The law profession has once been regarded as one of the most lucrative in the world. Now, many lawyers are barely hanging on to their businesses – and it’s all thanks to the tightening grip of the credit crunch.
By Mariah Bliss
The law profession has once been regarded as one of the most lucrative in the world. Now, many lawyers are barely hanging on to their businesses – and it’s all thanks to the tightening grip of the credit crunch.
In an industry that has usually been recession-safe, some of the oldest law firms in the United States are becoming victims of the current recession. Long-established firms like Heller Ehrman LLP and Thelen LLP in San Francisco and Thacher Proffitt & Wood LLP in New York City have closed their doors to the public, citing financial pressures.
While some large law firms close their doors, smaller firms and solo lawyers who have fewer overheads get an opportunity to fill the vacuum.
More suited to adapt to the fluctuating markets, smaller firms can lure once-loyal clients of larger firms which now seek to cut expenses. Additionally, small firms tend to specialize in various kinds of cases, whereas large firms mostly specialized in corporate and real estate law, both most affected by the current economic climate.
Firms that specialize in “recession packages” are overwhelmed with new cases, many related to asset recovery.
When considering a small firm, clients shall consider not just the partners’ expertise, but also the firm reputation. A free nationwide directory called http://www.lawyersreputation.com/ help businessmen to find out just how successful a lawyer has been with his or her cases. The evaluation posted there by the past clients is possible the best indication of whether the firm succeeds in keeping its clients satisfied. The websites of many bar associations shall also be consulted to make sure that the attorney does not have an alarming record of disciplinary sanctions.
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