The firm names may be different but on Above The Law the story is the same.
First a firm announces a salary freeze, or reduces bonuses, or lays off staff. It’s like a bad a la carte appetizer.
The firm issues a statement about tough economic times, how the firm is strong, and nothing more is planned.
Then another shoe drops. This time it’s usually that a summer associate class has been reduced, or start dates for new associates have been pushed back to July of 2011 or some date. Kinda like a bad salad course.
Then comes Thursday.
What happens on Thursday?
On Thursday, the firm lays off associates.
One firm sees what another firm is doing and it’s lather, rinse, and repeat.
The CT Law Tribune speculates that yesterday’s cuts at Updike Kelly and Day Pitney won’t be the last significant economy driven staff cuts in the Hartford Market. Link.
Why?
What’s scary is that it’s more than “monkey see, monkey do management” at play. Here’s what Goodwin Proctor had to say regarding it’s layoffs last week:
Weighing heavily in our decision was the uncertain length of this downturn. If we believed that an economic turnaround was imminent, or even within sight, we would not have come to this difficult decision. ATL
Sobering stuff.
A Paralegal’s Blog writes that at a Central Connecticut Paralegal Association Luncheon on Thursday, “the economic storm could be felt over the heads of attendees.”
If national trends are any indication of what’s to come in Hartford, the fact that paralegals are “feeling and economic storm cloud over their heads” suggests that more bad news is likely to come to Hartford in the near future.