Can't We All Just Get Along?

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There is no doubt that this recession means pain for lawyers (click to hear podcast). The real "hurt" today is being felt by the vast majority of the nation's one million-plus lawyers who are sole practitioners or members of small firms. They're not at the top of the pack to begin with, and they generally represent individual clients and small businesses. That type of business involves personal injury, family disputes, criminal defense, and personal debtor claims, among others, that tend to pay less. Couple this with the reduction in number of clients and number of matters and the slower collection of receipts, and the financial and economic difficulties most lawyers face are substantial. They can ill-afford a large reduction in compensation, and with the current financial collapse, and investment values plummeting by 50 percent in many cases, they may have to work lon ger years than they anticipated.

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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.

© Ed Poll, LawBiz | Attorney Advertising

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