Smaller firms with specialty practice areas have some distinct advantages over their larger competitors when it comes to weathering the economic storm. Boutique firms — whether they focus on intellectual property, corporate securities or labor and employment — generally have much lower overhead costs, little to no major debt, more flexibility to accommodate clients looking to cut their legal costs and lower billing rates overall. As a result, they are able to scoop up more legal work and avoid the drastic step of laying off attorneys in order to keep the lights on.
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Boutique firms well-positioned to ride it out
The National Law Journal
December 1, 2008
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