On Tuesday I drew some angry responses when I tweeted: "Would actually love to see some of the flabby mid-market law firms go bust this year". How could I be so cold-hearted? Well...
The starting point is that many of the aforementioned outfits are hugely dysfunctional, with unsustainable business models which are reliant on perpetual economic boom. So it's a matter of time before they either go under or get swallowed up by another firm. Why not get it over with this year?
But what about the trainees and junior lawyers at those firms cast out into a difficult job market?
Firstly, as we have seen today with the news that DWF is to honour all Cobbetts' training contracts, this is no foregone conclusion (because trainees are relatively cheap to employ).
For the ones who are made redundant, getting another job will be hard. But not as hard as it would be if they had to do it a few years down the line when they are burdened by greater financial responsibilities.
Some will no doubt find themselves unable to get another legal role. But most of these outcasts won't be the legal geeks who really love the law. Rather, they'll be a members of the far bigger group who became lawyers because they didn't really know what else to do with their lives. And after a period of re-appraising their options, they'll find something else to do.
The greater concern is for the partners who get the chop. Because lots have big mortgages, privately-educated kids and trophy wives (and, in the minority of cases, husbands) with expensive tastes. Without an income in the hundreds of thousands of pounds — which they'll be very unlikely to match even if they find new jobs — they'll find that their lives change dramatically.
We're talking some unpleasant stuff here: home repossessions, kids being removed from their private schools, spouses moving on to other men who can provide them with the lifestyle to which they have become accustomed.
I feel sorry for these partners. But not to the extent that I think it's worth protecting the crumbling law firms where they work. They had a good run. Some of the partners were clever, recognised the good times wouldn't last forever and prepared themselves accordingly; others didn't.
Now they have to deal with the downside of the free market economics which for most of their lives has served them so well — and get out of the way to let the next cycle begin, unencumbered by the past.
I agree with this, Alex.
It's an insincere and hackneyed response to say that we should feel sorry for trainees and young people who have had the rug pulled out from under them.
The whole point of being young is that you are fearless, energetic, have your life ahead of you and can try your hand at any number of things without fear of failure, social pressure and the other commitments and burdens of middle and old age.
These young people are clever and well educated and will all find another way of making a living if they cannot get or do not want another legal job.
As for the moneyed partners, anyone who builds up a lifestyle on the expectation that the money will keep rolling in indefintely cannot be surprised when the music stops.
They won't starve either.
Let's face it: we do not need to feel sorry for any of these people.
Not even the (hypothetical) secretary who's been there 40 years and is out on her ear? The chap in the post room? The girl on reception?
Not patronising at all James to assume that support staff are less able to cope with redundancy than lawyers?
I'm sure many support staff are more than capable of coping with redundancy, but not all. Specifically, employees at the oldest and youngest ends of the scale are particularly at risk. We have a huge % of young people out of work if you hadn't noticed.
Alexy boy is right on this one. The market hasn't finished with these firms. I too would like to see many go to the wall, many lawyers leave the profession and many more wannabees choosing other paths. Then maybe the profession will emerge leaner and return as the preserve of clever people (like back in the day) instead of a dumping ground for the hoards of those (without good maths-brains) who fancy themselves as brighter than the average. Those who should be in clerical jobs but now all aspire to be solicitors and have devalued the position.
Snobbish rant over.
Remember too Alex and Milton that not all trainees are "young ... fearless, energetic" etc. etc. OK, so most are, but quite a few these days are older, with families relying on them in some way. Scarier situation for people like that.