While Bear Stearns started the process, with Lehman Brothers, Merrill Lynch, and others having troubles, it's only a matter of time before working on Wall Street won't be very popular.
Being in-house has many advantages, of course. Better and more flexible schedules, shorter days, and, of course, no billable hour requirements are some of the things that attract many attorneys to working in-house. And indeed, for industries such as the clean technology sector, demand for in-house counsel is booming.
Gary Distell, the former lead equity group attorney at Bear Stearns before jumping to Katten Muchin, told Law.com that “being at a law firm and being paid in cash is somewhat attractive” right now.
The attorneys from troubled financial firms are attractive to law firms because of their industry contacts, and, of course, former employees of Bear Stearns, Lehman Brothers, and other companies are not just going to retire. New funds, banks, or other companies will emerge from the wreckage — and the old company attorneys will be a valuable asset to have.
But the picture isn't exactly rosy for Lehman or Merrill Lynch attorneys. Banks aren't hiring that much, and there aren't that many surplus law firm positions. Many attorneys will likely be laid off, assuming they aren't among those who have gotten the axe already.
Of course, with the government likely to stick taxpayers with the cost of a massive bailout, perhaps there will soon be a lot of government attorney jobs available. Granted, the pay for such jobs isn't the best, but they do offer great security!
