It wasn’t quite the annus horribilis of 2009, but as 2010 closed, it was clear that the year marked no golden age for law firms, either. By the end of the year, multiple surveys — most notably Citi Private Bank’s quarterly report — showed that demand for legal services was stagnant at best.
Washington clearly hasn’t been immune from the malaise: Regulatory work, the great engine of D.C. firm fortunes, has yet to rev up in the way that most had expected after the economic meltdown of 2008 and the subsequent election of a Democratic president and Congress.
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