Law firms just about everywhere have long dreamt of having a New York presence, a Wall Street book of business and sky-high profits to match. But with Wall Street facing an unprecedented crisis, can the New York obsession endure? Some firms believe that emerging from the crisis will be consolidated banking giants, which will be more cost-conscious than fading profligate investment banks. Such a scenario could be disastrous for elite New York firms while benefiting out-of-town firms willing to work for less.
Do Law Firms Still Aspire to a New York Presence?
New York Law Journal
November 5, 2008