Biglaw

Partner Describes Biglaw's Economics Perfectly: 'Unrealistic, Unhealthy, Inhumane'

It's so true.

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Ed. note: Welcome to our daily feature, Quote of the Day.

It turns out that [Biglaw] has a problem with economics. The nature of that problem is that all economies are cyclical. Over time, in any economy, in any market place, output will grow, then decline, then recover, then decline. This doesn’t suit [Biglaw], which only wants to see steady gains. …

The problem isn’t that economies are cyclical, that’s a fact of life. The problem here is that [Biglaw] can sometimes have unrealistic reactions to both upturns and downturns. If this happens, it’s not in the interests of their own attorneys or their clients. It’s inhumane and unhealthy.

— Alex Geisler, a London-based litigation partner with Duane Morris, in an article originally published in ALM’s Accounting and Financial Planning for Law Firms, on the “unrealistic reactions” Biglaw has to economic upturns (i.e., big raises, big bonuses, and big hiring booms) and downturns (i.e., layoffs and deferrals).

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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