Law firms are busy now, but it may not be long before they start feeling the pains of the credit crunch, according to the article "With Dip in Economy, Are Associate Layoffs on the Horizon?" by Gina Passarella at Law.com:
"Future layoffs are a realistic possibility, and they would come in the areas of corporate finance and real estate," Duane Morris Chairman Sheldon Bonovitz said. "This is by reason of the turmoil in the debt markets which has made finance of many transactions in the pipeline problematic or not feasible."
The firms that will be hit the hardest, he said, are ones focusing on financings and securitizations as well as leveraged buyouts. Litigation, bankruptcy and employment law would then pick up, Bonovitz said. Practices like health care, intellectual property and energy would probably be immune from any hits, he said.