Since September 2014, 22% of the total jobs in the U.S. oil and gas industries have been eliminated. The total of jobs lost is 119,600, documents the Federal Reserve in Dallas. Of course, loans and credit card payments are tending to be late. Here is the coverage from The Wall Street Journal.
Hiring in the Texas legal market is down.
And, as happened after the 2007 Crash in the legal market, some jobs offers made to petroleum engineers have been rescinded.
Associates scheduled to start work at law firms often found that delayed. Then totally cancelled. They were stranded in nowhereville. Elie Mystal at Abovethelaw.com chronicled their plight. Currently, those law students who assumed they were to summer at firms might not be. They too could be stranded. And that, as with the associates, could affect their whole careers.
The dynamics of this bust in the oil and gas industries may mirror that of the legal sector. Those businesses are cyclical. Employees and suppliers knocked out of box expect to be able to return. But, just as in the legal sector, there might not be a return to the good old days.
Slow growth continues in the legal sector.
Clean energy initiatives could depress demand for oil and gas. The traditional players might have to change radically. For example, they would develop niche businesses in retrofitting commercial buildings for energy conservation.
Just like law schools, those programs turning out traditional manpower for energy, such as petroleum engineers, might have to downsize or change.