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alstry (35.41)

FU to the Lawyers

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March 23, 2009 – Comments (7)

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.

7 Comments – Post Your Own

#1) On March 23, 2009 at 7:40 PM, OneLegged (< 20) wrote:

Those firms may have survived the Great Depression, but not with the current management.

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#2) On March 23, 2009 at 9:23 PM, alstry (35.41) wrote:

True...but logically extended....we could say that about the entire stock market and every publicly traded company.

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#3) On March 23, 2009 at 9:42 PM, alstry (35.41) wrote:

GET READY FOR LOTS OF WARNINGS!!!!!!!!!!!!!!!!!!!!

SAN FRANCISCO (MarketWatch) -- Teradyne Inc. said late Monday it's revising guidance for the quarter ending in April, and will take steps to cut roughly $50 million in annualized costs. The automated test equipment maker said it now expects sales for the quarter will be between $115 million and $120 million, and its net loss per share excluding special items will be between 40 and 42 cents, while its "sales in the second quarter of 2009 will be about flat with the first quarter." In a statement, the company cited global economic conditions and flagging consumer demand, which are "causing our customers to reduce their test needs to unprecedented levels." Shares of Teradyne were flat in after-hours trading at $4.48.

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#4) On March 23, 2009 at 9:49 PM, lquadland10 (< 20) wrote:

no I did not know you are an attorney.

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#5) On March 23, 2009 at 9:58 PM, OneLegged (< 20) wrote:

My point being that after a period of nearly 80 years comparing a company to its previousd self is a bit akin to an apple vs. an orange.

That said; Your point was not wasted. 

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#6) On March 23, 2009 at 10:02 PM, OneLegged (< 20) wrote:

My point being that after a period of nearly 80 years comparing a company to its previousd self is a bit akin to an apple vs. an orange.

That said; Your point was not wasted. 

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#7) On March 23, 2009 at 11:47 PM, Eudemonic (67.22) wrote:

I'm at a loss to name any corporation or enterprise that's been around for 80+ years. The one's that come to mind (Ford, GM, Kodak) are on their deathbed. The exceptions being Coca-Cola and Kikkoman Soy Sauce which have been successful at rotting humanity's teeth or making them thirst for Coke for quite a while now. It seems that the laws of economics apply to lawyers too...Maybe lawyers in the food industry have a sportin' chance.

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