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Beware of "Chicken Little" Pundits

It's easy to read a well crafted article and conclude that 2008 will be a terrible year for most law firms. Maybe it will. But the problem with articles like this is that they are widely circulated in the legal press and you end up with the equivalent of the CNN effect (i.e. something must be true because you hear it so many times in a 24 hour news cycle.)

In fact, many firms are reporting that 2008 has not been as strong as 2007. But is this really the worst market for legal services since 2001? If you want to know the answer, wait until 2009. Economists are much more accurate looking in the rear view mirror then they are in predicting the future. Until then, make sure that the facts show a dramatic slow down in your firm before you conclude that it is time to think about your options.

Full post as published by Counsel to Counsel on August 22, 2008 (boomark / email).