Dallas, Texas. Credit: Gilberto Mesquita/Adobe Stock Wary of 'Strange and Uncharted Waters,' Big Texas Firms Make Fewer New Partners
The firms with the most lawyers in Texas made 21% fewer partner promotions for 2021 than the year before, a result of higher standards, and perhaps a reaction to continuing uncertainty in economics due to COVID-19.
April 01, 2021 at 07:40 PM
4 minute read
The largest firms in Texas made 21% fewer partner promotions in 2021 than in 2020, suggesting that firms are concerned about how the COVID-19 pandemic will continue to affect the economy and the demand for legal services.
"It is a supply and demand business, and COVID put us into strange and uncharted waters," said Michael Short, a principal at LawVision in Virginia. "There is so much uncertainty in the marketplace. While many firms had fine years in 2020, the uncertainty remains in 2021."
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