Law Practice Management
March Mayhem: Law Firm Layoffs in 1 Week Total Nearly 1,500
Posted Mar 4, 2009 5:59 PM CST
By Martha Neil
Updated: In a sign of the troubled times, law firm cuts are getting deeper and more frequent:
Late last week, Latham & Watkins made a stunning announcement that the firm is axing 190 associates and 250 staff.
On Tuesday, Orrick announced it is cutting 100 associates and 200 staff, following a much smaller group of layoffs there last fall.
And on Wednesday, the ax began to fall even faster. Six well-known law firms announced attorney and staff layoffs that brought the total of lost legal jobs, just for that one day, to more than 500.
On Thursday, over 200 more layoffs were reported at three additional law firms.
This all adds up to a total of not quite 1,500 law firm jobs eliminated in a little less than a week. And, of course, the total could well be higher if so-called stealth layoffs were made by other law firms also struggling to cope with dismal economic conditions. Although the Latham layoffs properly are included in last month's total, it appears that March mayhem is well under way.
Wednesday's carnage began with word of job eliminations at Clifford Chance (up to 115 London staff after an earlier cut of some 80 London attorneys; no word on those in the megafirm's international offices); O'Melveny & Myers (about 90 attorneys and 110 staff members); and, according to yet another ABAJournal.com post Wednesday about snowballing staff reductions, the axing of approximately 78 support positions at Shearman & Sterling and another 100 or so at Dewey & LeBeouf.
Later Wednesday, two well-known regional U.S. partnerships said they were making layoffs, too: Connecticut-based Wiggin and Dana is axing 14 attorneys, in addition to the 14 staff job cuts announced in January, according to an internal memo published by Above the Law. Meanwhile, Kansas City, Mo.-based Stinson Morrison Hecker laid off 30 staff members (but no lawyers) on Monday, reports the Kansas City Business Journal.
On Thursday, news that Pillsbury Winthrop Shaw Pittman is laying off about 55 attorneys and 100 staff was soon followed by additional news of layoffs at Arent Fox and Bingham McCutchen.
And layoffs continued after this ABAJournal.com post went up; by mid-afternoon on Monday, March 9, the tally had rocketed to nearly 2,500 as five more major firms reduced almost 1,000 people from their attorney and staff rosters. (Midway through the day, a total of 731 of legal jobs had been lost on Monday alone.)
And by the end of the day on Tuesday, March 10, the total was nearing 2,700.
A list compiled by American Lawyer says Latham and Orrick set benchmarks, respectively, for making the most law firm layoffs numerically and laying off the highest percentage of law firm employees, as discussed in an earlier ABAJournal.com post. Some of the other noteworthy law firm layoffs included on the Am Law list took place well before March.
Related coverage:
ABAJournal.com: "January’s Carnage: 1,487 Law Layoffs"
ABAJournal.com: "February Free Fall: Major Law Firms Lay Off Another 2,000-Plus Attorneys and Staff"
ABAJournal.com: "Law Firm Consultant: ‘I’ve Never Seen It This Bad’"
Last updated at 5:25 p.m. on March 10 to include include updated information from subsequent ABAJournal.com post about latest law firm layoffs and new layoffs total.
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Comments
B. McLeod
Mar 4, 2009 7:37 PM CST
In the February 26 “February Free Fall” story, the 20th poster, known only as “attorney,” actually foresaw the coining of “March Mayhem.” Round and round we go, and still another 27 days to think of a good “J” word for June and July. Perhaps “Jettison,” “Jeopardy” or even “Judgment Day” would be appropriate.
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brad
Mar 4, 2009 7:57 PM CST
It is sad when you would care to remember said post and brag about it.
But then again, it is sad that I care enough to point that out.
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B. McLeod
Mar 4, 2009 8:10 PM CST
No, I think I “lauded” it (couldn’t really “brag,” as it was not my post). But, I think that poster deserves some credit for his foresight. Do laud, oh, do laud. (Do you remember me?)
Well, enough of that.
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JD/MD
Mar 5, 2009 7:21 AM CST
For those who are burned out with law
http://www.discovernursing.com
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Peter
Mar 5, 2009 12:23 PM CST
Why can’t Obama do anything to fix the economy. I am losing faith in him. I don’t believe a word of what he says anymore. I don’t think he has a clue. Too bad Hillary isn’t running this show. At least then we would have Bill to back her up.
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Susan
Mar 5, 2009 1:03 PM CST
Comment removed by moderator.
