Friday, March 21, 2008

What Does the Recession Mean for Lawyers, Part Deux

We've got a column on this in the Law Weekly, so there:

 . . . But it adds up. It’s times like this when the poor get poorer, everyone gets poorer. As we’ve already seen, decreased purchasing power of lower and middle classes means America’s largest businesses make less money. And with less overall business being conducted, there’s less of a need for $500/hour legal advising. What makes things different than before is that a rapid recovery doesn’t seem to be in the cards, and so there’s time for this phenomenon to make a long-term, as opposed to temporary, effect in the structure of big law firms, where—again according to Above the Law—lawyers in many departments are having trouble meeting their billable hours requirement due to want of work.

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