Via Susie, we learn that times are tough for associates at New York law firms:
New York law firms are cutting associates for the first time since 2001 as the collapse of the subprime mortgage and credit markets causes private equity deal volume and structured finance work to slow.
Clifford Chance, the world’s highest-grossing law firm, dismissed six senior associates who worked on mortgage-backed securities in its structured finance practice on Nov. 5. At least two other firms asked associates, or salaried lawyers, to take sabbaticals or switch departments, a move that often precedes job cuts. Partners, about one-fourth of the attorneys at the biggest firms, may also face some belt tightening.
The subprime collapse and its effect on the credit market and the volume of deals have brought a slowdown in work, probably leading to job cuts. While structured finance practices have been hit the hardest, mergers and acquisitions and private equity practices also face a slowdown, legal consultants said.
Not to worry-too much. They can always get work foreclosing on the people whose lives they indirectly helped to ruin. It doesn’t pay nearly as much, but on the plus side it’s not quite so mind numbingly boring (close, though) as working on mortgage-backed securities.
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