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What to Do If We Enter a Recession?

The media has an uncanny way of playing on our collective psyches. All the doom and gloom about the economy and the dreaded "R" word is enough to make anyone expect a pink slip. But the reality is far more complex. Even in a recession, there are winners and losers. In the legal world, some lawyers will be busier, while others will be unaffected. I continue to receive phone calls from client firms who need to hire more help.

Of course if your specialty is real estate securitization, you may have already been sent packing by your large law firm. The part of the economy that is dependent on a healthy residential real estate market is clearly in trouble. So what to do? How do you make sense of what is happening at your own firm? My colleague Carey Bertolet has some good answers. This may also be a good time to read a piece I wrote about the demise of Testa Hurwitz, a high flying Boston firm that died after the dot.com bubble burst.

P.S. The image above comes from one of my favorite vendors of corporate parody, Despair.Com . Click on it to take a look at their "despairwear tm".

Full post as published by Counsel to Counsel on February 06, 2008 (boomark / email).