How the Current Recession has Affected the Legal Industry

No matter what industry you ask, the current economic climate has affected everyone in America. There are very few industries that are recession-proof and it shows with condensed individual earnings, tremendous unemployment rates, manufacturers going out of business and more. The legal industry, while many alleged would be recession-proof because there will always be a need for lawyers, has also taken a hit. Here are a few positive and negative factors the present recession has affected the legal industry.
Law firms of all sizes and years of expertise closed their doors because of a lack of business or because higher management didn’t have the information on how to run smoothly to stay open.
Lawyers, legal assistants, management, paralegals, and among others were forced to take a cut in their earnings, give up bonuses, or were just laid off because of budget cuts and a low demand for work. And those people who were booted were directed to look into staffing agencies for full-time work or sought after higher education and refresher classes to make themselves more appealing to law firms looking to hire more workers.
There’s been a need for legal representation for people looking to be spoken for in court for financial and other legal causes. Big corporations looking for legal action alongside each other have also needed to allot lawyers to stand for them in the courts, keeping law firms demanding throughout the recession.
Paralegal staffing companies may have seen that they had to work with a smaller number of clients because they were either too frantic with other extensive cases or weren’t given enough resources to finish their work.
Those in the need for legal help are allowed to be choosy about which firm they would like to work with because lawyers are still fighting for their work and are battling with competing firms for their business.
Because of lower budgets, law firms had to cut down the kinds of benefits given to their employees, like ornate company excursions and parties, paid working meals, and extras that many of their employees were used to prior to the recession.

Posted in Law