[quote=partypup][quote=flu][quote=partypup][quote=nostradamus]partypup I like hearing your take on lawyers. How is the entertainment field holding up during this recession?[/quote]
Nost, we are getting HAMMERED! I am in-house at a television network, and our ad revenues started falling off a cliff in spring 2008 – and the cliff dive hasn’t stopped. In fact, it’s getting worse. We are having serious trouble with our cash flow, and we are even having trouble paying vendors and talent (actors and producers). We are told to give innocuous explanations for our delays in payment, but the bottom line is our revenue is drying up. Period. We have been having rolling layoffs every fall for the past few years, and now we’re cut to the bone. There aren’t too many other areas left to reduce expenses if we have any hope of maintaining a functioning organization. I think everyone in the industry realizes that a mammoth change is underway, and the good times are over and will most likely never return. We are rapidly losing eyeballs to broadband platforms, TV on demand and the video gaming industry. For the past 25 years executives at my company have gotten bonuses that are roughly equivalent to 30% of their salary (unjustifiably high, I know). Our bonuses were slashed this year by half, and we were told not to expect bonuses again the the near future. No surprise to me, of course. And as you know, law firms are getting hit even harder. Their clients are either downsizing, merging or disappearing altogether. We are using almost no firm services and are bringing everything in-house where are meager resources are already stretched paper-thin. It’s ugly. But on balance, I’d rather be where I am than take my chances at a firm. At least I have a contract through March 2011. After that I will probably be laid off and sent packing.[/quote]
You wouldn’t happen to work near Yahoo/MTV building in Santa Monica, would you? I use to know people in that complex.[/quote]
Small world! I do work near there. Are the folks you know still there? How are they faring?[/quote]
I guess they’re doing alright. There’s about 3 companies there that I have done business with or worked with…. Most of them downsized before the recession hit.
