Leading US law firms should look to shrink their partner ranks to cut costs in 2010, according to a new report issued by consultants at Hildebrandt Baker Robbins and the Citi Private Bank division of Citigroup, writes The American Lawyer.
The 2010 Client Advisory released this week states that firms should cut equity and non-equity partner numbers as they face continued challenges posed by decreased demand for their services, outsized expenses stemming from years of growth, and rate pressures from emboldened clients.
