While most of Chicago’s biggest firms improved their revenue and profits last year, these results obscure another trend. Nearly every big firm that is based or originated in the Windy City is shrinking in its hometown. Even some out-of-town firms that have a large presence in Chicago are retracting their footprint.
Kent Zimmermann of the Zeughauser Group says that for many years Chicago was a popular destination for firms looking to expand. But many law firm leaders are now more focused on profitability, which often means targeting New York. Says Zimmerman: “They appear to be saying, ‘The way we will step up is growing in New York rather than Chicago, because in New York we can get higher-rate work.’”
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