Tuesday, August 13, 2013

What is the future of Big Law?

Is the prognosis doom?  Does the ailing economy and the fact that you have spent more time in the last six - twelve months playing iPhone games  sitting on the crapper than at your desk portend a literal shitstorm in your neck of the woods sooner rather than later?

Personally, I have my doubts about where this giant cruise ship filled with monkey cages is heading.  It's quite possible that our cruise ship driver is drunk and is just going to crash us into a huge barnacle off the coast of some European country, or maybe our cruise ship owner will forget to pay his bills and we'll all be stuck in the middle of some beautiful paradise peeing over the side of the deck and sleeping on bags of shit as fetid garbage piles up around us.  If you don't get  my metaphors, don't worry, I've basically lost myself anyway - I haven't been working for so long my brain is practically a pile of ooze barely good enough to turn baby turtles into tai bo amateurs let alone ninja masters.

In all seriousness, though, I have spoken to a few people who are "in the know" - or at least think they are "in the know" - at least they are partners so they can think they can think whatever they want to think, so they think.  But anyway, the consensus is that there's a significant oversupply of monkeys, and a noticeable dearth of demand for monkeys at the number of bananas that they are demanding.  I've been thinking this for years.  I mean, who in their right mind is going to pay some first year dumbass monkey $550 / hour to pick his nose over some stupid prospectus?  We're just way overpaid, there's too many of us, and most of us, I think, probably myself included, are retarded.  Is there going to be a rebalancing in the professions I wonder.  Should I have tried to be a computer engineer? Or an astronaut like I always said I did? I mean, if they had paid engineers and scientists the fat $160k/yr entry salaries they do to first year associates, they would be a good way to incentivize positive growth for our civilization, but of course, no one thinks like that.

Anyway, here's an article about this topic that's more thought out and well-written than mine. You may have seen it.  Starts from the recent layoff at Weil and draws some conclusions about where we are heading in the industry.  I've heard that the Weil layoffs were in large part due to the over-expansion or over-dependency on their bankruptcy group post Lehman (perhaps evidenced by the lack of concurrent layoffs from other Big Law firms), but that could just be speculation and it's just a matter of time for the rest of the crew.

So what do you think?

By the way, sorry it's been like over six months since my last post. I've been busy....