The current market seems to have thrown law firms' highly leveraged model out the door for the foreseeable future -- and maybe even permanently. In response to the economy and the shift to a buyer's market, firms are moving from the pyramid model of a few partners at the top and hordes of associates at the bottom to a diamond shape, in which several senior associates and junior partners make up the bulk in the middle, in an effort to maximize value for the client.
Diamonds May Be a Law Firm's Best Friend in Economic Downturn
The Legal Intelligencer
May 12, 2009