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Constantine
Mar 5, 2009 4:10 PM CST
We cannot expect Obama or anyone to fix the economy “overnight.” Obama is inherited the problems rooted far deeper and complex. If we agree that POWER CORRUPTS, now we see MONEY CORRUPTS. Our constitution regulates and limits the use of power, perhaps we should do the same with the ways of getting money (wealth).
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Voice of many
Mar 6, 2009 3:29 AM CST
It seems Constantine has hit the nail on the head with Obama. He in fact is attempting to use the government to limit the ways of getting wealth by providing for a distribution of the same from those who create and earn it to those who do not. I don’t know if you’ve seen your income tax changes this year but many on this site will see the impact of Obama in the near future—if not overnight.
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L
Mar 6, 2009 7:19 AM CST
I find is it funny that educated people expect “Obama” to fix the economy. He can’t fix anything, because all he knows how to do is tax and spend. Companies are running scared because this Obomination of a President is threatening to tax the very people who keep this country in wealth. Obama can’t fix the economy, he can’t even run the country, he can’t do anything expect throw parties at the white house and steal the tax payers money. If you think it is bad now prepare for 4 years of things getting worse. I am ashamed of America for the first time in my life.
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OEG
Mar 6, 2009 7:25 AM CST
Dear L
Feel free to leave the U.S.A.. Do us all a favor. Please.
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Perry Mason
Mar 6, 2009 7:31 AM CST
Be afraid…....Be very, very afraid!
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Einstein
Mar 6, 2009 7:39 AM CST
This should be no surprise to the associates getting laid off. It didn’t “shock” you when your starting salary with zero experience is $170,000? How can they pay that, and your benefits, and the NY/DC/LA office in the swanking high rise and make money off you? These firms are running on razor thin margins with associates. The slightest downturn and it throws everything off. It probably takes $400K in receipts just to break even with 1-4 year associate. The good news is that the job you had was not real to start with, just fluff from the banks emptying their vaults. All the young lawyers need to get together as plaintiffs in a class action against their law schools. Maybe get back some of the money you wasted…
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sdw
Mar 6, 2009 7:43 AM CST
As an attorney who has been out of work and searching for a job for the last four months, I’m getting really tired of opening my email each Friday morning to the ABA Journal’s latest count of how many have joined the ranks of the unemployed. It’s not only depressing, but discouraging to the job search. Perhaps I should quit subscribing until things start to turn around. Surely there is other news in the industry to report.
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jose
Mar 6, 2009 7:47 AM CST
Obama is responsible for the biggest wealth distribution and decrease in liquidity in history.
Everything Obama touches or says he is going to fix gets even worse.
How do we recall the President?
Are we stuck with Obama for 4 years?
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gea
Mar 6, 2009 7:55 AM CST
Number 5 is fantazing, how can a president fix an economy iin less time than it takes to build a 7-11, particularly an economy that has been tanking for 8 years? Please be realistic number 5.
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old dirt lawyer
Mar 6, 2009 7:59 AM CST
I am amazed at the continual postings attacking President Obama for ruining the economy. He has been in office 45 days, folks, remember that, and his proposals, not all of which have been enacted, have not even had a chance to get underway. Yes, I supported him and voted for him—I think he is proposing (in complete grammatical sentences that add up to logically organized paragraphs with actual ideas in them, unlike certain a former occupant of the White House) real solutions to the problems, not just bemoaning or blaming, and the cries of “socialism” are bogus…most of the wealth sharing is in favor of big corporations, as is typical in this country. Give the guy a chance. There, I’m feeling much better now.
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JDRN
Mar 6, 2009 8:15 AM CST
#4 Catch a clue if you think lawyers are burned out try working 4-5 12hour night shifts in a busy ER. Everyone disrespects you especially those with MD behind their name. The only good news is that I can go back to that hell if I get laid off, but only until the economy improves.
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HT
Mar 6, 2009 8:24 AM CST
Yea Obama fix anything he is the freakin problem. He is against capitalism and is a freakin socialist. We see what socialism does for the market. Obama is not giving me one tax break because I am “rich.” Obama is trying to look out for the loser americans that DO NOTHING to drive our country. The rich pay all the taxes in this country and if Obama should be careful not to bite the hand that feeds him. In today’s world, you can pretty much go to any country and have all the amenities you have here if you have a little wealth. Obama’s spending spree and tax policy will chase the wealthy away from this country because they will be sick of paying for handouts to loser americans who no matter what will be in the same position.
