Family Law
Lawyers Report Rich Clients Are Feeling Economic Squeeze
Posted Jun 3, 2008, 06:31 am CDT
By Debra Cassens Weiss
Lawyers, lenders and others who interact with the rich tell the New York Times that the economic downturn is squeezing their clients, who are cutting back on luxuries like frequent $350 highlights and $10,000 an hour jet rentals.
Personal trainers report that many of their clients are gaining weight because they are eating more because of the stress. Jewelers and art dealers say more people are selling Rolexes, big diamonds and art to raise cash. One psychotherapist told the newspaper that his clients are anxious because the money is no longer available to smooth over problems in bad marriages.
One client told Manhattan divorce lawyer Nancy Chemtob he fears his wife will leave him because his net worth has fallen to $8 million from more than $20 million. Rather than tell his wife about his decline in fortune, he took on debt to pay for her designer clothes and their costly vacations.
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