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How the Current Recession has Affected the Legal Industry

By Edited Jan 15, 2016 0 0

No matter whom you grill, the recent economic climate has affected every person in America. There is not a single type of business that is recession-proof and it shows with reduced individual earnings, overwhelming unemployment rates, manufacturers going out of business and more. The legal business, while many supposed would be recession-proof because there will always be a want for lawyers, has also taken a hit. Here are a number of positive and negative factors the present recession has influenced the legal industry.

  • There's been a query for legal representation for people looking to be spoken for in court for monetary and other legal causes. Big corporations seeking legal action alongside each other have also needed to assign lawyers to stand for them in the courts, keeping legal project management firms busy throughout the recession.
  • Law firms of all dimensions and years of experience shut their doors due to a lack for business or because upper management didn't have the knowledge on how to run smoothly to stay open.
  • Lawyers, paralegals, legal assistants, management, and among others were forced to take a cut in their pay, give up bonuses, or were just laid off because of finance cuts and low demand for work. And those people who were laid off were advised to look into staffing agencies for full-time work or sought out higher education and refresher courses to make themselves more alluring to law firms looking to hire more personnel.
  • Lawyers may have seen that they had to operate with fewer clients because they were either too frantic with other drawn out cases or weren't given enough resources to finish their work.
  • Those needing legal help get to be choosy about which firm they choose to work with because lawyers are still fighting for their work and are fighting with competing firms for their business.
  • Because of small budgets, law firms had to cut down the sorts of benefits given to their employees, such as paid working meals, ornate company excursions and parties, and perks that many of their employees were used to before the recession.


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