Lawyer Legal Market Stronger in Canada
The legal job market is stronger in Canada, where only two major law firms have laid off lawyers.
The Financial Post writes that lateral hiring at some Canadian firms is picking up after a slow period. “Canadian firms remain relatively unscathed,” the story says, noting only two major firms that have laid off lawyers—Cassels Brock & Blackwell and Fraser Milner Casgrain, both based in Toronto.
But the story cautions the situation could change, with many law firms expecting revenue drops ranging from 10 percent to 25 percent this year.
The Am Law Daily notes the Financial Post article and points out a fact that could explain why the employment situation is better to the north: Canadian firms aren’t as highly leveraged as their counterparts here and in the United Kingdom.
The associate-to-partner ratio at Canadian firms is generally about 1-to-1. Here, the typical number is three associates to every partner, and in the United Kingdom, the ratio is five associates to every partner.
The Financial Post offers a second reason for Canadian firms’ reluctance to resort to layoffs: It reportedly costs at least $100,000 for each associate who is fired.
