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Law Practice Management

Times So Tough, Atty Had to Lay Off Wife; Others See Business Boom

Posted Apr 7, 2009 5:54 PM CST
By Martha Neil

The economy is so dismal that one of the biggest and best-known law firms in Florida, 1,150-attorney Holland & Knight, cut 70 attorneys and 243 staff members in two rounds of layoffs last May and last month. Meanwhile, at one of the state's smallest practices, Hollywood real estate attorney Fred Hochszstein had to let his own wife go.

But some local firms are still thriving, even as a legal consultant predicts ongoing difficulty for many in the legal profession in South Florida, reports the Miami Herald in a lengthy article on the state of the legal economy there.

''Before this is all said and done, law firms are going to learn a painful lesson, which is diversification,'' Joe Ankus of Ankus Consulting in Weston tells the newspaper. "The boutiques who specialize in corporate and real estate work and didn't save for a rainy day, they're feeling pain. There is no question there are going to be more firm failures, attorney layoffs and a trend toward marketplace destruction."

Who's doing well right now? Plaintiffs lawyers, litigation boutiques and those benefiting from Miami's role as the gateway to Latin American entities involved in United States enterprises, the Herald reports.

Business is booming, for instance, at 17-attorney Astigarraga Davis, which specializes in international arbitration, fraud, and financial services litigation and asset recovery. Managing partner Jose Astigarraga describes the firm, which also represents the government of China, Norway, Vietnam and some countries in Latin America and the Caribbean, as "'ultra, ultra busy."

Comments

1.

B. McLeod
Apr 7, 2009 10:14 PM CST

Wow, that Hochszstein is one hard businessman.

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2.

d
Apr 10, 2009 1:53 AM CST

Astigarraga Davis will now be hit by 3000 resumes within the next 4 days.

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3.

Tax?
Apr 10, 2009 6:24 AM CST

Was Hochszstein’s axe some spiffy tax move that I fail to recognize?  Or is he just a mean SOB?

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4.

Bill Dugan
Apr 10, 2009 6:53 AM CST

I would keep my wofe on the payroll. Imagine going home to the wife after having laid her off?  No chance for afternoon delite either, if the spouse is laid off.

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5.

Dan
Apr 10, 2009 7:15 AM CST

I bet she was not totally taken by surprise.  I doubt that they hadn’t talked about it at home.  Plus, I think that it could have been the right choice.  He’s still got a job to support them, and maybe they were both looking out for other employees who would not be so lucky to have another income.  I bet they were sacrificing a bit in order to help other employees.  I applaud them if that is the case.

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6.

JFD
Apr 10, 2009 7:51 AM CST

d: Best comment for this article.
Although you may have underestimated that 3K number and the time period.

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7.

GLL
Apr 10, 2009 8:15 AM CST

FH, is not an SOB, he is a very smart man!  She gets to collect unemployment, do more things around the house and can do work for him under the table!  Smart man, I tell you!

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8.

Diamond Jim
Apr 10, 2009 8:17 AM CST

If Mrs. Hochszstein is interested in a job in the midwest we have openings. Have her send pic.

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9.

Raleigh
Apr 10, 2009 8:32 AM CST

In a small firm, when cash is tight, everyone gets a pay check but the principals put theirs in a drawer.  I suspect she hadn’t been able to cash a pay check in some time, and they didn’t want to keep paying the government for the 941s, when she wasn’t cashing the checks.

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10.

Kalifornia Arnold
Apr 10, 2009 9:10 AM CST

Gives a whole new meaning to “laying down the law”—-Safe to say there will be no more legal mergers in that household

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11.

AD
Apr 10, 2009 9:43 AM CST

As a matrimonial specialist, I offer Mrs. H my card.

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12.

R
Apr 10, 2009 9:52 AM CST

This article’s headline sounds like a Jay Leno joke. “Ahhh, the economy’s bad, Kevin…”

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13.

R
Apr 10, 2009 9:53 AM CST

Trying to picture that exit interview.

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14.

Ashtar94
Apr 10, 2009 10:50 AM CST

GLL, tell me more about this “work under the table” that the wife will get to do for him.

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15.

Al Veoli
Apr 11, 2009 12:58 PM CST

I can respect a guy who fires his wife.  It’s bad einough ot have to put up with the wife AFTER coming home from a hard day @ work.

This guy decided, rightly, that he couldn’t deal with her both AT and AFTER work. 

Therefore, the decision was to get ridi of her for the day.  Once things get lousy @ night, he can divorce her entirely.

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16.

Anon
Apr 12, 2009 10:32 AM CST

The key portion of the title that should be focused on by the reader is the obvious “Others See Business Boom”. 

No need for people to panic.  Rather, it is time for people to keep their heads straight and plan well….and network

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17.

LA
Apr 14, 2009 7:14 PM CST

Al Veoli - if you’re so damn miserable, why don’t you get a divorce? I doubt your wife would be upset.

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