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government lawyer
Mar 6, 2009 8:25 AM CST
It’s hilarious that you all want to blame Obama, who has been president for less than 4 months, for the economy that little Bush left us with. Perhaps all of you overpaid, under experienced (how many of you actually get to practice law - you know not just doing research for a partner - before you are a 5 or 6th year associate???) private law firm attorneys need to ask yourself do you really need $175K a year to live? Maybe that’s the real problem with this country. As Americans we are overindulged and a have unnecessary sense of entitlement just because.
Well the bottom line in this - for all of your Republicans out there - the only way Capitalism can survive is if you have a thriving middle class. Or put more simply, for 5% of the country to remain overindulged and unnecessarily compensated you must ensure that the majority of your society can meet its basic need (i.e., middle class—a comfortable home, a decent car, and a few extra dollars for leisure). When a government (i.e., the one created by little Bush) enriches its 5% wealthy at the expense of the majority of its middle class, what you will eventually be left with is socialism. You can’t take a majority of society who is used to having something and strip them of everything (i.e., foreclosures and reposessions as a resutl of massive deregulation that allowed people to think they could afford more than they really could) and not expect them to passively revolt. Eventually those same middle class people that supported capitalism (and the idea that they too might one day move into the 5% wealthy category) will eventually support socialism, because its far better to always have something (i.e., the basics) and never risk losing it all then it is to have something and leave in constant fear of repeating our current times.
So hey, to all of you Obama critics you only have your old President to blame. Obama is trying to take a horrible situation and make it tolerable and that can’t be accomplished over night. Get a clue, the best economic times were during the Clinton administration where he worked to ensure that everyone had something. In 8 years, Bush ERASED every ounce of progress this country made. Unfortunately, its going to take extreme measures to get us back on track. But again, you Republicans cared more about Clinton’s personal life and decided it was time for a “moral” President and what you ended up with was perhaps the most immoral self-centered selfish government this country has ever seen and now we all have to pay the consequence.
But hey - I do feel bad for those of you are unemployed as a result of the economy (well if you voted for Bush, then not so much). All I can say is please don’t start trying to compete for the highly coveted government jobs…after all we willing accepted lower pay for civil service and not because we had no other choice. Stop sulking - you are ATTORNEYS - who else has the educational training to fix this country—maybe its high time you actually put those degrees to work!
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Stone
Mar 6, 2009 8:31 AM CST
Making progress on the way to 10k lost in ‘09.
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JDMD
Mar 6, 2009 8:34 AM CST
#17 - my only point is that there are job openings galore in the medical field. We all get burned out no matter what field we are in.
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shariff
Mar 6, 2009 8:36 AM CST
I am glad Obama is going to take away the money from the rich partners at Big Law and give it to those of us struggling unemployed lawyers. Maybe when the rich greedy partners only make $250,000 a year, the middle class can come back to prosperity.
We need unions at law firm so the associates don’t keep getting screwed by the partners.
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Tim
Mar 6, 2009 8:38 AM CST
In 8 years, Bush ERASED every ounce of progress this country made.
lol. We are at the same economic level that we were with Clinton. These are glory days just as they were with Clinton. Stop complaining. The dow is today what it was under Pimp Clinton.
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government lawyer
Mar 6, 2009 8:43 AM CST
#23 are you clueless??? Who the heck is talking about the dow? Foreclosures are sky rocketing. Unemployment (hello have you read the article) is sky rocketing (especially for professionals). People have lost TONS of money in the stock market (some their entire retirement). The good ole USA dollar is worth crap on the exchange. Quite frankly these are very embarrasing time for Americans. But you reap what you sow…so by no means am I suprised and happy that my motto has always been to live beneath my means. So while I too have lost a few dollars in my TSP, it hasn’t devestated my day to day living—though I suspect most Americans can’t say that.
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Jackie
Mar 6, 2009 8:49 AM CST
#19 BRAVO, very well said!
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thomas
Mar 6, 2009 8:50 AM CST
I agree. Hopefully, Obama will change the law to let the professional class form a union. Professionals have no protection from rich CEO’s, Partners, and the managment that runs the slave camps at hospitals, law firms, accounting firms etc.
Just because we have a degree doesn’t mean we should be treated as slaves and then laid off. It is time to allow every job in america to be unionized.
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jason
Mar 6, 2009 8:52 AM CST
#19
Keep standing in line for your next handout. It is lazy people like you who depend on others for their job or their welfare checks that are what is hurting America.
