What doesn?t kill you makes you stronger

Layoffs, salary freezes, office closings, party trimmings … Every day, it seems, we read about more financial fallout among big law firms. It can all get a bit depressing.

For a slightly different perspective, it’s worth looking at what’s happening among some smaller firms. Of course, midsized or boutique firms aren’t immune to the economic crisis (e.g., Morgan & Finnegan), but as a recent article in The American Lawyer suggests, the lower overhead and relative flexibility of regional firms may put them in position to snag large corporate clients away from less nimble, national giants: “[F]or law firms that are willing, and able, to offer cash-strapped general counsel quality services at a lower price, the current crisis presents an opportunity for more business.”

Other opportunities lie in the solo realm. This week, The Recorder on some laid-off BigLaw lawyers who’ve since set up shop for themselves, while The National Law Journal some of “the risks and rewards of launching new firms.” If the comments on D.C. lawyer Carolyn Elefant’s blog, MyShingle.com, are anything to go by, this may in fact be the “best moment to start a new practice”. As one enthusiast argues, “We are witnessing history, folks. People are yearning for value and personal attention. This is evident all around us—look at all the Big Box stores closing. Solos and other small businesses can weather this storm. Although solo life is not easy, I consider myself very lucky right now.”

On a related, but perhaps less encouraging, note, an Above the Law thread asks just who are all these associates getting laid off—are they junior associates, mid-levels, seniors? It seems that many of the victims are first- and second-years—lawyers whose chances of launching a successful new start-up may be slimmer than those with more established practices and clients. (But for all those law school grads ready to take the plunge, Sameer Kumar, J.D., makes this “amazing offer” to share his secrets on “how to make a six-figure salary as a solo practitioner.”)

- posted by vera