Weak Economy finally hitting Vegas firms?

In an economic slowdown, the traditional logic is that businesses increasingly rely on legal assistance. As a result, the legal economy improves as companies engage in more litigation or bankruptcy. But that's not the case in the current economic slowdown.

In Business Las Vegas reports:

While most say litigation is up slightly, bankruptcy filings don't appear to be increasing as fast as might have been expected.

That could mean two things, they said: Either the economy in Las Vegas is not as bad as some have said, or lenders are really working hard to create work-arounds.

Mid-sized firms across the country are considering hiring freezes. What those firms do will certainly have an affect on recruiting and the business of legal services in Las Vegas, veteran lawyers said.

What does this practically mean for Vegas attorneys:

"I think we're going to see a balancing in law firm employment, especially at the larger firms," said Bill Urga of Jolly Urga Wirth Woodbury & Standish. "I think we're not going to see new hiring, and certainly not an increase in wages. I think people are being cautious. And I think that's prudent of them."

The Las Vegas legal legal market has historically avoided many of the problems faced in other cities. That is at least in part due to the nature of Nevada's economy.

The economic downturn appears to be fairly isolated to the building industry and those closely tied to it like furniture and appliance sales.

Sounds like it's not too doom and gloom for Vegas lawyers. Additionally, the article suggests that firms turning to new areas of practice for the Vegas Valley (IP, Securities) are seeing their business grow. So get out there and learn some new law attorneys!