The Lehman Effect–According to ATL Readers
Above the Law has posted the results of a reader survey. According to the respondents (who I believe were self selecting–i.e. this is not a scientific poll), lawyers in New York seem to be the most worried about the impact of the latest round of financial institution failures. Of the New York lawyers who responded, 55% felt that the demise of Lehman and of Merrill Lynch would have a negative impact on their careers. In Boston, it was only 31% and in Dallas, it was only 20%.
Given how much legal work investment banks and other financial institutions generate in New York, these percentages seem to be a good reflection of what is likely to happen (at least in my humble opinion.) There are going to be more layoffs in New York and more transactional lawyers will find themselves shifting over to bankruptcy practice. In contrast, large firms in Boston, are driven more by technology, venture capital and private equity than they are by large financial players like Lehman or Merrill Lynch (Although the mutual fund industry is very important in Boston.) Similarly, oil and gas plays a big role in Dallas.
So get ready to retool and look for opportunities to contribute to your firm, even if it means non client work. The end still seems a long way off.
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