So when is the crunch going to show up in law firms’ financial performance?
Conventional wisdom has it that there’s a significant lag between the economic cycle turning and a worsening of law firms’ financials. The theory is that law firms are at the back of the pipeline, get hit last and are last to see the recovery when the deals dry up. But no two cycles are the same and the results seen so far are showing only sporadic evidence of eight months of prolonged credit turmoil and tumbling business confidence.
