Bankers, Attorneys Struggle with Addiction in Poor Economy

By Meghan Vivo

Addiction does not care what type of profession you’re in or how much money you make. It affects everyone, and can be particularly widespread in troubled times.

Recent reports suggest that the current economic crisis is taking a toll on America’s best and brightest, producing record numbers of bankers, attorneys, and executives seeking addiction treatment and help for depression.

A Growing Problem for Attorneys and Legal Professionals

According to a May 5, 2009 article in the National Law Journal, lawyer assistance programs in several states are seeing a significant increase in the number of attorneys seeking help for substance abuse and depression – twice as many in California and Illinois, and similar increases in New York and North Carolina. Officials believe that increased stress due to a struggling economy may be the key factor affecting a number of legal professionals, ranging from law students who can’t find jobs, to associates who have been laid off, to older lawyers who can’t retire because of ravaged 401k plans.

Susan Riegler, a psychologist who runs a lawyer assistance program in Illinois, told the National Law Journal, "By and large, what I see is depression and a feeling that things won't turn around, or I hear from people who had a lifestyle they can no longer afford.”

She added that the problem with layoffs and a sinking economy isn’t merely financial for most legal professionals. "People have always asked them, 'What do you do?' and they've said, 'I'm a lawyer,'" she told the NLJ. "When they lose that role in life, it's pretty confusing."

Bankers Caught in the Web of Addiction

The finance industry has also taken a major hit in this recession, with many high-power Wall Street executives losing their jobs and hedge fund managers and bankers facing plummeting investments and angry clients. Not surprisingly, these events have translated into greater numbers of financial professionals turning to drugs or alcohol for relief.

"We absolutely do see more people coming in naming either a job loss or huge financial reversals or big investments with Bernie Madoff," Sigurd Ackerman, medical director at a rehabilitation facility in New Canaan, Connecticut, told Reuters. "They're being admitted with depression or increases in substance abuse, or both."

Joseph Califano, a former U.S. secretary of health, said anxiety raised the risk of substance abuse in all socio-economic groups. Several studies have also shown a strong correlation between the prevalence of binge drinking and the psychological stress of recessions. According to the American Psychological Association, people report financial issues related to money (82 percent), the economy (82 percent), and work (69 percent) as sources of stress.

Despite a worsening economy, alcohol sales remain steady as more people look for an “escape” from their growing problems. For some bankers, the economy has simply pushed them over an already looming edge. For recovered drug addicts and alcoholics, relapse is a more significant threat during a recession

Drug Rehab for Executives and Professionals

Whether the current increases in substance abuse have been caused by the sinking economy or are merely coming to light because of an overall increase in stress, addiction is negatively impacting thousands of professionals and executives all across the U.S.

Fortunately, there are a number of addiction treatment options available, ranging from outpatient treatment clinics to residential treatment programs. Some are even designed specifically with professionals and executives in mind, offering the utmost in comfort, confidentiality, and quality care.

The Landing, an exclusive 30-day private rehab facility for men suffering from drug or alcohol addiction, takes a non-punitive, non-confrontational approach to addiction treatment, which may explain the program’s high retention and success rates. Located in an intimate six-bed facility on the sand in beautiful Newport Beach, California, The Landing specializes in treating addiction, trauma, and men’s issues.

Through intensive individual, group, and family therapy, outdoor activities like surfing, tai chi, sailing, and bike riding, healthy meals prepared by a gourmet chef, and a highly individualized treatment approach, The Landing creates a safe, private, and healing atmosphere for men to begin their journey into recovery.

The Rose of Newport Beach, a sister program of The Landing, is a popular residential addiction treatment center for women located right on the beach in Southern California. Housing only six women each in two three-story, custom-built homes, The Rose offers women suffering from addiction and co-occurring mental health issues a warm, nurturing, and intimate recovery experience.

Clients at The Rose work with master’s and doctoral level therapists and a specialist that uses state-of-the-art techniques like Eye Movement Desensitization and Reprocessing (EMDR) for those who have suffered from trauma and related issues. In addition to cutting-edge therapies, the women at The Rose enjoy Pilates, morning tai chi, acupuncture sessions, meditation, art therapy, and massage as part of the program’s holistic approach to addiction treatment.

Executive rehab isn’t cheap, but it is far less expensive than the alternative. As one 64-year-old recovering alcoholic told Reuters, "[The cost is] more than I'd like. But it's less expensive than losing your job ... less expensive than losing a client or losing your family, or losing your home or getting in trouble with the law."