The complexities and uncertainties resulting from the recession that have intensified the competition among law firms to attract and retain clients, coupled with more productive and profitable partners, have created special financial problems for law firms, especially for those firms that are undercapitalized.
In the current economic environment, even well-managed firms are now likely to need more partner-contributed capital than they did just a few years ago. Some reasons relate to additional cash flow stresses due to the slowing of client payment of bills, the decline in the volume of profitable transactional work, the cost of technology and greater opportunities for well-capitalized firms to attract lateral hires with under-capitalized firms who may be seeking opportunities with other firms.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
