Legal Commentary

Last week, I ran into two Biglaw mid and senior-level associates.  They were in good moods.  Work is picking up at their respective firms, they said, and their summer classes for next year will be larger than this year, they bragged.  One is a corporate associate, while the other is a litigator.  Both were genuinely more optimistic than they had been during the entire previous year. The "recovery," they enthusiastically told me, was upon us.

I also noticed from Above the Law's posts that a number of the big firms are publicizing the 100% offer rates they made to their (still rather small) summer classes.  They're even back to spending money on some of those perks and freebies that used to be the subject of many a law school blog post.

So, I ask all of you, are we seeing the beginning of a sustainable recovery in the (Big)legal market or is recovery unrealistic given more permanent changes, such as the outsourcing moves discussed by Larry Ribstein here? If there is a "recovery" in the legal market - at least at the high end of that market -- what is driving such a recovery -- countercylcical practices such as litigation, or a revival of corporate counseling in light of new regulations and statutes such as Dodd-Frank?  Will this recovery trickle down to the mid-sized, regional and boutique firms? Finally, who will be the primary beneficiaries of such recovery, if indeed it lasts?