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Large Firms

Apr. 7, 2009

Economic Recession Brings Reckoning to Big Law Firms, Revamps Model

It seemed like big law firms were too big to fail. Over two decades of explosive growth, top law firms gobbled up regional shops and opened far-flung international offices in Paris and Dubai. Salary wars erupted over newly minted attorneys from top law schools. Profits per partner soared. Now the party is over.

By Amanda Becker and Rebecca U. Cho
Daily Journal Staff Writers

LOS ANGELES - It seemed like big law firms were too big to fail.

Over two decades of explosive growth, top law firms gobbled up regional shops and opened far-flung international offices in Paris and Dubai. Salary wars erupted over newly minted attorneys from top law schools. Profits per partner soared.

The party is over.

The lucrative deals that fueled the boom dried ...

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