Now that it appears that we are in a recession — and there’s no good way to nuance that anymore — what does is mean for the legal profession? The legal area was once considered recession-proof with some areas even going up as companies focus on competitors. Now, the demand for legal services is certainly going to change.
Bruce MacEwan, over at Adam Smith, Esq., compares the current legal business to Motown’s Big Three. Citing reader Brent Jeffcoat, of McGuire Woods’ Charlotte office, he questions if law firms need a bailout:
After all, think of all the people we affect: our young associates marry and live in condominiums in urban centers. We probably support Starbucks. Allen Edmonds is toast. … Think of all those poor guys in Scotland who will not be able to sell their single malt whiskeys. It would be a global crisis of unimaginable proportions if one or two of the AmLaw 100 were to fail.
Now, the ABA Journal is surveying lawyers about the job market and the current state of the economy. Specifically, they want to know how you think the recession will affect the legal profession.
Please click below to take the two-minute survey. The survey results will be published in the January issue of the ABA Journal. Your answers will be kept confidential, and used only in combination with all other responses received.
Note to non-lawyers: No, entering law school is not a smart way to deal with the terrible job market, as you and the other 100,000 students graduate en masse in three years creating a glut of new associates in the market.
