The legal industry is in the midst of a fundamental shift as the largest firms continue to confront challenges posed by decreased demand for their services, outsized expenses stemming from years of growth and rate pressures from emboldened clients. This is the conclusion of a report released this week by consultants at Hildebrandt Baker Robbins and Citigroup's Citi Private Bank division, which recommends that law firms look to their partner ranks, both equity and non-equity, in further cost-cutting efforts.
Partner Cuts Logical Place for Savings in 2010, Report Says
The American Lawyer
March 3, 2010