By all accounts, the U.S. economy is roaring ahead, with hiring and wages up and the unemployment rate steady at a low 3.7 percent. If businesses are healthy, so too must be the law firms that represent them. After all, a rising tide lifts all boats — right?

It may not be as simple as that. An analysis of how Am Law 200 firms have performed during each of the past four economic cycles shows that every subsequent recession has had an increasingly weighty impact on law firm revenue and hiring growth.

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