I have a question for you. Granted it maybe out of your area a little.
How is IP Law doing? Are these firms doing the same in terms of layoffs.
Intially when the construction business went belly-up in PHX my friend was very busy. People started to sue each other for the revenue and oustanding bills.
Anything similiar in IP Law. It would seem that once a outside source of revenue dries up that many deseperate companies would rely on the law to restablish this. For example; Company A makes a product that is making money hand over fist, then the revenue stream dries up. Company Z makes similiar product but may be percieved as infringing on Company A’s patents. Company Z still has a revenue stream. Company A sues Company Z.
Just wondering and thanks in advance.
Also kudos to you for having the courage to post. You know you were creating a firestorm when talked about high salaries, lawyers, and layoffs! 😛
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cdma eng, from what I can tell and have gathered from my friends at firms, ALL practice areas are getting hit very hard – although you are right, I haven’t heard about as many layoffs in the IP area. The corporate practice areas (structured finance, M&A, etc) are without question being hit the hardest, but law firms are definitely laying off in all areas.
As you mentioned, in tough times litigation has generally been buffeted and has held up better (when companies or individuals are losing money, they are often tempted to file claims to bring in cash). I think the problem these firms are facing is that they over-hired in all practice areas (a bone-headed move, to be sure), and now they simply cannot sustain themselves with all the associates they have taken on. And let’s face it, even if firms need IP litigators, they will simply just choose to make do with fewer heads. So instead of billing 2,500 hours a year, these associates will be billing 3,000.
And yes, I seem to have created quite a firestorm with this post! I wasn’t trying to elicit sympathy for these people, though. In my mind, we’re ALL in the same boat – and it’s sinking. No unemployed person deserves more sympathy than any other one, regardless of profession or career. I think the real value in sharing these stories is to make folks aware of how broad-based this employment crash is becoming.
