Downturn Batters Financial In-House Attorneys

Law360, New York (February 5, 2009, 12:00 AM EST) -- Salary cuts and layoffs abound as law firms and businesses face the doom and gloom of the economic downturn, but consultants said one sector has been hit especially hard – the corporate legal departments of financial services companies.

Consultants said that when faced with cutting legal costs, banks and other finance companies are slashing salaries and laying off their own lawyers rather than finding ways to decrease their outside legal costs. Experts said the impact on in-house financial services attorneys can be especially crushing because many...
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