The rest of us will go out and create wealth, jobs etc on our own. We will not wait for an Obama handout. There is much wealth to be made in America during times like these. This is when the smart, the creative, the hard working showcase their talents and create enormous wealth while the whinning, lazy people rot in umeployment lines and complain about the size of their 401k.
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Patrick in Texas
Mar 6, 2009 9:00 AM CST
Black Swan No. 1-Severe Recesssion
Black Swan No. 2-Arrogant, but naive, administration with no idea how the private sector works.
Prognosis-Very grim
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Stevie B
Mar 6, 2009 9:03 AM CST
For all those laid off
With the cramdown bill in progress:
a. RUN to the CLE programs
b. Study bankruptcy law & foreclosure law
c. change your speciality for the duration, and
d. hang a shingle in depression-oriented line of work.
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sunnyinohio
Mar 6, 2009 9:04 AM CST
Ah, the blame game, plenty to go around. Here is a visual to consider. Everyone, including the bar, sitting at a giant conference table in the Hall of Mirrors at Versailles, and pointing fingers at another individual or individuals in the room concerning who is to blame for our, ahem, predicaments. That means at a minimum the pointers are pointing at two.
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GET REAL
Mar 6, 2009 9:16 AM CST
the BUSH Administration WARNED Congress about the sub-prime mortgage problem and guess who blocked it? THE DEMOCRATS, who were getting contributions from the companies getting rich off of the poor who shouldn’t have been given mortgages in the first place!!!!
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government lawyer
Mar 6, 2009 9:21 AM CST
#27…handout? HA - what a joke. Somehow I seriously doubt I have ever recieved a handout with an undergraduate degree from a top 25 University and a JD from another top 25 University that mommy and daddy didn’t pay for me to get.
Lazy? What a joke! Somehow I doubt I graduated in the top 25% of my class from both Universities being lazy. Somehow I doubt it’s possibly to be lazy when I have litigated over 35 cases on a weekly basis. Somehow I doubt it’s possible to be lazy when I am willing to work the same long hours as private firm attorneys for a forth of the pay because I actually believe in helping people (crazy me, I thought that’s why most people went to law school - make no mistake I realized halfway through 1st year that was a bunch of crap).
But yes - please go out and “create” wealth. As if that’s even a reality. Please continue to think that your existence and ability to survive exists independent of others. Please keep up the good work that has you in the exact position you are in today. And I will continue to use all of my talents - because make no mistake I am highly qualified and darn good at what I do—to serve the American people who actually make this country go around (you know the ones you so quickly cast off lazy). Maybe you should ask yourself exactly how much money should it take someone to be happy? Or better yet, does money really equal happiness? Hmmm, considering how many miserably depressed rich people there are I think not.
Don’t get me wrong - do I encourage and support people acquiring wealth? Absolutely! However, when it’s at the expense of someone else - ABSOLUTELY NOT. Unfortunately Bush’s politics supported and ecouraged the 5% of the wealthy to increase their wealth at the expense of the average American. And Jason, make no mistake the only way you are able to go out and achieve wealth (by all of your hard work) is because most people are content with not being wealthy. Get a clue - everyone can’t be rich…it’s simple impossible. So maybe you should be greatful that someone out there is (as you call it) lazy. It takes all kinds to make the world go around—imagine if every little boy and girl wanted to grow up to be lawyers, doctors and engineers…who would build our houses? or fix our plumbing? or pick up our trash? Imgine if it’s those same people you cast off as “lazy” just because aquiring wealth isn’t the ultimate goal in life. JUST IMAGINE!
#29 - GREAT ADVISE. The point is always to stay current and a have something to contribute to society.
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Jason
Mar 6, 2009 9:31 AM CST
#32
I read rich dad poor dad when I was a kid and I did not want to go to school and get a good job like you have with the government so I could have my pension for life, free health care, etc., unlike the working class of America who keep getting screwed.
As far as who is rich, that is not the business of government. Who cares how much I make? That is not any business of Obama or his tax dodging criminal goons that Obama appoints to run the Obama circle of corrpuption. I mean government.
The guy making $25,000 should pay the same tax as the guy making $250,000. Just because I work harder than you, doesn’t give you the right to take more of my money in taxes.
Obama’s number one goal as president is to steal from those of us who have and to give it to those who will not work to obtain what we have.
