As capitalism struggles, the parasites who feed off its wealth creation are doing pretty well. The political class is growing. Home prices in Washington D.C. are rebounding three times faster than the national average - and job loss in DC has been less severe than in any other major city.
But an op-ed in the WSJ says that "there is at least one bright spot amidst all the gloom: For once your lawyers are suffering right along with you... Last year, for the first time since the Berlin Wall fell, profits dropped for partners at the nation’s top law firms. The declines were particularly steep at some of the most pedigreed shops such as Cravath, Swaine & Moore, where average partner compensation dropped almost 24%, and Davis Polk & Wardwell, where it declined more than 17%, according to The American Lawyer magazine’s annual financial survey. And 2009 is shaping up to be even worse."
However, if one actually looks at the survey, one sees that lawyers, as a group, are earning more. Revenue for the industry as a whole is actually up:
While total gross revenue for [lawyers] grew by 4.1 percent [last year], lawyer head count at all levels grew even faster, increasing by 5.4 percent, to 81,992 lawyers. As a result, both average profits per partner and average revenue per lawyer dropped last year for the first time since 1991...
I fail to see “the bright spot” in news that America has even more lawyers. The parasite class grows.
- Pre-October 2009