Despite Layoffs, Outlook Good for Major Law Firms
Despite well-publicized layoffs at several major law firms lately and a struggling economy, law firms in both the U.S. and the United Kingdom can expect to do just fine in the future, albeit not quite as well as in recent boom years.
“Junior lawyers may have to start taking the bus home from work, but partners should have little trouble making the payments on the Porsche,” writes the Economist, in a sum-up of the situation.
The magazine notes that financial difficulties create work for some lawyers, such as bankruptcy practitioners, and says U.S. and U.K. firms that have been expanding their operations into Central Europe, the Middle East and East Asia can generally expect a promising financial future.
The magazine’s rosy perspective is reportedly shared by a number of senior lawyers at major U.S. firms. And, with the right practice mix and clients, individual law firms can, of course, do very well even in a bad economy, as earlier ABAJournal.com posts discuss.
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