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Real Lawyer
Mar 6, 2009 9:32 AM CST
Stopped at #12—Einstein—
EXACTLY!!! Do you really think it should cost a client $500 an hour or more to review a contract—I do it for free almost every day!
With exception to suing your law school—
the argument they have YOU’RE NOT ENTITLED TO A JOB LIKE THAT!!!!
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Jim
Mar 6, 2009 9:42 AM CST
Is anyone else offended by the apparent decision of the ABA Journal to practice yellow dog journalism in its breathless and ghoulish presentation of the monthly layoff totals in the profession?
These are ugly times but I’m not convinced that the latest body count is the most important issue facing our profession.
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sally
Mar 6, 2009 9:45 AM CST
Didn’t the ABA approve the outsourcing of legal work to India and other third world countries?
Aren’t they responsible for this mess then?
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goverment lawyer
Mar 6, 2009 9:47 AM CST
#33 - I too read rich dad, poor dad and make no mistake I don’t consider myself poor. Am I wealthy? No, but poor - far from it. I make more than enough money to live an extremely comfortable life. I own property, have enough going into retirement that I am not stressed about the losses I have incurred, and have enough left over to travel when I want and purchase the things that I like. So see my point is that you don’t need to be “wealthy” to have all of that. And you really don’t need much more than that to be happy…unless you are fundamentally empty on the inside and the only thing that justifies your existence are the extra zeroes in your bank account.
And see this is where your thinking is flawed “The guy making $25,000 should pay the same tax as the guy making $250,000. Just because I work harder than you, doesn’t give you the right to take more of my money in taxes.” Should everyone pay taxes - YES. But for you to assume that someone who is making $250,000 a year works harder than someone who makes $25,000 is dumbfounding. Since when does your annual salary actually equal how hard you work??? I think teachers, police officers, firemen, social workers, legal aid attorneys, prosecutors, public defenders, nurses would beg to differ. Often times the people at the top making the big money do the least amount of work. Delegating is really not all that hard.
This is the problem with the legal profession. There are definitely a lot of lawyers, but the quality is seriously lacking. You are making arguments that you can’t adequately defend. But then again, that’s what happens when you don’t really get to practice until you are well into your 6th year of practicing but yet feel like you have earned your $250K. I mean really, is legal research and document coding really all that hard??? You can’t possibly think its harder than teaching children or putting out fires or caring for the sick…can you??? Yet, a teacher, fireman or nurse will probably never make $250K a year from their day job. Jeesh—what we do if they all decided to heck with it, let’s go acquire wealth?!?
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The Realist
Mar 6, 2009 9:53 AM CST
No one is entitled to make over $100K per year and pay a lower tax rate that someone making less than $100K per year. If you do the math, the real tax rate on the first $100K of earnings is 16% plus for social security and medicare, plus 30 percent or so for federal taxes plus 5 percent or more for state taxes. Now, if you make $500K or more you don’t pay soc sec and medicare on the part over $100K plus ther is no increase in the fed inc tax rate plus there is usually no increase in the state inc tax rate plus you pay a lower percentage of your income in sales and other taxes.
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Il
Mar 6, 2009 9:58 AM CST
Jason in #32,
I have some news for you. When the guy making $25,000 pays the same tax as the guy making $250,000, that’s socialism. All soicialist countries before the fall of the Soviet Union and most-post socialist countries today have flat income tax rates (typically between 10-24% regardless of income). Redistribution of wealth is NOT socialism - it’s progressive taxation which has been at the core of the tax system in this country since at least 1913.
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IN-House Counsel
Mar 6, 2009 9:59 AM CST
#14 - your rant is a true reflection of emotion of logic. Obama JUST got his stimulus package approved yet you say everything he touches fails? Who do you think you are fooling with that nonsense? Bush created 8 years of fiscal destruction and Obama has been in office less than 2 months and you expect him to fix it overnight? Ridiculous!!!
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government lawyer
Mar 6, 2009 10:00 AM CST
#38 - valid point! The poor pay more taxes and don’t have the ability to claim as many deductions.
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sunnyinohio
Mar 6, 2009 10:01 AM CST
For all my brothers and sisters at the bar who find themselves unemployed and struggling, my thoughts for you at no charge. First I understand and feel for you, but the sun comes up every day, even in Ohio. If you are going to try to “hang you shingle”’ for the first time, we are in an era when you can function well with relatively little overhead. Learn how to network and spend a good part of your business day doing that, reserving your work product time for off hours if need be. The key is being willing to look out for someone else while they are looking out for you, and you might have to make the first move in doing that. Try a networking organization and get involved more in your community. Be patient, persistent, and as Washington did during the Revolutionary War, keep your army in the field..
