Personal Injury Law

Hard time ahead for Lawyers?

By Edward Bills

More than three-quarters of lawyers in Massachusetts believe they will be hard hit by the recession and that the legal field will remain rocky for some time to come. That is the conclusion of a survey published this week by the Massachusetts Bar Association. The December e-mail survey of MBA members focused on how the current economic climate is affecting its members. Among the key findings:

78.5 percent of lawyers believe the entire legal profession will be affected by the recession.
73.2 percent say the legal field will continue to be rocky for a while.
48.6 percent expect to earn less in 2009 than they did in 2008.
46.6 percent blame financial institutions as the cause of the recession.
51.3 percent predict the downturn will not end until 2010, while more than 18.2 percent believe it will continue into 2011.

The bulk of those who responded to the survey have been in practice for more than 20 years and earn annual salaries of between $100,000 and $200,000. About a third of the lawyers who responded are in solo practices.

Full post as published by Bodily Injury Blog on February 16, 2009 (boomark / email).