The close of the 2019 fiscal year probably feels like decades ago, but the efforts made in the last quarter of last year and the first quarter of 2020 will play a big part in how firms weather this downturn.
The growth across the Am Law 100 was strong, but slower than the prior two years, showing the economy was starting to feel some signs of a slowdown. Rate increases of more than 3% drove much of the growth and more than 80% of firms said they planned to increase rates by more than 3% in 2020—a plan tossed out the window now as firms hope to realize even half of their normal collections over the next few months.
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