Posted On:
March 10, 2009
Venable Layoffs
Venable announced today that it is laying off 16 lawyers, 5 paralegals, and 43 full time staff. The Maryland Daily Record in a brief story, said it will write a comprehensive story on the Venable layoffs tomorrow (here it is). Above the Law reports that Venable will also delay the start of the incoming class of first year associates from September 2009 to January, 2010.
If you have student loans coming due or you otherwise expect to get a paycheck in September, this has to be incredibly frustrating, particularly for Venable first year associates who likely had their pick of Baltimore law firms. Then again, this economy is also probably hurting the law firm they could have picked over Venable.
Comments
I hate to sound trite but as a new lawyer without a job, I don't feel a bit sorry for those new associates who are getting paid 10k to delay their start for a few months. They'll just have to defer their loans like the rest of us.
How about this? Venable could hire 1 lawyer for the 80k they are worth the first year. I wouldn't pay a new associate 160k because I know their work simply isn't that valuable.
Posted by: Jessica | March 12, 2009 6:53 PM
Jessica, I hear ya. I have written in the past on this issue. Big firms overpay young lawyers because if then end up being any good, they will make a fortune on them down the road.
http://www.marylandlawyerblog.com/2008/02/salaries.html
But right now the legal market is tough and there are a lot of good lawyers and recent graduates sitting at home. This is the bad news. The good news if history is any indication, it will all turn around at some point and these people are all going to get good jobs.
Posted by: Ron Miller | March 13, 2009 9:50 AM
Thanks for responding, Ron. It is such a kick to the ego sitting home so I've been doing pro bono work at Legal Aid in Baltimore while I search.
Is this a good idea? I need experience if I'm going to get hired anywhere. And even though it's volunteering, it's better than camping out on the couch all day reading articles on mass layoffs!
Posted by: Jessica | March 14, 2009 12:24 AM