Down times in 2009

March 8, 2010
Back to TopCommentsE-mailPrintBookmark and Share
Was 2009 really the worst year for the legal market in the past 50 years? Apparently so, according to a report released earlier this month analyzing the legal market last year and trends expected for this year.

Hildebrandt Baker Robbins consulting firm and Citi Private Bank claim last year was really bad – so bad that most attorneys practicing now are too young to remember a worse time.

Demand for legal services declined at a faster pace in 2009 than in 2007 and 2008, outside counsel spending dropped, billing and collection realization rates fell, and many in the legal community lost their jobs. More than 5,000 attorneys lost their jobs last year with the top 250 law firms in the country; thousands more attorneys, paralegals, and other legal professionals lost jobs. I’d say last year was pretty bad.

Looking ahead to 2010, the report may see a glimmer of hope for recovery, but nothing to get excited about. Although fewer legal workers have lost their jobs recently, according to Bureau of Labor Statistics, there will still be cost-cutting measures, which could include jobs. In trouble could be partners, whose numbers grew during the downturn. Chances are profits per equity partner will be flat or up slightly, but it’s dependent on location, practice, clients, etc.

The report also emphasizes the impact rate increases during 2001 through 2007 had on the growth of law firms and the legal market. Firms often increased rates 6 to 8 percent each year, but now clients are pushing back. This push back is likely to stick around for a while. The report encourages firms to implement new models for pricing legal services, as well as recruiting and retaining attorneys, and partnering with other service providers.

It’s a “buyers market” right now. Have you seen any changes in your firm to respond to any of the issues addressed in the report?
ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in Indiana Lawyer editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
  1. Indianapolis employers harassment among minorities AFRICAN Americans needs to be discussed the metro Indianapolis area is horrible when it comes to harassing African American employees especially in the local healthcare facilities. Racially profiling in the workplace is an major issue. Please make it better because I'm many civil rights leaders would come here and justify that Indiana is a state the WORKS only applies to Caucasian Americans especially in Hamilton county. Indiana targets African Americans in the workplace so when governor pence is trying to convince people to vote for him this would be awesome publicity for the Presidency Elections.

  2. Wishing Mary Willis only God's best, and superhuman strength, as she attempts to right a ship that too often strays far off course. May she never suffer this personal affect, as some do who attempt to change a broken system: https://www.youtube.com/watch?v=QojajMsd2nE

  3. Indiana's seatbelt law is not punishable as a crime. It is an infraction. Apparently some of our Circuit judges have deemed settled law inapplicable if it fails to fit their litmus test of political correctness. Extrapolating to redefine terms of behavior in a violation of immigration law to the entire body of criminal law leaves a smorgasbord of opportunity for judicial mischief.

  4. I wonder if $10 diversions for failure to wear seat belts are considered moral turpitude in federal immigration law like they are under Indiana law? Anyone know?

  5. What a fine article, thank you! I can testify firsthand and by detailed legal reports (at end of this note) as to the dire consequences of rejecting this truth from the fine article above: "The inclusion and expansion of this right [to jury] in Indiana’s Constitution is a clear reflection of our state’s intention to emphasize the importance of every Hoosier’s right to make their case in front of a jury of their peers." Over $20? Every Hoosier? Well then how about when your very vocation is on the line? How about instead of a jury of peers, one faces a bevy of political appointees, mini-czars, who care less about due process of the law than the real czars did? Instead of trial by jury, trial by ideological ordeal run by Orwellian agents? Well that is built into more than a few administrative law committees of the Ind S.Ct., and it is now being weaponized, as is revealed in articles posted at this ezine, to root out post moderns heresies like refusal to stand and pledge allegiance to all things politically correct. My career was burned at the stake for not so saluting, but I think I was just one of the early logs. Due, at least in part, to the removal of the jury from bar admission and bar discipline cases, many more fires will soon be lit. Perhaps one awaits you, dear heretic? Oh, at that Ind. article 12 plank about a remedy at law for every damage done ... ah, well, the founders evidently meant only for those damages done not by the government itself, rabid statists that they were. (Yes, that was sarcasm.) My written reports available here: Denied petition for cert (this time around): http://tinyurl.com/zdmawmw Denied petition for cert (from the 2009 denial and five year banishment): http://tinyurl.com/zcypybh Related, not written by me: Amicus brief: http://tinyurl.com/hvh7qgp

ADVERTISEMENT