For years, we have heard pundits proclaim the imminent demise of the midsize law firm. As firms continue to grow and reach the level of megafirms, there seemed to be room for big firms or small practices, but the firms in the middle were at risk of being squeezed out.

The current downturn in the economy has turned this thinking on its head. The economy, in fact, seems to be a boon to well-managed, midsize firms able to capitalize on their advantages.