One of my sons is an attorney, so I felt a little sympathy, but not much, when I read today that a large New York law firm is laying off several dozen real estate lawyers. The big corporate law firm doesn't anticipate that the real estate market will rebound any time soon, so it’s asking 34 lawyers to take the next year off....well actually, "a one year, unrestricted sabbatical,” during which the attorneys will receive a third of their current compensation and medical benefits.
With the market remaining slow, there isn't enough litigation to keep these lawyers billing clients...thus the "extended vacations."
Certainly nothing to cry over, but this is one more indication that a rebound in our real estate market may be slow in coming, especially in the commercial sector.
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