A nationwide dropoff in demand hasn’t hit California law firms as hard as those in other parts of the country. But that doesn’t mean firms here are immune from downsizing, some industry observers say, particularly after many firms raised first-year associate salaries to $180,000 this summer.
A report from Wells Fargo Private Bank last month became the latest of several to indicate that even the most profitable tier of the market is seeing demand soften. It also showed increased expenses at firms, which are only expected to grow in the wake of the latest round of salary increases. Jeffrey Grossman, a senior director at Wells Fargo Private Bank, told The American Lawyer that layoffs could be on the horizon.
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