We see stories like this coming through every day now…
Not quite end of the world doom and gloom per the financial market but things look ever less positive in 2009.
Make your own pick of the following articles published over the last 48 hours.
Growth Recedes at ‘NLJ 250’ Firms Amid Bad Economy
Law firms add attorneys at slower pace as global slowdown unfolds
Leigh Jones
The National Law Journal / November 10, 2008
Growth at the 250 largest law firms in the country receded this year, likely a reflection of the economic downturn of 2008.
The results of the 2008 NLJ 250, The National Law Journal’s 31st annual survey of the nation’s largest law firms, show that they added 4.3 percent more attorneys this year, compared with 5.6 percent growth in 2007. The total number of attorneys working at the 250 law firms was 133,723, compared with 128,213 attorneys in 2007.
The gains last year represented the largest increase of attorneys since 2001, when the census ballooned by 8.2 percent. In 2006, law firm growth was 4 percent, and in 2005, it was 4.4 percent
http://www.law.com/jsp/article.jsp?id=1202425894490
U.S. Legal Market Contracts, Labor Report Shows
Brian Baxter
The American Lawyer / November 10, 2008
The legal services sector shed 1,100 jobs in October as contraction in the general economy continued to hit law firm employment, according to figures released Friday by the U.S. Bureau of Labor Statistics.
Overall, jobs in the legal industry have shrunk 1.1 percent since October 2007, the report says, to 1.16 million employees. Those include not just lawyers but anyone on payroll, including paralegals, public relations specialists, secretaries and many others. (Statistics compiled by BLS are adjusted seasonally.)
http://www.law.com/jsp/article.jsp?id=1202425893574
Small Firms Trim a Little, but Stay Optimistic
Petra Pasternak
The Recorder / November 10, 2008
Leaders at smaller firms in California’s Bay Area say they’re trimming costs, but the hatchet’s staying in the shed. For now.
Talks with managing partners at about a half dozen Bay Area law firms with fewer than 100 lawyers indicate that they’re hoping the turbulent economy, which is making some giants shudder, will actually present some recruiting and business development opportunities. Many are still hiring.
But nearly all say they are keeping a watchful eye on expenses, with some holding firm retreats closer to home or re-evaluating equipment leases. Others are checking in more frequently with clients to gauge the impact of the lurching economy on their businesses.
http://www.law.com/jsp/law/sfb/lawArticleSFB.jsp?id=1202425893506
