The “one-percenters” that we are hearing so much about in this year’s primary election campaigns also have an analogous place in current law firm economics. The rich are getting richer, and most others are struggling to hold their own.
Thus the law firm surveys tell us that the industry is growing, but that much of the growth is concentrated at the top, largest firms. The great majority of the AmLaw 200, we are told by the surveys, face stagnant or lowering demand, increased pressure on rates, and the greatest merger activity than ever before. As of last November, Altman Weil reported a record of 79 mergers in 2015, the largest number since they starting keeping track.
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