Elder Law Firms Suffering From Recession

To the surprise of some, elder law firms have been hit hard by the recession, according to the results of a new survey by ElderLawAnswers, the Web's leading source of consumer and professional information on elder law.

Most surveyed elder law firms (71 percent) have experienced a decline in business due to the economic downturn. Firms have seen an average 25 percent decline in business, although about 20 percent have had to cope with a precipitous 40 to 50 percent drop-off. "Anything (clients) can put off they will put off -- including their estate plans," commented one respondent.

The survey found that to make up for revenue shortfalls, firms have had to trim bonuses, cut staff, reduce salaries and even delay paying bills. Pruning bonuses has been the most common cost-cutting move among surveyed firms, followed by laying off support staff and reducing salaries.

Firms have also been forced to shift the focus of their practices. More than three-quarters of respondents (77 percent) say that as a result of the slump, they are concentrating more on practice areas that clients are less likely to defer. Topping the list of new areas of focus is estate administration, followed by crisis Medicaid planning and special needs planning.

Firms ranked estate administration, guardianship and conservatorship and crisis Medicaid planning as the best-performing practice areas compared to last year. Advance long-term care planning and fiduciary litigation were ranked lowest.

Full Press Release and Source:
Recession Has Hurt Most Elder Law Firms, Survey Says