WSJ Article – Reflections From Surviving Law Firm
Prompted by a Wall Street Journal article Monday, January 26, 2009, front page title “Recession Batters Law Firms, Triggering Layoffs, Closings”, I sent off an e-mail to a law firm in San Bernardino County to elicit a response. Here are some bullet points:
- “Yes, a lot of firms are suffering. The ones doing the worst are the LARGE firm,s, with 600 $ + per hour rates, and the mega clients who would write checks to them without a thought and are are now cutting costs”
- “We all expect it will slow in 2009, and as the CEO of the Firm, I am projecting a 10% reduction in revenues.”
- “So far, however, we have not seen it (reductions) and personally, I am starting this year off busy.”