Last year, some of the largest firms among the Am Law 100 blamed tepid growth the prior year on unfavorable exchange rates. Currency woes for many firms only got worse in 2016, especially after the United Kingdom’s surprise decision to withdraw from the European Union. The euro is now worth about $1.06, while the British pound has dropped to about $1.23, flirting with historic lows.
Even before Brexit and the election of Donald Trump, events such as financial turmoil in Greece and China’s decision to devalue the yuan had been contributing to rising exchange rate volatility. These challenges followed a period of global expansion for law firms, forcing them to acknowledge their vulnerability to currency swings.
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