Legal Marketing & PR

Economic Indicators are Positive for Legal Profession

By Larry Bodine, Esq.

New research shows that 3% growth is on the way for law firms, layoffs are dwindling and the Index of Leading Indicators finds that the recession appears to be nearing an end. 

An industry forecast by First Research Inc. shows that growth in the legal sector stabilizes in 2009 and turns into 3% growth in 2010.
 

Layoffs slowing down

The torrent of law firm layoffs has slowed down according to Lawshucks.com.  As of July 17, 2009 -- 11,265 people working in law firms have been laid off in 2009 (4,220 lawyers and 7,045 staff).  

Layoffs ramped up in January, February, and March, and then plummeted in the second quarter. The pace slowed (relatively speaking) in April and May, with more than 1,000 people laid off in each month. In June, layoffs slowed even further, likely the result of the arrival of summer associates and the run-up in the stock markets.

Recession's end is near

Finally, the July 25, 2009 New York Times stated, 'The American recession appears to be nearing an end.'

The index of leading indicators, which signals turning points in the economy, is rising at a rate that has accurately indicated the end of every recession since the index began to be compiled in 1959.

For the full story, visit the LawMarketing Portal.

Full post as published by Larry Bodine's LawMarketing Blog on July 28, 2009 (boomark / email).