Partner Confidence at All-Time Low, but Some Bright Spots Remain
It's no surprise, but law firm managing partners aren't very optimistic about the health of the economy, says Legal Times. The paper cites Citi Private Bank's Law Watch Managing Partner Confidence Index, whose fourth quarter findings show that managing partners' confidence in the economy at large has plunged to a record low of 38 on
a scale of 0 to 200. And they ranked expectations for profits, revenue and client demand for 2009 at 70, 83 and 97 respectively. Still, despite the severe economic crisis, most partners remain optimistic about their own law firms' prospects, many figuring that their firm will buck the economic trend.
Of course, the economic downturn wasn't bad news for all lawyers. During the last quarter of 2008, employment law work boomed for firms in California, says The Recorder. Though employment work typically experiences an uptick in down times -- such as during the dot-com bust of 2000 -- because this recession has impacted industries across the board, employment work has really exploded. In addition to dealing with layoffs and workforce restructurings, employers are seeking legal advice on
reductions in compensation and work schedules, pay
freezes, job sharing and telecommuting. And though the economy may improve with a new administration, the anticipated flood of new laws should keep employment lawyers busy for a while.
Posted by Carolyn Elefant on January 15, 2009 at 04:48 PM | Permalink
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