Brown Rudnick is rescinding offers to 10 out of 23 associates who were scheduled to join the firm in the fall.
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Brown Rudnick cites declining client demand for first-year associates and relatively flat demand for legal services, though overall financial performance has been strong. The firm has added business and legal staff, but most of the growth has been in London, Orange County and Paris. “Market conditions have remained challenging,” the firm says.
Aric Press, editor in chief of American Lawyer Media, talks with Bloomberg Law's Lee Pacchia about the latest data on the financial performance of law firms.
"The legal marketplace is a complex entity. Parts of it have recovered, parts of it haven't," says Press. "You can walk through the halls of virtually any major law firm that you can name, and you will find people busier than they've ever been–and others down the hall twiddling their thumbs."
When Pacchia asks why market forces wouldn't...
