Obviously this is not a pleasant situation to be in, and both my missus and myself have been in it too in the past. But what is compensatory, is the knowledge that if the company was trying to save money in letting you go, it's the beginning of a downward spiral for them, and their situation will not be improved by the loss of you or your colleague, both of whom will take all their experience out of the door too when they go.
Typically what will happen is that the company will realise that they really did need two people, and so will attempt to get someone in for a lot less money. And when they pay peanuts, they will of course get a monkey. What they really should address is the management who failed in getting enough work for both you and your colleague in the first place, but of course it was their decision, so that never happens, still, rest assured that their time will come.
My wife Max read this over my shoulder and concurred with me that frankly, if you are with a company like that, apart from the pain in the ass of switching jobs and a relatively short period of difficulty while that happens, you're better off out of there.
'Sit back and laugh your ass off when they all lose their jobs in three months time, like I did!' - that was a quote from my wife. Who now does work she used to do at that company, but as freelancer, and gets paid twice as much for doing it in half the time:rotfl:
Chock