Recession Causing Lawyer Layoffs At Big Firms
In Philadelphia, WolfBlock, which has been in business since 1903 and has more than 300 lawyers in several states, is "unwinding" in preparation for closing. Partners blame the banking crisis, the recession ¿ especially in the firm's core real estate practice ¿ and lawyers and clients bailing as the writing on the wall became clearer.
In New York City, Thacher Proffitt & Wood, in business since 1848, survived the terrorist attacks of Sept. 11, 2001; it had offices in the World Trade Center and lost none of its more than 300 lawyers and support staff. But it couldn't survive the bad economy and closed in September.
Fanni Koszeg, 34, of New York City, lost her job at Thacher in April 2008. Koszeg thought she would take the summer off and maybe go back to work as a public interest lawyer.
"That was very naive of me," Koszeg said. "Now, all of the other law firms have been laying off hundreds of lawyers."It has been more than a decade since the market was this bad for lawyers, said David P. Landau of Klein, Landau and Romm, one of the nation's oldest continually operating legal search firms in the United States.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV