The Nervous Lawyer Thread

[budapest12]

COVID-19 taking its toll on the legal market with echoes of 2008/2009 all over again. Not clear if this will be worse or not. I'm seeing the first big law firms cut jobs and salaries. Some are limiting it to the latter in an effort to save jobs, which is admirable if they think it keeps people from being unemployed in this environment. Thought I'd start a thread if others want to vent/stress/speculate/share information.

 

[jts287]

Be a good time to bone up on Chapters 7, 9, and 13 (in the States, anyway).

 

[budapest12]

Well we cannot all retool ourselves into bankruptcy experts at the drop of a hat -- but kudos to those for whom that works.

 

[NakedYoga]

We're having firmwide coronavirus meetings/updates. We're still operating at around ~80% of expected revenue, which is better than predicted. No layoffs yet, although 2019 bonuses (which were to be paid out near end of Q1 2020) have been deferred until later in the year.

 

[budapest12]

Magic circle firm? That's good so far in any event. Cahill Gordon flexing and stating affirmatively no plans for layoffs nor salary reductions. Helps to have $3m+ ppp but still a classy move.

 

[NakedYoga]

Nah, I'm American. I actually had to Google "magic circle."

 

[Msktime]

Hows everyone doing?

 

[budapest12]

Meh

 

[VaderDave]

Our firm has actually seen a healthy uptick in business. We do estate planning and business transactional work. Turns out that lots of people finally have the time to get their estate work done and they're a bit nervous about the future. Our business practice is also doing quite well.

This is a day/night difference from the meltdown of 2008-2013ish, when nobody wanted what we had to offer because the assets they had were underwater and so nobody cared if they had estate plans or not. We really strugged for a while then. Our business formation practice carried the firm since so many people lost their jobs and had to start their own businesses.

 

[javyn]

Not a lawyer, but I got moved to bankruptcy & restructuring practice early last year. When COVID hit, figured I'd be more busy than ever, but then that partner left the firm so I ended up being furloughed in May, then finally laid off in August.

Now, I'm back at the firm working IP again, and got a promotion and my own office.

 

[budapest12]

^ Glad it worked out for you. ******* crazy times.

 

[javyn]

Yeah no kidding. And the slowdown of work coming in is giving me time to learn this pros role without being (so) overwhelmed. Quite a different ballgame than litigation.

 

[LVEsq]

PI attorney here - the Ambulance Chasing is back in full swing. I have tried three juries this year so far and we are growing and doing quite well. My friends at the ID firms are all back to work, in office, full time and received hefty raises and bonuses. So things appear to be back to normal in our field - at least in my local area.