BigLaw continues to bleed, law schools in trouble, news on the stimulus package and the NAFLP has a Web 2.0 teleclass for you

A mixed collection of articles of interest:

Brutal Week May Not Be the End of Law Firm Layoffs

By the close of business on Friday the 13th, more than 1,100 lawyers and staff in the U.S. had been fired or asked to consider buyouts. Why so much pain in one week? Several theories are making the rounds, including the rocky reception of the federal stimulus package and the already grim balance sheets for 2009. Unfortunately, more bad news may be on the way. One consultant says last week’s layoffs will accelerate other firms’ decision to lay people off, and law firm leaders aren’t offering much encouragement.    For full article click here.

The Coming Law Firm Hiring Crisis

Not that we care but it is rather funny: as law firms consider the prospect of pay cuts, delayed starting dates, sharply reduced offers and more layoffs, a time bomb is set to go off this fall, when the same firms that recently laid off lawyers are due to start welcoming large groups of new lawyers, for whom they will have too little work. This does not seem to be a sustainable situation. If it’s not, it will, at a minimum, force law firms to make a harsh choice between the lawyers they already have on staff and the ones they’re about to welcome.  For full article click here.

So what did BigLaw Earn in 2008?

American Lawyer has posted the preliminary, partial 2008 financial results for The Am Law 100, the highest-grossing firms in the United States. Gross revenue numbers are for legal work only and exclude disbursements. They are rounded to the nearest $500,000. Head counts are full-time equivalents, as of August 31, 2008. To be eligible for The Am Law 100, a firm must maintain a plurality of its lawyers in the U.S.   For full story click here.

 Final text of stimulus bill

 The White House posted the final stimulus bill and Federal contractor companies and legal staffing agencies are pouring through the bill to search for potential legal services contacts.  Several have contacted us with respect to upcoming bids which we hope will generate work.  For a copy of the bill click here. 

Meanwhile ….  Foley Hoag Forms a “Stimulus Plan” Practice Group

Foley Hoag has formed an interdisciplinary team to help clients get stimulus plan money from the U.S. government for capital projects and other qualified programs or projects. The Boston-based firm’s government relations practice formed the team with attorneys from four other practice groups, including energy technology and renewables; environment; infrastructure and privatization; and life sciences.  For full article click here.

The Financial Crisis and Law Schools

The Adjunct Law Prof Blog  has a story with a series of links reporting on the effect of the financial crisis on law schools.  The blog links to an ABA article which discusses how some law professors and administrators are facing unpaid leave or frozen paychecks as schools grapple with reduced budgets.  For link click here. 

How to Market a Freelance Practice Using Blogging and Social Media        

The National Association of Freelance Professionals (NAFLP) has a teleclass this Thursday, February 19^th, that will assist you with developing your business as a freelance legal professional.  We often speak to members about the need for them to treat their freelance work as a business and market it appropriately.  This teleclass will assist you in learning how to utilize internet marketing to promote your business.   For details click here.