The Wall Street Journal is reporting that Binder and Binder filed for Chapter 11 bankrupcty last night. I wonder what they're telling their employees.
4 comments:
Anonymous
said...
This industry is going through a major shake up right now. Binder's exit will leave a power vacuum at the top. It's possible that no one will fill it for a while since it's tough to make money in this part of the law. Personal injury attorneys, WC lawyers, and other 'dabblers' will be shook from the money tree as things continue to degrade for us. The ones that survive this downturn will be able to secure a stronger hold in the disability marketplace when things turn around.
Some will argue that things will never turn around. Unexpected things happen every day. Things are pretty bad for disability attorneys, but this is a routine aspect of any industry.
I think the best thing for disability attorneys to do in the mean time is to diversify their streams of income and wait until the glut of non-attorney reps recedes.
4 comments:
This industry is going through a major shake up right now. Binder's exit will leave a power vacuum at the top. It's possible that no one will fill it for a while since it's tough to make money in this part of the law. Personal injury attorneys, WC lawyers, and other 'dabblers' will be shook from the money tree as things continue to degrade for us. The ones that survive this downturn will be able to secure a stronger hold in the disability marketplace when things turn around.
Some will argue that things will never turn around. Unexpected things happen every day. Things are pretty bad for disability attorneys, but this is a routine aspect of any industry.
I think the best thing for disability attorneys to do in the mean time is to diversify their streams of income and wait until the glut of non-attorney reps recedes.
They are telling their employees that there are only going to be less than 400 of them in two years.
"In projections filed in court papers, Binder estimates its employee head count will drop to under 400 over the next two years."
Except they aren't telling their employees ANYTHING.
I'm pretty sure that the headcount drop to under 400 over the next two years is in a public filing, so they can't hide are hide this information.
If the employees can use the Internet, they will find out that there are going to be massive layoffs in the future.
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