Philippine lawyers and staff of law firms, read on.
Do you think that the law firm layoffs in the US can have a trickling effect on you? In the US biggest law firms like Morgan & Finnegan are letting their attorneys go. One law firm laid off 50 of their attorneys.
Why is this happening? With the decline of the real estate and insurance industry in the US, legal services relating to these industries are affected. With their biggest clients having not much of activity, the services of the lawyers are becoming less and less in demand.
Will this have an effect on the Philippines trabaho? Will our lawyers who work in big buildings in the country’s financial centers also experience what US attorneys are experiencing now?
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If we will believe what the government is saying, law firm layoffs are far from happening in the Philippines. Our real estate industry is healthy, thanks to the Overseas Filipino Workers (OFWs) who are continually buying houses for their family.
Added to this is the government’s strong housing program where Filipinos especially that OFWs are given all the opportunities to own their own houses. Vice President Lene Robredo’s program under PAG-IBIG fund provide low cheap loans affordable even to minimum wage earners.
The finance sector is also strong. There is still no signs of interest problems or stock investment problems. As of now. We are hoping that it will continue but a few economists and professors are painting a less colorful future.
The law firm layoffs in the US has no effect to us at the moment and we are hoping that Philippine lawyers and Philippine law firms will continue to benefit from the good real estate condition of the Philippines.