Just in case some of us manage to survive swine flu or H1N1as we are now supposed to call it, there is still a need to prepare for the future isn’t there? As insolvencies have soared by 56 per cent in the first three months of the year and the number of people declaring themselves bankrupt hit record levels, you might wonder what sort of future it will be. Snotty pigs aside, results published this week from a survey of final-year students by High Fliers found 52% thought the prospects for new graduates were very limited and 36% did not expect to get a graduate job this year. So a hefty 25% are considering staying on at university for more studying; pretty sensible given that nearly half feared they may be made redundant within a year of work.

Despite this, redundancy announcements seem to have slowed down a bit recently in the legal profession even as the final details of existing programmes come to light. In other cost-cutting measures, Linklaters has cut associate pay bands by an average of seven per cent and slashed bonuses across the firm; this follows the firm’s extensive headcount reduction. Associates will still move up pay bands, however, unlike those at rivals Clifford Chance, Freshfields, Herbert Smith and Slaughters who have frozen wages altogether.

On the flip side; although the promotion rounds are not generally as strong as last year, they are probably enough to maintain some motivation for the survivors. Having just seen a swathe of people leave, Allen & Overy has now revealed its partner promotions – 20 associates are on the up. Eversheds meanwhile has made up 32 lawyers to its partnership which is actually 2 more than last year.

So, small pockets of lucky lawyers might have a bit of brightness coming their way but for everyone else… enjoy the Bank Holiday and hope for a pandemic of sunshine.

Oh and don’t forget to smile yourself happy!