I know that many of your want to work in Big Law. You aspire to a top T14 school where you think you will have a great career and hopefully earn enough to pay for those law school debts. Let me share a recent storythat I heard yesterday. I was sitting on the plane next to a gal who attended University of Taxas and worked for a large law firm in Texas. The law firm have had already two rounds of layoffs.Most of those layed off were those that didn't meet the budgetary goals of 45 chargable hours per week. Be advised that to get 45 chargable hours, you really need to work at least 60 hours per week or more.They were going to have another big round of layoffs when the staff voted en masse to allow a 20% pay cut if the firm would not lay anyone else off.Since the startingsalary for new lawyers was $160,000, they could still live on $128,000.The partners thought about this and rejected the staff's proposal as being the result of "loser mentality." If you want to work in Big Law, you should at least knowwhat you are getting into for the rest of your life! Also, understand, my purpose for this post is NOT to talk you out of working for Big Law or even becoming a lawyer. That isn't my business. I just want everyone to be aware of the environment that they are getting into.
I think that is kind of messed up to layoff people instead of reducing pay rates from 160,000-128,000 since that is what the associates wanted.