How will Washington’s legal market fare in 2012? We asked managing partners from the D.C. offices of three of the nation’s biggest firms to discuss that question and to review 2011′s financial performance at a roundtable discussion last month. The panelists included Alice Fisher, managing partner of Latham & Watkins’ Washington office; Thomas Mills, managing partner of the D.C. office of Winston & Strawn; and Elizabeth Stern, managing partner of Baker & McKenzie’s Washington office. Held at D.C.’s Willard InterContinental Hotel and moderated by David Brown, The National Law Journal’s editor in chief, the 90-minute discussion covered lateral hiring, the impact of the global economy on the market, growing practice areas, and changes in the regulatory landscape. What follows is a transcript of the discussion, edited for length and clarity.

DAVID BROWN: I’d like to start off if we could with each of you giving me a brief description of 2011 from a financial perspective, how it’s looked for your firm and for the Washington office in particular.

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