Bank mergers and large companies leaving town mean fewer clients, greater competition, and "too many lawyers," according to Paul Clifford, a principal with Law Practice Consultants of Boston.
Experienced lawyers with revenue-producing client bases have the greatest value to employers.
Since paralegals do many tasks that attorneys might also perform, at lower pay, they are doing fairly well in companies that specialize in hot fields like intellectual property. Litigation, once a growth area for paralegals, is down across the board, however, as businesses cut court costs through arbitration or medication, Clifford said.
On the brighter side, it's not the worst of times for lawyers, either. There are options: readjusting your sights to smaller firms, smaller deals, and smaller fees; focusing on healthy fields like patent work; seeking a second degree, such as in international relations or technology area; or learning to speak Mandarin.
Find more information at the National Association for Law Placement, www.nalp.org, or Massachusetts Lawyers Weekly, www.masslaw.com.
