In this recent Q&A clip with Harrison, he discusses the dynamics of law firms during recessions.
Law firms often shift their focus from corporate-related work to litigation during economic downturns.
Litigation becomes more in demand as people sue for issues from a better economy.
Law firms tend to hire more litigators during recessions and may let go of litigation associates when the economy is good.
Senior corporate associates experience less pressure to leave large law firms compared to litigators.
Senior litigation associates may find it harder to secure positions, as they are less in demand than senior corporate attorneys.
Transcript
Transcript:
During recessions, law firms typically switch from relying on corporate-related work to relying more on litigation. Because litigation tends to pick up when things slow down. People are often suing for things that went wrong in a better economy. So, litigation often becomes more in demand.
During recessions, law firms often hire litigators more than when the economy's good. When salaries increase often, as if there's not a lot of work for litigators and more corporate, they tend to let litigation associates go, which can create more. As corporate associates get more senior, they experience less pushback and pressure to leave in large law firms than in litigators' offices.
An experience, so litigators become a little bit harder many times for law firms to pay senior litigation associates. They're less in demand than senior corporate attorneys. If you're a senior corporate attorney with a law firm, things are usually out there for you. Much more so than a senior litigation associate.
