The year-end has been busy with law firms facing tough ongoing market conditions, causing many of them to think deeply about their businesses and what they are likely to face in the coming year and beyond.
Some large City law firms are going through a period of change. The motives causing this
vary from trying to streamline and focus core practice areas that will make them ready, perhaps for merger with US firms in the future. The aim in such cases is to seek close compatibility with profitability levels and billing methodologies, for example. The consequences of this can include marginalisation of certain practice areas, that were in some cases core, and this has lead to
some high profile partner casualties both through de-equitisation and partner movement out of
such firms.
