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The vast majority of law firms in our space are cognizant of the desire to keep good people, and firms will try and be as creative and sensible as possible to keep people on.
But it depends on how deep and long the recession is. If things don’t start to pick back up in Q3 or Q4, the implications will be much much harder. Any business that says they will not change their headcount, they simply don’t know yet.
— Lee Ranson, co-CEO of Eversheds Sutherland, in comments given to Law.com International, when discussing what the Biglaw associate and partner talent war will look like in 2023, in light of the negative economic forecast. “There’s no real serious commentator that isn’t saying there’s not going to be a downturn of sorts,” he said. Ranson also noted that managing budgets and salaries will be “a big part” of the year.
Staci 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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