The years of breakneck expansion in the legal industry are officially over—firms have now moved into contraction mode. While we're still not seeing Great Recession-style mass layoffs—yet—the downturn is generating plenty of anxiety.

On today's episode of our weekly news podcast, On The Merits, we do a Big Law roundup, featuring three Bloomberg Law reporters talking about their corner of the legal industry.

First, Meghan Tribe explains why the firm Cooley is offering incoming associates $100,000 to delay their start dates, and what that might mean for their careers.

Next, Mahira Dayal talks about the UK's so-called "Magic Circle" firms, and why they're waging—and, mostly, losing—a talent war with their American rivals.

Finally, Roy Strom brings us the story of a Big Law titan who got tired of the grind and gave up his enormous salary to become a local traffic court judge.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.