Director, Media Relations Communications
Managing in a Tough Economy
How I Manage in a Tough Economy
Name: Peggy Sheahan Knee
Job: President of the New Jersey State Bar Association and small-firm practitioner
“I think a lot of people are getting hurt in this economy. Lawyers are tough. They don’t want to admit there are problems. It’s affecting us more than we care to admit. It is really scary. One guy called me and said his revenue was down by half. Another told me he has gone from 25 residential real estate closings per month to five per month. They are not alone. There is a real struggle out there. People see their 401K plans and stock portfolios losing value and it makes estate planning less of a priority for them, which means my phone is ringing less. If your practice involves real estate and any type of transactional work it can be a difficult time. There are certain aspects of the legal field people figure out how to live without. But the thing to remember is that we’re lawyers. We have a law degree. And that means we can retool ourselves. And that’s where the New Jersey State Bar Association can help. The bar association has substantive sections and committees and you can always learn about different practice areas. You can get the tools you need to figure out how to go from handling mergers to elder law issues or bankruptcy matters. There is always going to be a need for a law degree and a good lawyer.”
The New Jersey State Bar Association is the state’s premiere voluntary lawyers group. It is dedicated to the continuing education of lawyers and the public and to reforming and improving the legal system. It encourages involvement in voluntary pro bono activities and supports the fair administration of justice. Incorporated in 1899, it is the state’s largest lawyers group. Visit the Association at www.njsba.com.