Boom times turn bleak for Boston lawyers

The Boston Globe reports:

The downturn marks an entrance into uncharted territory for one of Boston's marquee industries. For years, major law firms consistently reported higher annual revenue and profits and vied with Wall Street for Ivy League law school graduates. Starting salaries for newly minted lawyers at top firms rose from $125,000 in 2005 to $160,000 two years later. And firms had little trouble passing along the cost to clients, who needed lawyers to help handle a growing number of mergers and other key business deals. That's all changed, as demand has slowed and clients look for ways to slash their legal bills.

"It's a big turnaround," said Jim Durham, a Dedham marketing consultant who formerly worked for Ropes & Gray in Boston. "Firms will have to learn to be leaner."

Great moments in Blue America.