Something of Value

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In a recent column, we pointed out that, while big law firm layoffs get the headlines, the real pain in this recession is being felt by small firms and solo practices. They are hardly at the top of the heap in compensation and have seen their client base of individuals and small businesses hit hard by the downturn. However, there is a flip side to this situation - senior lawyers in these small firms may well be much better positioned for retirement than their counterparts in large firms. Why? Because these folks have something of value to sell: Their law practices!

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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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