Editor's comment: Back to bulging
Well, it looks like the City's largest firms can kiss what little hope they had of securing a deal with a top Wall Street practice goodbye. Based on the 2009 results from The American Lawyer, Manhattan's legal elite have comprehensively disproved the widespread claim that their business model would falter in a recession. Instead, New York's most profitable law firms have emerged as the clear winners in 2009, outperforming the average US top 100 firm by a significant margin. This is the group of firms, typified by Sullivan & Cromwell and Cravath Swaine & Moore, that either exclusively focus on the US or maintain only lean and targeted foreign operations. This club also largely refused to make redundancies or cut associate salaries, a conservatism that earned them the scorn of some rivals and observers who argued they were badly out of step with the Great Reset, the New Normal or whatever it was called that week.
New York’s elite defy the prophets of doom
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