Question of the Week
Will You Cut Back or Cut Loose This Holiday Season?
Posted Nov 19, 2008, 11:48 am CST
By Molly McDonough
Thanksgiving is around the corner, and winter holidays aren't far behind. Lawyers and law firms often commemorate these festive occasions with a generous helping of bonuses, extravagant parties and expensive gifts for clients and staff. But the economy may dampen holiday spirits as we close 2008 and open to a New Year.
We learned this week that some firms are opting for cheaper wines for clients and staff. And while White & Case was locked in to their party in Manhattan, it plans to forgo fireworks. But Texas lawyer Mark Lanier plans to live it up, with Miley Cyrus, aka Hannah Montana, performing at his annual bash which is doubling as a fundraiser for children in Guatemala.
This made us wonder what you're expecting this season. So tell us ...
How do you and your colleagues plan to celebrate the holidays? Are you cutting back and finding creative but less expensive ways to celebrate? Or are you scraping together the cash to party like it's 1999?
Answer in the comments below.
Read last week's Q&A about striking out on your own.
Our favorite answer from last week:
Posted by Ron Mason: "Job security is best defined by your ability to get the next job. Considering the economy today and the layoffs we read about, the first thing any lawyer in a big firm should always consider is a “what if” and plan accordingly.
As for me, I was a labor law partner in a large law firm in Columbus Ohio for a very long time. In that time I built up a practice and clients that were really independent of my firm. At the age of 50 I looked at my life and said I either do this now or I stay where I am at and retire.
As a risk taker, I left. Resigned my partnership, leased space and started my own firm. Within 2 months I was looking for an associate. Seven years later, I have a firm of 4 lawyers, 2 labor consultants, one full time office manager and two part time people who help in clerical matters.
What I have learned from this: 1) You do not have to be located “down town” to keep corporate clients; 2) You do not need full-time accountants, IT people, and all the other trappings of a large firm; 3) You do not need the overhead of full-time secretaries for each lawyer.
The large law firms have way too much overhead. There is real money to be made in a small practice with the right corporate clients."
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Comments
Posted by CR - 1 month, 2 weeks, 3 days, 14 hours, 35 minutes ago
Our small firm will give bonuses to associates and staff this year that are slightly more than last year. We also have not laid off any of our RE staff, even though the RE work has plummeted. After much discussion, we agreed that the partners could “take the hit”, income wise, to avoid more economic harm to our employees than they’ve already suffered at the hands of this economy. We hope we will be able to do the same next year, but it’s anybody’s guess at this point.
Posted by CV - 1 month, 2 weeks, 3 days, 11 hours, 36 minutes ago
Our firm just canceled its annual holiday client party. Definitely cutting back.
Posted by HC - 1 month, 2 weeks, 3 days, 7 hours, 24 minutes ago
I am in-house and the party for us in upper levels of management was cancelled to be prudent and demonstrate to our employees that we are fiscally responsible even though we’ve been able to weather the economic downturn so far. As in-house though, it concerns me and my colleagues when we hear about firms still planning to host major parties and the justification such as the firm who says $250k is less than they spent last year and there will be no fireworks or White & Case above saying they’re “locked in” when it would probably be cheaper to just pay the termination fee than continue the party. It makes us in-house folks really question the fees these firms charge us and then these firms wonder why companies like Wal-Mart takes a stand on the legal fees they will continue to day. We’re tired of this kind of excess and the salaries paid to first year inexperienced associates.
Posted by Rocco - 1 month, 2 weeks, 2 days, 15 hours, 22 minutes ago
Most big firms will not cancel their holiday parties. It is the only opportunity for loser senior partners to get away with playing grabass (and hooters) with their secretary in an uncontrolled environment.
Posted by Maria Clara Tankeh Asuncion - 1 month, 2 weeks, 22 hours, 41 minutes ago
In this difficult times, it pays to be prudent and yet giving to small people as a recognition of their hard work and as an example that the higher ups are willing to do sacrifice for the greater good of all. I believe that the higher ups will do a herioc act if they put the interests of the smaller people first before theirs. It will pay off in the long run.
Posted by Anonymous - 1 month, 1 week, 6 days, 1 hour, 28 minutes ago
One thing to remember is that the party is not just for the lawyers, it’s for the staff, too. I don’t know one lawyer at my big firm in Chicago who really even wants to go to the party, but for the staff this may be one of the few big, nice nights of the year, and one of the only perks left in their job. I’m all for cutting back, and I’m sure overhead is too high. And I commend partners who take a cut to allow the folks at the bottom keep scraping by. But rather than bestowing this extra money on the younger attorneys who are probably scraping by just fine (especially at the large firms) the money would be better spent on staff such as file clerks, docket clerks, copy center, etc. many of whom are holding 2 if not 3 jobs to try to stay afloat.