Small Firms & Solos Feel the Financial Squeeze

Law.com has a story about some who are being adversely affected by the economy:  Small Firms & Solos Feel the Financial Squeeze.

The article stars:

Feeling the pinch of erratic cash flows, many small firms and solos are slicing costs to keep their bottom lines in the black.  The economic downturn is squeezing firms of all kinds, from bread-and-butter general practices to those that provide more specialized "niche" legal services.

I have already talked about how the economy appears to be affecting lawyers.  I am firmly convinced it is a mixed bag and our poll results indicate that some lawyers are doing worse, but a nearly equal number are doing as well or better than the past. I think it is important to keep in mind when reading such articles. that while a real and sizable portion of lawyers, there are also lawyers doing very well in this economy.  it is not entirely gloom and doom and solo and small firm lawyers may be in a good position because their overhead is generally far lower and they can be more nimble than big law firms.

For the full article:    Small Firms & Solos Feel the Financial Squeeze.

- Peter H. Berge

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