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November 22, 2006

The Conflicting Economic Reports - Read Between the Lines

I find it ironic the week my article about the economy and the solo comes out in the Connecticut Law Tribune stating the economy is down shifting and lawyers should diversify into areas including bankruptcy, there is an article in Law.com picked up the from the Recorder stating the economy is improving and bankruptcy lawyers are suffering a drought and should look for other types of work.

Read between the lines on this article, especially the end.  We are on the same page. It is no coincidence there was sweeping bankruptcy reform.  And, naturally, there was an unprecedented rush to declare prior to the new laws being enacted making it harder to discharge debt.  It makes sense things would be a tad slower afterwards.

But that doesn't change the reality of where this train called the economy is going no matter how many people want to spin fairy tales.  Don't be short-sighted and get caught up in what is happening temporarily.  Business people need to plan for the long haul.  Think "Japan" just a couple of years before it all came crashing down around their ears in 1987.  If you would like to get an interesting perspective on demographics and trends check out Harry S. Dent, Jr. His book The Next Great Bubble Boom is a fascinating read.

If you would like another viewpoint on solo and small firm trends read the article by Robert Denney in Law Practice Management, October/November 2006.  I don't necessarily agree with his views on specializing but that is for another post.

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