Monday, May 18, 2020
Michael Simkovic (USC), Legal Occupations Prove Resilient During COVID Shutdowns:
International efforts to slow the spread of coronavirus have come at heavy economic cost. According to figures recently released by the Department of Labor, Bureau of Labor Statistics, U.S. national unemployment rates have spiked from less than 5 percent to more than 14 percent as of April 2020, reaching the highest level since the Great Depression. ...
Legal occupations have proved remarkably resilient and currently have the lowest unemployment rate of any category tracked by the BLS. Unemployment for legal occupations reached only 3.7 percent in April of 2020. Unemployment rates for lawyers are likely even lower because legal occupations include lawyers as well as occupations that typically have significantly higher unemployment rates than lawyers, such as paralegals and other legal support workers. In the first quarter of 2020, these non-lawyer legal occupations had unemployment rates around 2.3 to 2.5 percent, compared to 1.1. percent for lawyers.
To be clear, unemployment has increased in legal occupations—just not by as much as it has increased everywhere else.
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