'There was a bubble'

I’d thought that Cadwalader chairman Christopher White's use of the word ‘fungible’ to describe junior associates last week was a slip of the tongue (or the mask).  Nope.  Here he is today:

“There was a bubble, we rode that bubble, it contracted, and we adjusted. Even knowing what I know now, I wouldn't have changed a thing.”

Oh my.  Refreshing honesty.  So I guess those 96 careers are just so much collateral damage? Is Cadwalader deliberately trying to frighten off law students by reinforcing all the stereotypes of a cutthroat sweatshop? 

Or will this appeal to some? As one consultant quoted in today's WSJ observes, “It's not going to be for everyone, but smarter young lawyers who know they want to practice law for a career and make a run for partner should choose a place that's run like a business, not a cooperative. Cadwalader is run like a business.”

                                                                                            -posted by brian

Edith Piaf & Chairman White: ils ne regrettent rien