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If your credentials are good, make a move. This is an excellent time for a first year to make a move to a different firm. You're probably more marketable as a first year than anytime in the last five years. It probably doesn't even affect your career much. Maybe you get a haircut if you wait for more than a few more months, but probably not.
As for true implosion, the most serious indicators of complete failure are significant periods of slowness/low work for many associates and material departures of partners and business.
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