TCPAWORLD AFTER DARK–IT BEGINS: Big Firms Predictably Start Looking At Who to Cut as their Profits DIP

Add a comment

I’m on record predicting MASSIVE lay offs across #biglaw before the end of the year.

That sounded outlandish 3 months ago when I called it, but now a ton of stories have come out confirming that #biglaw is suffering a massive slow down with profits dropping huge.

Who could have seen that coming. Turns out you can only treat clients badly for so long before the other shoe starts to drop. Especially when tons of viable alternatives now exist–true expertise exists less and less in hollowed-out big law practice groups and more and more at adaptable and innovative shops like Troutman Firm. (The one with the Czar, not the one with no Troutmans.)

And now, predictably, the firms are discussing “right sizing” and looking around at which associates will be cut first. But I don’t have to tell #biglaw associates that their firms don’t care about them and will gladly cut them to save a buck. They already know it. :’)

No wonder I’ve turned down FIVE (5) AmLaw 100 law firms since I started Troutman Firm.

ZERO percent chance I head back to the profiteering world of big law. No way. No how.

Law is a profession. Not a business. When you look to maximize profits off of your clients YOU ARE IN A CONFLICT OF INTEREST WITH THEM. Period.

Seek a reasonable fee for valuable work. Pay your employees well and take care of clients and staff alike through thick and thin.

 

Relatedly, we’re still hiring. And I have NEVER laid off a single lawyer in my entire career. Sure we just added Tori but we need another 3 or so lawyers by the end of the year. Think you have what it takes? (Or know someone who does?)

As I’ve said, once the layoffs come I WONT be rescuing any big law rejects. No interest in that. I want top performers who leave WISELY AND VOLUNTARILY (or the ones who never went to #biglaw to begin with). Not the ones who get kicked to the curb as soon as profits started to drop.

Will be tough to tell the difference in a couple of months BTW. A lot of firms aren’t going to survive the next calendar year. It will be BLOODY. So, last chance for all those big law types that are thinking about jumping over to something SOLID to make their move. 🙂

 

Categories:

Published by Eric J. Troutman

The Czar of TCPAWorld Eric Troutman is one of the country’s prominent class action defense lawyers and is nationally recognized in Telephone Consumer Protection Act (TCPA) litigation and compliance. He has served as lead defense counsel in more than 70 national TCPA class actions and has litigated nearly a thousand individual TCPA cases in his role as national strategic litigation counsel for major banks and finance companies. He also helps industry participants build TCPA-compliant processes, policies, and systems. Eric has built a national litigation practice based upon deep experience, rigorous analysis and extraordinary responsiveness. Eric and his team feel equally at home litigating multibillion dollar telecommunications class actions in federal court as they do developing and executing national litigation strategies for institutions facing an onslaught of individual TCPA matters. They thrive in each of these roles – delivering consistently excellent results – while never losing sight of the client experience. While many firms now tout TCPA expertise, Eric has been there from the beginning. He built one of the country’s first TCPA-only defense teams and began serving as national TCPA counsel for his clients nearly a decade ago. This perspective allows him to swiftly develop the right litigation strategies for dealing with recurring problems, without wasting time on tactics that are bound to fail. Eric’s rich historical perspective and encyclopedic knowledge of the TCPA landscape also make him an invaluable resource to institutional compliance teams struggling to comply with the shifting regulatory landscape. No task is too small – or too big. Indeed, Eric and his team have helped build TCPA-compliant systems and processes for some of the largest and most complex corporate entities in the country. He commonly works with in-house compliance counsel to build and implement enterprise and business-line specific TCPA solutions, performs TCPA audits and drafts and reviews proposed TCPA policies and procedures. He and his team also have the technical expertise necessary to assist call centers seeking to develop TCPA-resistant call path architecture or to modify existing telephony and software integration to better insulate from potential TCPA exposure. Eric has built a reputation for thought leadership. An avid blogger and speaker, he has been at the forefront of the industry’s effort to push for clarity and a return to sanity for the TCPA for years. He was selected to advocate for the financial services industry on important TCPA issues before the Federal Communications Commission and co-authored the nation’s only comprehensive practice guide on TCPA defense. In his spare time, Eric leads defense teams representing banks and other financial services companies in consumer finance litigation matters. He has experience representing clients in UCC, TILA, RESPA FCRA, CCRA, CLRA, FDCPA, RFDCPA and FCCPA claims, as well as in fraud and bank operations issues.

Leave a Reply