Bryan Reilly(L) and Shawn Lehocky(R) of Pond Lehocky Giordano.Courtesy photos From a Workers' Comp Firm's Perspective: Ways to Weather the Economic Uncertainty Storm
As if law firm leaders didn't already have enough to worry about day to day, they must execute their strategic plans without having a sense of whether the conditions they're facing today will be the same in six months.
March 16, 2023 at 12:42 PM
11 minute read
Commentary
Depending on where you get your economic news, either the United States is (still) on the brink of a recession or the Federal Reserve has inflation mostly under control and the economy is poised for a banner 2023. Despite the difference of opinions economists and business leaders have about the U.S. economy, most of them would agree there is a fair amount of economic uncertainty out there.
Because of this uncertainty, blue chip companies outside of the legal industry like Amazon, Disney, Google, IBM and Microsoft have cut hundreds of thousands of workers. Many blue chip law firms like Cooley, Davis Wright Tremaine, Goodwin Procter, Shearman & Sterling, and Stroock & Stroock & Lavan followed suit, laying off attorneys and staff in recent months. Of course, many more law firms probably cut attorneys or staff as well, but the public will never know about it.
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