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Thankfully, the books are closed on 2001. Heeding the hard lesson of the early 1990s -- when associates were fired en masse -- firms showed surprising agility in navigating the downturn by easing up on the gas instead of slamming on the brakes. And while profits plummeted in 2001, the recession seems far from over. But firms are clearly preparing for the cold weather ahead by not raising rates and otherwise tightening their fiscal belts.
January 31, 2002 at 12:00 AM
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The original version of this story was published on Law.Com
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