Given the state of the legal market after the Great Recession, with client demands for lower costs and a buyer’s market for legal talent, law firm leaders should consider replacing their system of junior-associate hiring with something more akin to a residency program.
The system of recruiting top graduates of America’s top law schools, developed in the 19th century by New York’s Cravath, Swaine & Moore, established a training program that rotated new lawyers through various practice groups and, after several years, promoted the best to partnership.
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