A recent quote from Associated Press: "The economic downturn has meant less work for law firms, fewer experienced attorneys leaving jobs and thousands of lawyers laid off. From August 2008 to August 2009, total law office employment fell by nearly 26,000 jobs, a mere 2 percent but striking for an industry accustomed to constant growth."
Of course, these figures ignore the larger impact on the profession: small law firm lawyers who are being laid off, sole practitioners and small firm lawyers who are experiencing lower demand for their services and law school graduates who are not finding work in any size law firm.
Just today, I met someone who, in frustration, said to me that he’s a college graduate, yet has to sell vacuum cleaners. Will today’s lawyers find themselves in a similar state? How can today’s law graduates who don’t find immediate work and lawyers who have been laid off take advantage of their legal education and still feel good about their vocation?
I do believe times will be better. But, having gone through the last great meltdown after the Vietnam war, I believe it will take more than ten years to forget the current recession/depression … For some, there are great opportunities even today; for others, adjustments will be needed, and the passage of time.Tags: Finance, Management
Categorized in: Management