With the slowdown in real estate sales and real estate prices dropping like bricks across the country suppliers of goods and services to the real estate industry are feeling the effects. In addition to all the people making refrigerator magnets and door hangers, attorneys and law firms are also getting hit hard.
Tightening credit markets and an aversion to mortgage-backed securities mean less demand for lawyers with mortgage-backed securitization expertise. To put it mildly, there’s a glut.
Cadwalader, Wickersham & Taft, a major player in commercial mortgage backed securities, announced July 30 that it was laying off 96 lawyers (about 15% of its associates) in addition to the 35 laid off in January. Ten of those 35 are still looking for work
Job hunters may need to reinvent themselves, moving to general finance or corporate practices, and perhaps to new cities.