CRISIS IMPACT ON LAW FIRMS

Once a month, “Practica tu Derecho”, will talk in English. If it is successful, we will increase the number of

subjects in this language. The only reason is to reach more people.

Society is right now in a very complicated and different situation than years ago. Of course, economic problems don't affect only on Real Estate and automobile sectors or Financial sub-primes excesses. Law Firms have also something to say. To bear the situation, some of them have made many movements and they don't want to be expired.

First of all, law firms are hiring less expensive employees. Young lawyers that work all day from sunrise to sunset and they don't earn enough money. They can't support a family even living in a rented flat. This is normal in smaller firms.

Moreover, most of them hold many teleconferences for clients to review developments with bailout plans or, talking about outsourcing, clients are unwilling to accept billing rates of $300-400 per hour for document review that can be completed by lawyers working for outsourcing firms at a fraction of the cost.

Also, we have to remember that Governments of different countries have carried out an intervention in the legal profession. How will it affect? Does anybody know the answer?

The future of the profession after the crisis is uncertain. Nowadays, there are two different opinions about the situation in the legal sector. On the one hand, some people believe the current crisis will alter, and maybe end, the legal profession. On the other hand, other people believe that when the economy grows again, the basic law firm model will continue unchanged.

Obviously, and that's a fact, most of the big law firms have a presence in every region in the world. The globalization can't be stopped and although we can't know the future, I would like to ask to our readers:

Will Law Firms achieve their purposes?