The bears like Citi are spooking all kinds of players with its recent economic observations.
The emerging buzz phrase is "importing a recession." For the first time ever, the U.S. may be pounded by what's going on in China. Some speculate that the Chinese growth rate, despite the official numbers, may be as low as 2%. Since the economy is really global, the U.S. is no longer insulated from that jolt.
Of course, lawyers with brandname bankruptcy practices have a lot to look forward to. A classic example is what is happening in the oil patch. It's unlikely that situation has bottomed out yet.
But, lawyers with litigation practices could find that their revenues have gone from flat into a downward trajectory. When uncertain or hard times hit, corporate clients tend to back off from lawsuits. Those are both expensive and a distraction. Also, they upset investors. With dividends expected to be cut, investors will already be in a bad mood.
In running my communications boutique I have already felt the falloff in confidence among both those hiring and those who want to be hired. There is almost a frantic pace in the placement of help-wanted ads and the response to them. The fear is palpable.
In January, I had record revenues. February is starting out strong. I have a hunch I can make hay from the fear. It's all about the kind of hope I can pitch to businesses.