Traveling in the heat of 2011 was an incredible journey, one with many complaints …
until we learned about the hardships Lewis & Clark suffered …
with no maps or other guides to refuge. We again learned to be happy with what we had …
there is always someone who suffers more.
I’ve written extensively about lawyers planning for the succession of their practice, whether by merger, sale, or simply retiring by just walking away one day, closing their door forever more.
Some failed to plan well or spent their working lives increasing their standard of living to meet their compensation level — and not saving; others suffered financial losses in the economic downturn; and still others have lived beyond what they expected with their savings depleted by normal bills or chronic illness.
But, what are the numbers? I haven’t seen hard and fast numbers for the legal profession … but here are some numbers for our country … which I believe shed some light on the legal community.
The unemployment rate for Americans older than 75 years is twice what it was only five years ago. The rate might be higher if older folks were not embarrassed to say they are looking for work.There has been a 25% jump in the number of older people in the work force in the last 5 years. By 2018, the government projects that 10% of people over 75 years of age will be working or seeking work. Average net worth of households with at least one person over 70 years of age went down by 27% between 2007 and 2009. In 1981, social security paid 52% of the average worker’s pre-retirement earnings; in 2001, the percentage was 39% and expected to decline further.
This is where our 1968 Ambassador Airstream was made… Jackson, Ohio.
It was great to visit SteSpot’s birthplace and see how they do it today…. 🙂
There are many examples of how the legal profession is moving toward commoditization. The most recent commentary on the subject is Richard Granat’s blog post.
Other examples include: Legal Zoom, currently in battle with the North Carolina Bar Association about the unauthorized practice of law; forms available in books (remember Novo?); and online (see Granat’s blog post for some). People who believe they need legal help but can’t afford it, will do the next best thing…get a form from these resources. This happens in estate planning, real estate transfers, even in some litigation, and in other practice areas as well.
This will result in greater segmentation (a marketing term) of the legal industry. The "bet the company" cases and large companies will still use good law firms; others with less serious matters will use lower cost lawyers or do-it-yourself forms. (Whether these forms create more legal work later is another and unimportant issue for now.) And at the lower end of the economic spectrum, you can expect to see great competition. Even large law firms at the higher end are experiencing competition, just at a different level of sophistication.
Change is in the air. Hold onto your hats; the legal world is moving!
Amazing how many people seek to find shipwrecks.
One of the best is the one in Kansas City, MO … The Arabia.
It’s an incredible museum, privately owned and operated by the folks who found and brought up the steamboat ….
Not only inside, but "even in the street!"
That’s a first.
Oh, and get rid of those bikes and horses!
The system of lighthouses along the coastline is truly remarkable …
and stands to commemorate a bygone era.
Are you going to the dogs?
This state is serious!
The Grand Hotel has reached the pinnacle of success.
Unless you are staying at the hotel or going for a $40 lunch, you are excluded from entering the hotel!
When they say "Grand," they mean it.