Law Firms Buying Cheaper Gifts, Wine Shop Owner Says

Many companies are cutting back on holiday gifts for their employees, and law firms are no exception.

Chris Adams, the executive vice president of Manhattan wine shop Sherry-Lehmann, told the Associated Press that law firms are among the customers trading down to cheaper items. "We're seeing more interest in less expensive items as the economy struggles," he said. Real estate companies and Wall Street firms are also trading down, Adams said.

The observation isn’t surprising, given a recent survey by the American Express OPEN Small Business Monitor. It found that only 29 percent of businesses surveyed in October planned to give gifts to employees, compared to 46 percent who had such plans in August.

The news comes as speculation increases that law firms will also be scaling back end-of-the-year bonuses for associates.