Two years into the financial crisis, Am Law 200 firms continue to grapple with their response to the new reality: That’s the takeaway from The American Lawyer ‘s annual Law Firm Leaders survey, which shows an increased willingness among firms to implement a smorgasbord of short-term cost-cutting measures while pondering more fundamental changes.
The confidential survey of Am Law 200 leaders, which was completed in September by 142 respondents, shows that firms are exploring and, in some cases, implementing new billing, training, and staffing models, but it also demonstrates the profession’s hesitancy to embrace change. While 56 percent of respondents said the current economic downturn has produced a fundamental shift in the legal marketplace, 70 percent said it has not produced a similar shift in their own firm’s business model. “They recognize the forces at work, but diminish the impact on their specific firm, which is optimistic thinking,” says one former office-level managing partner of an Am Law 200 firm.
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