are based on real considerations, such as the size of our mortgages, school fees and other living expenses which remain inflexible.

Many of us will have to forgo our dreams about partnership for a long while, if not for good – leaving some casting around for other options. There is always the possibility of setting up your own practice – but it falls into the "I have nothing to lose" category. I know some lawyers who have recently done this and I have great admiration for their bravery and skills, but realistically, very few will be in a position even to contemplate such a move - and even fewer will succeed.

It is certainly true that the legal industry, like many others, is in great need of change. It is also probably true that shrewder law firms will come out of the recession leaner, stronger and better managed. However, the profession must be open about the extent of the casualties brought about by these changes. It must also ensure that it does not end up paying twice for these changes in the long run. In the meantime, I rely on the wisdom of the old proverb: "If you are drowning, you can only rely on yourself to pull you out".

Kate Karakuli (name changed) is a senior associate at a top UK firm. For more from Kate, see Fighting for survival and Path to partnership.