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Donald
Mar 6, 2009 10:06 AM CST
Comment removed by moderator.
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Joe Canterbury
Mar 6, 2009 10:08 AM CST
Any govt. bailout for attorneys? Car mfg’s and Banks -Yes. Attorneys-No. ABA get to work. jfc
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Older Guy
Mar 6, 2009 10:17 AM CST
Well, most lawyers wil be spending the next few weeks focused on NCAA basketball, so the laid-off folks will have more time to watch games, make picks, etc.
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Andy the Lawyer
Mar 6, 2009 10:20 AM CST
One again the anti-Obama whiners have it wrong. This economy’s collapse is due entirelly to factors created and exacerbated during the Bush administration—the most seriuos of which was its abject refusal to regulate the financial services, home loan, investment banking and securities industries. Bush and the social parasites and crooks that put him in power so they could loot the US treasury took 8 years to bring this nation to its present miserable state.
Obama has been president for roughly 1 1/2 months. Have patience, children. It will take years to clean up this mess. Meanwhile, perhaps some Republican can explain these two things:
1) Why is it that when the living room is full of elephant crap, the Republicans balme the guy with the broom instead of the elephant?
2) Assume for a moment that McCain had won the election. What would he now be doing that the Obama administration is not doing that would work? Hint: Neither “Do nothing” nor “More tax cuts for the rich” are acceptable.
One more observation. If you’re a Republican and are committed to the concept of wealth creation, you probably shouldn’t be a lawyer. Lawyers don’t create wealth. They are in the business of (gasp!) re-distributing it.
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government lawyer
Mar 6, 2009 10:20 AM CST
Oh - by the way Jason, there is no longer a “pension” that’s worth talking about in the federal government or “free health care.” Those of us (fortunate or unfortunate enough - depending on how you see it) who are under the new retirement systme will get 1% of our annual salary as pension (make not mistake that can’t even cover my a third of my mortgage) and are expected to create our own retirement fund (the TSP) which is the equivalent of a 401K plan. In addition, we pay monthly premiums for our health insurance (anywhere from $50 to $200 a month depending on the plan). Don’t get me wrong - we have decent benefits (somehow I suspect attorneys working in private firms do too)...but NOTHING is free - not even for the civil service worker.
You know what else we don’t get - those big fat bonuses, even when we manage to save or recoup billions of tax payer dollars.
Again - before you start making outlandinsh arguments, please do your research.
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Talia
Mar 6, 2009 10:23 AM CST
It is depressing to see these headlines. I have been unemployed for 4 months and have over 150K in debt for my JD and LLM. I wanted to have 3 years experience and then go on my own, but the economy had other plans for me and I was part of a massive layoff from an estate planning firm only a couple of months after graduating. I’m thinking of starting my own practice if I don’t find a job in 1 more month since no one is hiring. Has anyone out there opened their own estate planning practice after having only 1 year of experience?
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government lawyer
Mar 6, 2009 10:39 AM CST
Talia - I have a few friends who have their own general practices and do some estate planning. My observations from the outside looking in—those who have their own practices in areas where the market isn’t saturated with lawyers are doing much better. Not sure where you are located, but in an area like D.C. - where they say 1 out of every 10 people is a lawyer - it’s probably going to be a bit more difficult with minimal experience. However, on the brightside if you are willing to do the work at a lower rate than those with more experience you should be able attract clients and build a solid base. Either way, there is no harm in stepping out there and giving it a go…you may just surprise yourself and look back and ask yourself “why was I going to wait three years again?”
Good luck and keep your spirits up!
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sunnyinohio
Mar 6, 2009 10:43 AM CST
Taila/48: I started estate planning some years ago at the beginning as part of my practice (also involving real live trial work and business transactions) and still do that today. To an increasing extent, you are competing with LegalZoom and the like today. Check out their pricing, and be ready present what your prospective clients are paying for in addition to just buying forms. You will probably start with regular folks who will not have significant wealth transfer tax issues, if any at all. Be ready to present the what if questions for them. Find out where they need to go before putting them in a particular vehicle. If they retain you to review what they have, you will be amazed at what some trust mills have set up for them, a maze which befuddles them. Price yourself reasonably up front, and do not be afraid to work with them on their schedules (evenings and weekends at their homes) if they are willing to do so.
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