Perspective
Mar. 20, 2013
Law firms adapt to economic reality
Clients have come to realize that some tasks don't require lawyers, or at least high priced lawyers in traditional law firms, to complete them. By Valerie Fontaine
The Great Recession was a catalyst for major changes in the U.S. legal marketplace. To survive, law firms took drastic measures such as cutting thousands of associates, shedding or de-equitizing nonproductive partners, slashing budgets, and adding very few new or lateral associate hires. All sectors of the market, including large law firms, boutiques and solo practitioners experienced slow market growth, which intensified competition and cut p...
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