Fear and uncertainty are two words that sum up the sentiment at large law firms today. Many large firms took an unexpected punch to the gut over the past year, and the landscape for the rest has changed.
Lawyers and legal journalists have wrung their hands over law firm dissolutions, layoffs, salary freezes, smaller bonuses, maximizing collections, optimizing billing rates, and other financial matters. One issue that hasn’t received as much attention, but will likely move to the forefront in early 2009, is the “flight to quality” among rainmakers who have lost confidence in their firms’ ability to thrive.
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