Case In Point: The man who saved too much and the family that saved too little

Here are two examples that are entirely too typical of the current economy.  Rick Rose is a Washingtonian who saved and saved, bought a conservative apartment but is still struggling after nearly a year of unemployment.  The Wilsons are a family that spent and didn’t save for the the financial situation they currently find themselves in.  The Post will be following both Rose and the Wilsons for the next few months to see how they cope with their joblessness and the financial fiasco it’s created.

What is so crazy about the current job market is that entire fields and labor sectors seem to have evaporated almost overnight.  In my personal opinion, this all feels like a HUGE market correction.  It feels like our over consumption and spending as a country created employment and jobs based on credit.  Now that the bill has come due on both a personal and national (even global) level, it seems like employment is shrinking back down to it’s natural levels.  I think the big question now is where do people like Rick Rose, the Wilsons and I go for new jobs?  Do we become janitors or UPS delivery people as other articles have detailed?  Or are there other markets and fields that will develope out of this economic tragedy?  Hard to say but I’m still looking.

Michelle Singletary – Down but Not Out: Overcoming Job Loss – washingtonpost.com.

Is the Blood letting finally over?

As Above the Law points out, we finally had three consecutive days sans BigLaw lawoffs!  I mean, there were still layoffs last week, but three days without…that’s saying something!  Right? No?  It feels like a good thing…like they are going to hold still for a bit and see if they can keep it together?  Whatever…the bottom line is, things seem to have slowed down…I hope it sticks.

This Week In Layoffs: 03.21.09 – Above the Law – A Legal Tabloid – News, Gossip, and Colorful Commentary on Law Firms and the Legal Profession.

Rough Day at Katten

The bad news is that there were layoffs…the other bad news is that they will be reducing salaries based on billables.

Nationwide Layoff Watch: Instant Reports From The Katten Meeting – Above the Law – A Legal Tabloid – News, Gossip, and Colorful Commentary on Law Firms and the Legal Profession.

Two takes on Biglaw to ProBono

ATL and CNN both featured articles on BigLaw lawyers transitioning to ProBono and volunteer work…but the messages could not be more different.  Read it and weep…as with so many articles about the legal field these days:

Public Interest Jobs Won’t Fall Into Your Lap – Above the Law – A Legal Tabloid – News, Gossip, and Colorful Commentary on Law Firms and the Legal Profession.

and CNN:

Plan B…how does it pay the bills again?

I didn’t realize people still worked at AOL (“I can check EMAIL!”)

 

 

 

 

 

Sure…according to a casual poll I’ve been taking for the past 10 years, it’s mostly Moms that have been keeping AOL afloat but even my mom now has a gmail account…that she checks through her AOL browser.  I can’t imagine how depressing it must be to work at AOL.  They have been laying people off since the LAST time I was laid off in 2001!  That’s 8+ years on a sinking ship!  That has GOT to take a toll.  The last time I was out near their offices in Dulles it was like a ghost town.  How do you muster up the energy to go to work in the morning?  I mean seriously, you’re watching your numbers dwindle for almost a DECADE?  And they can’t seriously think that the product they are supporting is going anywhere…are they getting new subscribers?  Are they just staying afloat to support the Moms?  What new projects could they possibly be working on?  

AOL Layoffs In Progress (TWX).

No Surprises Here…Unemployment is now at 8.1%

I was canned in February so this is where I finally get added into the mix.  Not much new or interesting news but if you’d like to start your weekend off on a down note, read on friends…read on.  

651,000 Jobs Lost in February; Rate Rises to 8.1% – NYTimes.com.

Ignore Doom and Gloom? CNN FAIL

So CNN says “Ignore the Doom and Gloom!” errr and particular the seriously dark news that’s coming out tomorrow about the unemployment rate  Forget about it!  Concentrate on changing your career so that it falls neatly into health care, education, government, or agriculture.  That sounds so easy!  Oh and you should be ‘flexible’ too.  And move to the South!  Apparently they’ve finally recovered from all the carpet bagging and the War of Northern Aggression and are rich with jobs that they want to share with Yankees and people from square states.  Oh wait-then the article says, yes the south but not South Carolina or Florida…and that you should move to North Dakota, Minnesota, Kansas and Oklahoma.  Well sure!  Those states are great!  That seems perfectly reasonable!  I should totally move there for a job.  Oh wait…now the article says to ignore location and concentrate on making your self seem ‘unique’ and focus on your ‘core skills’.  Well, that’s the problem see…I don’t have core skills for a job in health care, education, or agriculture.  This article is awesome.  Thanks for the GREAT advice CNN.  The only thing this article shows me is that the ‘experts’ giving out advice are just as confused, lost, and scared as the rest of us.  I also read another article today that said even recruiters are now passing out their resumes.  Aces!

To find a job, ignore doom-and-gloom news, experts say – CNN.com.

What’s even more hysterical is that EVERY OTHER FREAKING ARTICLE under jobs is DOOM AND GLOOM.  This is literally the next article below the above on the website: 

Worst is yet to come for job market

Thanks CNN!

Go Korea…well, at least South Korea

Union members of an Electrical company in South Korea have opted to reduce their wages by 20% in exchange for no layoffs.  An innovative way to deal with the employment crisis and economic downturn we’re all in.  I’d love to see more American companies offering employees options like this.  Of course, I’m not sure that US workers would make the same choice.

Koreans Take Pay Cuts to Stop Layoffs – WSJ.com.

File this under “DEPRESSING”

 

Next stop on the Bad News Bus, apparently there is a new labor trend where people who used to work in management and professional fields have taken “survival jobs” as janitors and UPS delivery men after being laid off.  Aces! 

I’ve noticed that the job requirements for even lowly Admin jobs (always a decent fall back in tough times) here in NYC have jumped from “four year degree preferred” to four year degree and above mandatory”.  It’s troubling but the idea of working at a Verizon store is even more depressing…but liquor store…now that’s a place I could see myself…maybe slowly working my way up the liquor ladder to management…and maybe…just maybe…after years of hard work and building up an excellent reputation, I could get into liquor distribution!  I’m not even kidding when I say that liquor distributor has always been one my dream jobs.  I really don’t’ know anything about it except that everyone I know who’s been a ‘liquor distributor’ has been rich as Croesus.  I’d like to bite me off a piece of that action.  And, let’s be honest, liquor is something I kind of know a little bit about.  Along with my JD, I pretty much got a PhD in sauce (and I ain’t talkin’ BBQ).  Speaking of, I think there’s snow falling so it’s time for me to get my blizzard on.    

Forced From Executive Pay to Hourly Wage – NYTimes.com.

UPDATE:

Mark Penn looks at this trend as it pertains to the professional fields and it’s even more depressing.  At one point he actually instructs the reader to look at the homeless and imagine their lawyers there…Yay!  Happy Monday.  

Laid-off Lawyers and Other Professionals

Layoff Tracker – Law Shucks

Just incase you were looking for a status update on the continuing blood bath in BigLaw, the kids over at LawShucks have put together some pretty charts, graphs and layoff trackers…doesn’t make it look anymore humane…just more colorful.   

I know…just what you want to look at as the snow starts falling.  Hey, if there’s no work because of snow, you can’t get laid off, right?  

Layoff Tracker – Law Shucks.