"This is not a new topic. It is just becoming a bandwagon topic." I salute the above partner commentator in this week's Big Question on the business model of law, as I couldn't have put it better myself. While the recession has led to a familiar chorus of claims that the traditional partnership-based model is facing extinction, evidence for such assertions is thin in many cases and laughable in others. I'll go further: not only is there no evidence that partnerships have struggled relative to the general economy, on most logical readings the business model of commercial law firms has outperformed most other industries. That's hardly surprising. An industry built on low debt with diversified revenue streams based largely around non-discretionary spending is hardly at the sharp edge of the recession. Partner profits were down 4.3% in 2008 at top 100 US firms and will be down by more than that in the UK in 2008-09, but it still remains a highly profitable business with an earning outlook most industries would kill for right now.
May 14, 2009 at 01:53 AM
1 minute read
The original version of this story was published on Legalweek
Reports of partnership’s death are greatly exaggerated
“This is not a new topic. It is just becoming a bandwagon topic.” I salute the above partner commentator in this week’s Big Question on the business model of law, as I couldn’t have put it better myself. While the recession has led to a familiar chorus of claims that the traditional partnership-based model is facing extinction, evidence for such assertions is thin in many cases and laughable in others.
Presented by BigVoodoo
Celebrate outstanding achievement in law firms, chambers, in-house legal departments and alternative business structures.
The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
Atlanta s John Marshall Law School is seeking to hire one or more full-time, visiting Legal WritingInstructors to teach Legal Research, Anal...
Shipman is seeking an associate to join our Labor & Employment practice in our Hartford, New Haven, or Stamford office. Candidates shou...
Evergreen Trading is a media investment firm headquartered in NYC. We help brands achieve their goals by leveraging their unwanted assets to...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
