[quote=Allan from Fallbrook]Partypup: Heller Ehrman and Thelen LLC up in San Francisco both went belly up as well.
Thelen was founded in 1924 and worked on the Golden Gate Bridge project back in the 1930s.
This isn’t going to be the last we see of this happening. Thelen was a Top 100 law firm (by earnings) back in 2007 and they imploded literally overnight.[/quote]
As a lawyer, I have predicted this from the very beginning: professional services like legal are going to be eviscerated. Their fees were heavily-inflated and gave been so for years. They have lived off the largesse of companies that threw money around like it was candy.
And now the candy store is empty.
First year lawyers NEVER should have been making $175K in any universe. It was a horrible business model, and now they are paying the price. If you’re not ambulance chaser, a bankruptcy attorney or a creditors rights attorney, get the hell out of the legal profession now.
I’m a lawyer at a media company, our ad revenue has literally fallen off a cliff, and I know we are going to have another round of layoffs (on the heels of the one we had in December) before summer. We are simply losing way too much money to carry everyone.
I just renewed my contract for another 2 years – it happened to expire at the right time, before everyone realized that we were going into Armageddon. So I’m “safe” for the time being. But if they lay off most of my division and leave me carrying all the water…what good will a job do me? Heck, I’d just as soon get a hefty severance package, cash out, relocate to a small farm somewhere and wait out the chaos.
