The rapid expansion of law firms over the past few decades is coming home to roost, both in Connecticut and across the country. Many of the best lawyers who fueled the growth of law firms during that period are members of the baby-boom generation. They swelled the ranks of law schools in the years after the Vietnam War and emerged into the profession at the “sweet spot” in the history of the emerging modern law firm.
The economic recessions that followed the savings-and-loan crisis and the dot-com boom seemed to have affected law firm economics and growth only very slightly. Furthermore, the economic rebounds were relatively quick and robust. When “deal” pistons failed to fire, litigation “pistons” led the charge. Any setbacks were merely “speed bumps” on the way to increased growth in the size and profitability of law firms of all types, from “Big Law” to the smaller firms that serve our suburban and exurban cities and towns.
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