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Tag Archives: economy

Lower-scale and loving it (access required)

With the chill of recession still lingering in the air, South Carolina law firms might not be ready to party quite as hard for the holidays as they did before the economy turned cold. But they're happy to donate to charity, and several large firms are doing so while continuing the 2009 trend of greater frugality when it comes to parties. What's more, they like it that way.

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Better IOLTA rates boost Bar Foundation revenue (access required)

Buoyed by a midyear change in a state rule governing IOLTA interest rates, the S.C. Bar Foundation is enjoying the first uptick it's seen in IOLTA revenue since 2008. "We're seeing more revenues than we had last year, but in this low-interest-rate environment, it's certainly not the amount of revenues that we saw several years ago," said Shannon W. Scruggs (pictured), executive director of the foundation.

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With market still in the tank, real estate lawyers diversify (access required)

For many of South Carolina's real estate attorneys, the most recent housing and foreclosure reports probably won't boost their holiday spirits. Home sales plummeted nearly 26 percent statewide in October compared to a year ago, according to a report by S.C. Realtors. "I've been doing this for 17 years, and this is the worst I've seen this," attorney Trey Harrell (pictured), founding member of the Chapin firm of Harrell and Martin, told Lawyers Weekly in a recent interview. Harrell said that as recently as 2006, about 80 percent of the firm's business was connected to real estate. Now, that percentage has dropped to about 60 percent, he said. "If you're relying solely on real estate, you're asking for some sad times," he said.

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