Lateral hires face demotions and pay cuts
Many corporate, real-estate and other transactional associates have had a slow year, with deals and work-flow stalling in the tough economic climate. Many have shifted to other practice groups or done pro-bono work during this time. comments powered by Disqus
Industry experts have pointed out that these associates may have to accept pay cuts and class-year demotions in order to return to their desired practice areas, since they lack experience compared to their peers from three to five years ago.
Legal recruiter Amy McCormack of McCormack Schreiber Legal Search predicts that firms will abandon traditional lockstep class distinctions and evaluate junior lawyers on actual experience and legal skills.