You know things are bad when even lawyers are getting laid off,” introduced a November 2008 International Herald Tribune article exploring the influence of the worsening economy on the legal sector. Tracing back to December 2007 — the “birth” of the current recession — the legal industry has cut 14,500 jobs, according to the U.S. Department of Labor statistics. And the dismal trend is expected to continue.
Despite these difficult financial times, many attorneys are finding a silver lining and are opening their own law firms. Whether these legal professionals are forced into startup ventures as an alternative to unemployment, leaving their high-profile, large law firms because they see the writing on the wall, or simply seizing the opportunity to become their own bosses, there is no doubt today’s economy is driving the surge of law firm startups.
