The worst of times for the legal economy often produce the best of times for partners considering switching firms.
Why? Fundamentally, hard times do not affect all firms equally; more than one large Philadelphia firm realized record profits per partner in 2001, recession or no recession. These firms, together with several others that experienced merely solid returns, see opportunities to consolidate and expand their practices at the expense of, very generally speaking, smaller firms that were harder hit. They actively are seeking lateral partner growth. And they will continue to do so for many months to come because, paradoxically, the legal economy is likely to stay in the cellar for that long, or perhaps much longer.
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