Now that the 2009 results are in, an argument could be made that the law firm industry dodged a bullet. In fact, with profits per equity partner down only 0.3 percent in 2009, versus a 3 percent decline in 2008–for the 193 firms who reported their data to Citi Private Bank–it’s pretty clear that the legal industry suffered less than virtually any other industry sector over the last two years.
So why should law firm leaders, particularly of Am Law 100 firms, be worried? Because the way the industry managed performance in 2009 is not replicable, and, over the last two years, The Am Law 100 suffered more than their counterparts in the Second Hundred.
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