Lane Powell President Quoted on Economic Changes in Portland Business Journal
Lane Powell President Lewis Horowitz was recently interviewed by the Portland Business Journal about how the slowing economy will impact law firms. The article, “Softer economy presages shift in law firm revenue,” appeared on Friday, April 18.
“I can’t speak for other law firms, but we are incredibly busy,” Horowitz said. “I only see it getting better, and we think that’s somewhat unfortunate evidence that the economy may be doing worse. There are a lot of people out there who are hurting.”
Horowitz said he expects that Lane Powell will be increasing its number of attorneys, but he also said that being busier doesn’t mean being happier. “It is much more fun working with clients in good times, when you are helping them count money, as opposed to helping them in bad times, when we lawyers may do okay, but our clients are stressed more.”
He said that Lane Powell is seeing fewer mergers and acquisitions and more restructuring of capital, or the renegotiation of debt, particularly involving real estate development.