Five years ago, the managing partners of two midsized Philadelphia-based law firms determined they would have to diversify out of their significantly weighted insurance defense practices because the declining fee structure and the increasing competition could not support long-term growth and the relatively high compensation levels paid to the members of each firm.
Not only did the managing partners announce their new long-range plans to the partners and associates, but they established elaborate plans to acquire attorneys with profitable books of business in other disciplines. Today, after several years of floundering in attempts to acquire and develop new disciplines, both firms are firmly back doing insurance defense work, and the two managing partners have been replaced.
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