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Recent years have been kind to many law firms both in the US and in the UK. But such economic success is by no means uniform. Some firms have performed much better than average, while others have fallen woefully behind.Obviously, firms in the latter category need to take a hard look at their financial strategies and policies or face a grim future at the time of the next economic contraction, whenever that occurs. And, even financially successful firms will find it beneficial to tune up their strategies and policies now, during good times, in order to develop even better baseline economics in anticipation of the next, inevitable recession.

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