" ... economists expect the economy to continue growing solidly over the coming year, fueled by job gains, pent-up savings and continued fiscal support. In the longer term, they foresee the expansion gradually cooling down to a more stable post-pandemic pace." - The Wall Street Journal, July 18, 2021.
Will a cooling economy mean a fall-off in demand at law firms? Currently many large ones are operating over-capacity.
But, it's not unthinkable that could shift back to a fierce competition for assignments.
The long game could mean a return to the pre-pandemic power structure. That is, associates as relatively powerless.
The current high salaries for junior attorneys make them vulnerable for layoffs, especially stealth ones. That's analogous to the high salaries of senior workers in business. Always, those have targeted them for being forced out. ProPublica documents that among the over-50, about 50% leave their jobs involuntarily.
Will history tell the story of The Associate Big Raise as what deciminated the number of those junior worker bees in law firms? Meanwhile, the kinds of automation provided by Wilson Sonsini's Neuron can also wipe out jobs.
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