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Capturing the Current Mood

By Allan Colman
May 26, 2009

There's a big theme underlying current legal business headlines. Implicit in all the stories about layoffs or hourly versus value billing, the fundamental question is whether the severity of the economic downturn will permanently change what law firms look like and how they operate. Can they ever again support the notorious salary structures and leverage strategies of the past?

Today, there are clearly advantages in being a smaller law firm just as there are in being a smaller player in the financial services as brand-name behemoths topple or go begging at government doors. My own experience confirms that smaller law firms clearly sense a chance to really thrive in this environment as we're receiving an unusual number of inquiries from such firms looking for effective ways to compete and win.

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