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alstry (35.03)

HO OH NO!!!! Not the Lawyers

Recs

12

December 01, 2009 – Comments (4)

An American Lawyer survey of law firm leaders found that 40 percent of the firms had reduced starting pay for their associates, and 44 percent are considering cuts next year. Venable managing partner Karl Racine sees permanent change afoot. “With associate salaries there is no doubt there is a correction taking place," he told the American Lawyer (sub. req.).

Pay hits weren’t the only way associates suffered. Sixty percent of the firms had deferred associate start dates in 2009, and 43 percent expected to do so next year. The practice could become the norm, according to Davis Wright Tremaine managing partner Dave Baca. "It is my prediction that the industry is moving to a January start date, which makes a lot more sense," since it would come after year-end collections, Baca told the American Lawyer.

Cost cutting also spurred associate layoffs and delayed the implementation of technology upgrades, the story says. It’s also producing smaller associate classes. Seventy-two percent of law firm managers said they expect their 2010 first-year associate class to be smaller.

IF WE JUST CUT EVERYBODY'S INCOME IN AMERICA 50%.....THINK ABOUT HOW MUCH MORE COMPETITIVE WE WOULD BE??????

50% UNEMPLOYMENT AND 50% INCOME REDUCTION.....IF YOU ARE NOT READY.....YOU ARE NOT PREPARED!!!!!!

4 Comments – Post Your Own

#1) On December 01, 2009 at 5:08 PM, jddubya (61.66) wrote:

"IF YOU ARE NOT READY.....YOU ARE NOT PREPARED!!!!!!"

LOL - classic.  Yogi Berra'ish even.

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#2) On December 01, 2009 at 5:10 PM, alstry (35.03) wrote:

Sanofi-Aventis has confirmed that it's cutting back on sales, but no official word on just how many positions got the axe during yesterday's phone-call layoff marathon. "[A]ll I can tell you at this time is that this is an ongoing process," a spokesman wrote to BNet Pharma and Pharmalot. But on CafePharma, the consensus was that 1,200 to 1,300 sales staff positions in "general therapeutics" were cut, with up to an additional 300 reps on the specialty drug teams, or 20 percent to 30 percent, total.

http://www.fiercepharma.com/story/sanofi-cuts-1-500-sales-jobs/2009-12-01#ixzz0YTdM5WR3Sanofi had about 5000 reps prior to the cut.....WOW...30% of salesforce after cutting 15% earlier in the year.Thank goodness the recession is over.....if you are not prepard for a 50% income loss, you are not prepared!!!!!!!

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#3) On December 01, 2009 at 5:34 PM, Teacherman1 (62.19) wrote:

About one more year and I will be taking a 50% pay cut, when I retire from my 4th and last career.

Luckily I don't need it to live on now, so don't expect it to affect my life stye that much.

Live simply and within your means, and most financial problems go away.

JMO and worth exactly what I am charging for it. 

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#4) On December 01, 2009 at 5:45 PM, alstry (35.03) wrote:

Not if your expenses go up 100X and your income remains the same..........

TOKYO -- Chaos reportedly erupted in North Korea on Tuesday after the government of Kim Jong Il revalued the country's currency, sharply restricting the amount of old bills that could be traded for new and wiping out personal savings.

...

The revaluation replaces 1,000 won notes with 10 won notes, but strictly limits the amount of old currency that can be exchanged, news reports said.

100:1.

You had $100,000, you now have $1,000.

You had $100,000,000 (one hundred million), you now have one million.

Oh, and if you tried to cheat by taking it out of the system, only $40 of it is exchangeable - the rest is worth nothing.

http://market-ticker.denninger.net/archives/1685-North-Korea-and-Currency-Devaluations.html

None of this is hard to foresee....just hard to believe it is actually happening.

Welcome to Zombulation Nation.....1.01.10

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