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October 10, 2008
Lawyers have already started to feel the impact of the economic crisis that the world is now in.
Law firm layoffs are hitting both the public and private sectors. Attorneys in private practice lament that their clients can no longer pay for their services. Government lawyers are well aware that budgets are being cut, and that if attrition and retirement do not thin out their ranks, then layoffs are inevitable.
Many government law firms depend on the retirement of older attorneys to keep the numbers balanced. However, with the drastic dip in the stock market and 401k accounts, older lawyers eligible for retirement may opt to continue working for several more years until their portfolios come back.
This leaves the younger lawyers with less seniority in a bind. Normally, the retirement of their seniors would ensure job security. Not now.
And private law firms, mindful of the bottom line, are cutting employees and filling in when needed with contract labor.
Overall, the employment picture for the law sector is currently grim. However, it will turn around as a new economic world order prevails. There will be plenty of cleanup for lawyers based on the current mess. There will be corporate criminals to defend. There will be financial advisers to sue.
One good thing about the practice of law is that it is virtually recession proof. Let's just hope that's all it is, a recession.
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