Fresh news out of the “Schaudenfreude Much?” folder for you today, as it seems that an unlikely force is being really badly hit by the economic downturn–Hollywood lawyers.
Citing a decrease in overall film production (for the period between January 2 and July 21 this year, 284 films were released. That time last year, it was 336.) and in declining dollar value for actor contracts, the Hollywood lawyers that negotiate these contracts and enforce them are having to do lots more work for lots less cash. Lawyers typically take about five percent of the value of any contract negotiated, and when the contract goes from ten million dollars to two million dollars, that’s a pretty healthy loss for the lawyers.
It’s at this point that most regular folks laugh blackly and say: join the club. And considering that they’re still making huge money by any realistic standard, it’s reasonable to do so. And of course, most everyone’s doing more with less these days. But when you consider that those lawyers are also losing eighty percent of their original revenue in some cases, it’s enough to actually leave you feeling sorry for lawyers.
Never mind, of course, that twenty percent of THEIR pay is still several orders of magnitude above what most people make in a year….
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