Economic Crisis Forces Lawyer to Buy Smaller TV

With the economic crisis in full swing and market analysts saying we are doomed for, if not already in, a recession millions of Americans have been forced to make tough choices. Young couples are putting off buying their first house, families are spending less on entertainment and many have decided that there will be no vacation this year. While most news stories discuss the impact of the current downturn on average Americans much of the coverage has failed to disclose that lawyers too are in trouble.

"I can't tell you how much it hurt when I realized I couldn't afford that 55" Sony Bravia flat screen I had my eyes on," lamented Antonio Banks, a 3rd year corporate associate at Shearman & Sterling in New York. "Normally a $7,000 television would be in my price range but I didn't want to spend that type of money considering the current economy."

In good economic times, associates like Banks can count on bonuses of at least $30,000. However, considering the current troubles of Wall Street, a primary revenue generator for top New York firms, many lawyers are being negatively affected.

"I now completely understand what the average American is going through," remarked Banks. "Unless experienced firsthand, one can't fathom the heartache of realizing that you are being forced to purchase a 47" Samsung or, god forbid, Vizio."

The 3rd year associate has admitted that his inability to afford a top of the line television has profoundly affected his life. The embarrassment associated with not being able to provide himself with a "truly fuckin' awesome plasma" has caused him to begin seeing a therapist. Banks also relates that he is no longer as confident picking up women and has days where he can barely get out from under his 2000 thread count, Egyptian cotton sheets.

"Dude, generally I am really good at getting a lady back to my place," stated Banks. "I approach her looking sharp in my $1500 charcoal Armani suit, remark that I'll take her to a fancy restaurant like Bouley or Per Se and send her a nice bouquet of roses before our date. However, ever since being unable to purchase the TV I have begun doubting whether I can afford to seduce women like that. Man, my confidence is hurting."

Recent economic news has made the situation worse. According to the latest employment report, the United States has lost 1.2 million jobs over the last year, a disproportionate number during the last three years. The unemployment rate is expected to push 7.5% and GDP is shrinking. This bad news, say observers, is causing lawyers to rethink all sorts of luxury purchases.

"I have spoken with hundreds of attorneys and the message is the same: 'we're cutting back,'" said American Lawyer reporter Vivia Chen. "One partner told me that he is rethinking purchasing a weekend home in the Hamptons and a senior associate I spoke with says he and his wife are going to cut back their safari in Africa from 14 to 10 days. I can't remember a time in my life as a reporter when things have been this bad."

Banks does admit that while the current crisis is unnerving, he is keeping his head up.

"I realize that while things are bad, markets are cyclical and eventually the economy will turn itself around, said the Shearman associate. "Plus, it's not like times are so tough that I have to move to New Jersey. That would be frightening."