The big law business model, where highly leveraged firms make giant profits by charging hefty rates, already was under strain before the economy took a nosedive. The recession has pushed that model to the breaking point.
Nationally and locally, large firms are laying off huge numbers of personnel as they scramble to adjust to the sharp drop in work. Last year, the dearth of work, combined with clients’ inability or refusal to pay top dollar for legal services, pushed down the profit payout at all but two of Atlanta’s big firms.
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