MoFo Chairman Doesn’t Foresee a Fundamental Change in Legal Market
Morrison & Foerster never had across-the board associate layoffs until January, when it laid off 53 lawyers and 148 support staffers.
But the layoffs don’t mean there is fundamental change afoot in the legal sector, according to MoFo’s chairman Keith Wetmore. He told the Lawyer that legal business will improve along with the economy.
“The world economy will grow again, and when it does clients will need lawyers to advise on that growth,” Wetmore said. “They’ll still get into pissing matches with each other and will still need lawyers to help them fight those battles.”
In the meantime, Wetmore is focused on bringing in new business and cutting costs.
“We’re trying to find a way to use the downturn to get more embedded in our clients,” Wetmore told the publication. “They’re asking more of us; it seems only fair that the quid pro quo is that we ask more from them. I think there may be a swing back to more retainer relationships and a push for longer-term investment in clients and by clients.”
