Unsurprisingly, especially following a “Heartbreaking Thursday of Staggering Layoffs,” law firm associates are worried. A recent ATL/Lateral Link survey notes that “roughly 70% of the respondents who hadn't already been laid off said that they were at least a little bit afraid of joining their colleagues on the breadline.”
At the same time, though it may be hard to see through the clouds of pink slips, there is still work out there. A recent New York Law Journal outlines some of the new, if not improved, opportunities available to M&A lawyers, thanks to the
failing collapsed economy, like those involving the sale of distressed assets; foreign acquisitions of U.S. companies and assets; and complex corporate restructuring. Meanwhile, according to a survey conducted by legal staffing firm Robert Half Legal (as reported by ), “Attorneys and legal staffers with experience in litigation, bankruptcy, foreclosures, corporate securities and patent proceedings are hot commodities in the down economy.”
And in yesterday’s NYLJ, an article by Paul Hastings lawyers Stephen Sonnenberg and Glenn Grindlinger suggests that there will be no shortage of work for employment litigators in 2009. Thanks to “deteriorating economic conditions and massive layoffs,” the authors observe, “employers will see a further increase in the breadth and amount of wage and hour litigation.” (Not to mention WARN Act suits by the growing stream of laid-off lawyers.)
Those attorneys whose primary experience lies in areas outside the new hot zones might grab a few pointers from Jones Day partner Steven Bennett’s tips on switching practice areas.
- posted by vera
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