Frothy Paradise

“BigLaw was getting the BigBucks because General Counsels figured no one would ever blame them for losing a case if they paid top dollar. And what happened to BigLaw with the oodles of money and perks they were throwing around? A big-time contraction. Their clients, it seems, decided that in a Great Recession it might be wise to watch the bottom line, and shelling out piles of dough to BigLaw so they could bill out young associates at ridiculous hourly rates no longer seemed like such a hot idea. And Johnson thinks they are underpaid? If by underpaid he meant outrageously overpaid, he might have a point, though that point is likely lost on those lining up for unemployment. I’m guessing there aren’t too many judges, for example, who would think a first year associate that still has his or her job at BigLaw is underpaid. Nor any of the millions in jeopardy of losing homes to foreclosure. Does there exist some constitutional right to be paid $200+K per year while still being carried in a Snugli?”

All I really have to say about this blog entry is: Nail. Head. Bang. (I’ll also note that the events he talks about have been a long time coming, and the day of reckoning would have arrived even without the recession.)