Americans are shaking in their shoes as the shaky economy lacks stability and a promising near future. Therefore, folks are closely holding onto the cash in their wallets, fearful of what may come. Jobs are being lost by the hundreds of thousands and that could equal disaster for many of us. As a result, law firms are feeling the snowball effects of this economic crisis.

Since lawyers bill by the hour, collecting their paychecks is solely based on the clients ability to pay. With things becoming so tight, however, who knows if that will happen. It’s definitely a gamble and firms are feeling the heat. While the pressure is on to get paid, lawyers face a difficult dilemma. Attempting to receive a payment that was rightfully earned by them, they must also figure out how to be patient with their clients and remain flexible during this stressful time.

“It’s a balance that always exists, but in this market it becomes heightened,” said Paul Irving, co-chairman of Manatt, Phelps & Phillips.

Popularity: 3% [?]