This post is not an ode to Judge Posner, and really has nothing to do with an economic perspective of the law. This post is about the relationship between economic downturns and legal practice.
The catch is that I don't really know enough about this topic to write an insightful post, but I would love to hear from our readers out there who have weathered tough economic times while practicing. I am sure the effects are felt in different ways, depending upon the type of law you practice, the size of your firm, etc. But, I am also sure that the effects are felt everywhere, and as someone who is about to head into the legal market during a weak economic time, I am all ears.
For example, perhaps in large firms when clients start to tighten their belts and the work starts to dry up, the natural reaction is to hoard cases so that one can make it through the lean times. Colleagues one would normally share the wealth with now become predators of your kill. Perhaps in smaller firms layoffs become the ever-present concern.
I know you are out there, practitioners and former practitioners, and I know you have seen it all. So, tell me, what's it really like and how do the fittest survive?