Before 2008, most law firms could get a piece of the pie without much strategy guiding how they got it. And then the pie was gone.

The Great Recession changed the global economy and the legal industry as we knew it. In the decade since, very few firms have had a solid stream of revenue increases, Bruce MacEwen and Janet Stanton of law firm consultancy Adam Smith, Esq. say.


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Since fiscal year 2009, only 27 of the 100 firms on the Am Law rankings have had year-over-year growth in revenue, according to ALM Intelligence data.

The firms that are pulling away share some characteristics, Stanton says. They tend to operate in a more business-like way, which means a focus on profitability, intentional planning, strategic intake and succession planning for leadership roles and client management, she says.