Don't Waste A Good Crisis

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Many large and even mid-sized law firms have gone their own merry ways for years, happily assuming that high associate salaries, million-dollar partner draws, increasing billing rates and the occasional leveraged merger with another firm was a pattern that would continue indefinitely. There were, of course, a few indications that things could change. Early in 2008, a 600-lawyer national firm announced the then-shocking layoff of almost 100 associates and staff. The firm's Co-Chairman was quoted in the press that the layoffs were the result of both a downturn in business and redundancies following the firm's 2006 merger. Why did the firm wait two years to address such redundancies? Because, like many other firms, they ignored the fundamental business rule that profits equal revenue minus expenses.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ed Poll, LawBiz | Attorney Advertising

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