Lawyers and the Financial Crisis
The financial crisis is affecting even lawyers. Usually when a large company goes bankrupt more work is generated for corporate lawyers, but in the current economic climate even that seems to have slowed to a crawl. According to a recent New York Times article on the subject people are cautious about discretionary litigation. And, as the article points out, one round of layoffs in a law firm can start a downward spiral—potential new hires will be wary of a firm with a reputation for laying off associates. With fewer jobs and internships available, law students are affected as well.