Ironworks Gaming Forum - View Single Post - How has the economy affected you, if at all?

Timber Loftis · 04-02-2009, 01:16 AM

I haven't fully read all responses, but I wanted to provide one to address the question at hand, regarding how the economy has affected me.

The good:
- Things are cheaper.
- Got a new Sony LCD TV with prices down. I saw one at a Circuit City going-out-of-business sale, and actually found it cheaper online.
- Got a new watch, picked it up at a great price online at a watch site, it's really the one I've been wanting.
- Even in this depressed economy, I sold another watch I have for about 115%+ what I paid for it, so I made some money to fund my other watch purchase. Let's hope the transaction goes through without a hitch.
- We have a home equity account, which is really a second mortgage. It's at a fluctuating interest rate, and is super low these days, resulting in much lower payments.

The bad:
- While our home equity payment is down (see above under the "good"), the bank has written me to tell me that in their infinite pea-brained wisdom our house is worth less, so my equity has been reduced. This really sucks because I have been paying that loan off with the expectation that it would be a good source of emergency money, should I need it.
- Many lawyers at my firm have been laid off. We've lost 8 or so in the last year, all of whom were asked to leave, which is significant for a firm that balances itself around 100 lawyers. Note that this doesn't count those who voluntarily left or left for maternity or other reasons.
- My firm is not getting hit nearly as hard as others. Many big (500+ lawyer firms) are laying people off by the boatload, and I know many casualties.
- At my firm, after we laid off several, the rest of us were called in for a meeting. Both Income Partners and Associates took a 10% pay cut over the next 6 mos. We tried to "share the pain," a process that I appreciate for its honesty. Ostensibly, the lawyers we have now are those we want to keep, and the 10% pay cut over 6 mos. (5% over the year) is shared pain to keep all the talent on board.
- But I still struggle monthly to keep my hours up, and I am increasingly asked to justify my existence everyday. It sucks, but it's better than the alternative.
- Clients aren't paying bills, or are increasingly more late in doing so. They are all bean-counting.

Soooo, you take the good, you take the bad, you take them both, and there you have the facts of life.

Cheers.

04-02-2009, 01:16 AM	#50
Timber Loftis 40th Level Warrior Join Date: July 11, 2002 Location: Chicago, IL Posts: 11,916	Re: How has the economy affected you, if at all? I haven't fully read all responses, but I wanted to provide one to address the question at hand, regarding how the economy has affected me. The good: - Things are cheaper. - Got a new Sony LCD TV with prices down. I saw one at a Circuit City going-out-of-business sale, and actually found it cheaper online. - Got a new watch, picked it up at a great price online at a watch site, it's really the one I've been wanting. - Even in this depressed economy, I sold another watch I have for about 115%+ what I paid for it, so I made some money to fund my other watch purchase. Let's hope the transaction goes through without a hitch. - We have a home equity account, which is really a second mortgage. It's at a fluctuating interest rate, and is super low these days, resulting in much lower payments. The bad: - While our home equity payment is down (see above under the "good"), the bank has written me to tell me that in their infinite pea-brained wisdom our house is worth less, so my equity has been reduced. This really sucks because I have been paying that loan off with the expectation that it would be a good source of emergency money, should I need it. - Many lawyers at my firm have been laid off. We've lost 8 or so in the last year, all of whom were asked to leave, which is significant for a firm that balances itself around 100 lawyers. Note that this doesn't count those who voluntarily left or left for maternity or other reasons. - My firm is not getting hit nearly as hard as others. Many big (500+ lawyer firms) are laying people off by the boatload, and I know many casualties. - At my firm, after we laid off several, the rest of us were called in for a meeting. Both Income Partners and Associates took a 10% pay cut over the next 6 mos. We tried to "share the pain," a process that I appreciate for its honesty. Ostensibly, the lawyers we have now are those we want to keep, and the 10% pay cut over 6 mos. (5% over the year) is shared pain to keep all the talent on board. - But I still struggle monthly to keep my hours up, and I am increasingly asked to justify my existence everyday. It sucks, but it's better than the alternative. - Clients aren't paying bills, or are increasingly more late in doing so. They are all bean-counting. Soooo, you take the good, you take the bad, you take them both, and there you have the facts of life. Cheers. __________________ Last edited by Timber Loftis; 04-02-2009 at 01:30 AM.