The Trickle-Down Effect of Wall Street Job Losses on Law Firms
When Wall Street goes, so goes New York City law firms. At least that's what a recent report by New York City's Independent Budget Office suggests, reports Reuters. According to the IBO, an imminent local recession is expected to cause a loss of 33,300 jobs on Wall Street -- or about 7.1 percent of the sector's employment. So how does that impact law firms? Well, each job on Wall Street creates two to three jobs in other industries, from law firms to restaurants. Thus, job losses on Wall Street will inevitably impact the legal sector.
For those of you who work in New York, are you seeing more signs that the economy is tanking? And if you work at a firm, do you feel secure at your job? Send your comments below.
Posted by Carolyn Elefant on May 20, 2008 at 03:49 PM | Permalink
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