Despite significant upswings at the top of the Am Law 200 charts and a generalized growth mindset, layoffs and cuts continue to disturb the legal industry. As some firms anticipate gradual improvements in deal work, sectors like technology have unfortunately not shown enough resilience, analysts informed Andrew Maloney of Law.com.
Case in point, Fenwick & West recently announced it was laying off “just under” 10% of its professionals, including attorneys and staff. This unexpected twist came after the firm had experienced a surge in demand from 2020 up to early 2022, leading it to hire aggressively. The firm’s chair, Richard Dickson, explained that in retrospect, this represented a deviation from their core principle of long-term management.
On another equally significant front, workers across industries, from Las Vegas casinos to Hollywood, are seeking union protections against potential job risks posed by emerging technologies like generative AI, begging the question: Could the legal industry be next?
Writing for Law.com, Cassandre Coyer argues that the legal industry is at an inflection point. The contemplation of roles being transformed by evolving technologies, an enduring push towards business-oriented restructuring, and queries regarding the persistence of the billable hour may well provide the legal profession its first tangible chance to seriously consider collective bargaining.