Ryn- Thank you for your comments, much appreciated.
Spoke with a partner a few weeks ago- said all PI firms are very concerned (and should be) as it will have a direct impact on 80% of their business. Right now they are super busy and have a lot of work, going forward they might move into other areas of law. Hire-back no longer a guarantee but emphasized that their main focus is to provide a great articling experience and transferrable skill-set.
I guess I have limited knowledge about how easy it is to change practice areas after articling. I welcome any insight...