The Economy Is Just One Big Hydraulic System: What Should Lawyers And Accountants Worry About In The Current Economic Downturn?


So here we are in the midst of an economic downturn, and as associates – and even partners – are flying out the door in quantity, there are still vigorous debates about whether this is a recession or depress or just a phase of the moon.

The problem with the debate is not what the semantic tag should be, but what firms should do about it. One thing is true, face it or not – the halcyon days are over for awhile. There goes that marvelous pyrotechnic display of associate salaries that would cross a wise man’s eye. There go the perks…the bonuses…the first class flights.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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