For those lawyers wondering just what happened in 2008 and what is going to happen in 2009, we point you to a prediction that’s as good as any we’ve seen: this client advisory note from Hildebrandt International and Citi Private Bank.
The upshot: The current crisis is the legal community’s worst since at least 1991. Most firms saw profits per equity partner either stay flat or fall by up to 15% in 2008. And things will get worse in 2009 – especially if your firm is not willing to change its salary structure or its billing demands. We can also expect that a few firms will not survive this crisis.
