The Voice of San Diego is out with an article about the impact the economic downturn is having on San Diego’s larger law firms. Nationwide, thousands of lawyers and support staff have been laid off, mainly younger associates that don’t yet have a book of business to sustain their own workload.
Luce Forward laid off 12 San Diego lawyers last month, and Cooley Godward, Paul Hastings, DLA Piper, and Latham & Watkins have all let lawyers go.
While the number of attorneys laid off is dwarfed by firings in other sectors, the law firm layoffs underscore the weakness in the economy because in past recessions, law firms have prospered in the “countercyclical” environment, because business is naturally more contentious when there’s less to share, and because lawyers are necessary to restructure failing corporations.
This downturn is different, it is said, because failing businesses aren’t reorganizing but liquidating, and those who survive are choosing not to spend money on legal advice or litigation. The greatest victims in all of this are the young lawyers and law students, who are burdened with huge student loans and dim job prospects.
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Walton Law Firm LLP is a small civil law firm in San Diego County representing individuals, families and businesses in cases of personal injury, nursing home abuse and neglect, real estate litigation, and estate planning. For convenience Walton Law Firm has offices in downtown San Diego, and in the North County.