The Party Is Ending: Big Law Associates Brace for Fiscal Change

Law firm associates scored record pay and bonuses in the last two years, commanding unprecedented leverage during legal recruitment battles.

The good times, however, are nearing an end.

The recruiting war is cooling, with firms largely avoiding extra bonus payouts this year. Murmurs of work slowdowns are replacing junior lawyer hopes of demanding flexible schedules and jumping to the highest bidder.

“The market has taken a complete 180 from last year,” said Katherine Loanzon, managing director at legal headhunting firm Kinney Recruiting.

Talk of a recession is quelling a merger-and-acquisition surge that propelled Big Law’s profitability over the last two ...