ITE, Size Matters
Posted: Tue Nov 17, 2009 1:04 am
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https://www.top-law-schools.com/forums/viewtopic.php?f=23&t=96216
Good point. Just wanted to say that.rayiner wrote:I would've preferred a less sucky presentation of the geographic data. The data shows that half the losses are concentrated in NYC, but that's misleading because NYC is by far the largest legal market. About a quarter of the overall NLJ250 is in NYC, so even if NYC did no worse than other markets on a per-capita basis, it'd still show up badly on that chart.
You know, all the talk about the economy doesn't really bother me that much, but that article was fucking depressing.rayiner wrote:The underlying NLJ250 article is useful. http://www.law.com/jsp/nlj/PubArticleNL ... hbxlogin=1
(if you have a login)
The salient numbers:
The NLJ250 shrank from 131,928 lawyers to 126,669 lawyers, a decrease of 4%. This almost wipes out the growth in 2008, which was 4.3%. The last three times the total attorney count decreased was 1992/1993, where they decreased by 1%.
More troubling are the associate count figures. They dropped 8.7% compared to last year, from 67,648 to 61,733. This drop reflects the 2,748 associates deferred from NLJ250 firms, or 42% of the incoming class of 2009.
EDIT: Looking at historical data, this takes the associate population back to 2006 levels. http://www.top-law-schools.com/forums/v ... =2&t=61206
The data is unhelpful because it doesn't give a breakdown of how many lawyers work at NYC headquartered firms to begin with. So NYC could be harmed less than it looks in the data. Moreover, NYC is still by far the largest legal market. So if NYC has a hiring rate (per-capita) half that of other places, it'll still hire more overall than markets that are a quarter or a fifth the size.M51 wrote:And yet OCI was kinder to NYC than any other city... guess they're just more optimistic about a quick 2 years recovery than the other markets.
Exactly what I was thinking... my friends and family who practice in Dallas and Austin claim the market hasn't been hurt down there very much. Anyone have any personal experience w/ the Texas market?kittenmittons wrote:Interesting. Texas was affected more than I previously believed.
IN THIS ECONOMY.kh86 wrote:sorry this might be a stupid question...but what does ITE stand for?
In other news, NYC suffered a stunning percentage of Wall Street job losses.rayiner wrote:I would've preferred a less sucky presentation of the geographic data. The data shows that half the losses are concentrated in NYC, but that's misleading because NYC is by far the largest legal market. About a quarter of the overall NLJ250 is in NYC, so even if NYC did no worse than other markets on a per-capita basis, it'd still show up badly on that chart.
Code: Select all
City Attorneys Change Change (%)
NYC 27374 -2037 -7
CHI 18433 -873 -5
DC 12108 -162 -1
PHIL 7000 -413 -6
BST 4826 -104 -2
LA 4432 -106 -2
ATL 4150 -234 -6
SF 3747 -22 -1
HST 3080 -176 -6
DAL 2551 -161 -6
Interesting that SF looks so good, since Thelen and Heller Ehrman exploded. Thought it was worse here.rayiner wrote:Let's do this data in a better way.
The top 10 markets:
Code: Select all
City Attorneys Change Change (%) NYC 27374 -2037 -7 CHI 18433 -873 -5 DC 12108 -162 -1 PHIL 7000 -413 -6 BST 4826 -104 -2 LA 4432 -106 -2 ATL 4150 -234 -6 SF 3747 -22 -1 HST 3080 -176 -6 DAL 2551 -161 -6
The scale of the surplus varies from city to city, according to the survey. San Francisco has the most, with more than 1.7 million square feet -- more than twice as much as any other U.S. city. Part of that glut owed to the dissolution last year of locally based firms Heller Ehrman and Thelen. Chicago has 859,000 square feet of unused law firm office space, partly because Kirkland & Ellis abandoned its former headquarters in favor of a brand new building where it occupies 650,000 square feet on 24 floors. Washington, D.C., has 750,000 square feet of unused law firm space, while New York and Los Angeles both have 500,000 square feet. Of the 10 large law firm markets surveyed, Boston has the least amount of available space, at 181,730 square feet.