FU to the Lawyers
As you know....yours truly is an attorney.......many of my peers are complaining billing is drying up. You know when the carp are starving......there ain't much food left for the rest of the fish.....
From tonight's WSJ:
The economic downturn claimed another victim in the legal world when the partnership at Wolf Block LLP, a 300-lawyer firm based in Philadelphia, voted Monday to dissolve the firm.
Wolf Block, which had been a significant part of Philadelphia's law-firm community from its founding in 1903, had in recent months seen significant declines in two of its major practice areas -- real estate and public finance. Several key partners had left the firm following the failure of two highly publicized attempts to merge with other law firms.
In a statement, the firm blamed "a confluence of unfavorable factors" including the economic recession and the constriction of credit occasioned by the continuing banking crisis. The firm added that "continued efforts to finance the firm's operations in the face of these obstacles was unwise."
Based on my contacts in the profession....we should expect to hear more and more stories like this.....remember...these firms survived The Great Depression.