Law Firms Also Hit by Recession

The one group that we thought would never feel the pinch of the New Depression has actually seen some stunning reversals lately. The New York Law Journal reports that profits at the Cravath, Swaine & Moore law firm fell 24 percent last year, and 16 percent at Milbank, Tweed, Hadley & McCloy. In Washington, the National Law Journal says some D.C. firms are actually having layoffs and in Silicon Valley venture capitalist favorite Gunderson is getting shaky. Over in the U.K., where all the hot new trends start, major firm Allen & Overy is restructuring and cutting jobs, and Thring Townsend Lee and Pembertons is closing offices. Depending on your point of view, this is either worrisome or hilarious. Maybe when we're inevitably sued for slander, we can pay our attorney in food stamps. Photo (cc) Brooke Novak.

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