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Law firm profits and lawyer productivity rebounded in 2010 — good signs that the market has turned a corner. However, demand was flat and revenues were up modestly compared to a weak 2009. Translation: The increase in profitability was largely driven by expense cuts, which — as we have written previously ["Trench Warfare," October 2010] — have gone as far as they can. To maintain these profit gains in 2011, firms will need to find ways to increase top-line revenue.

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