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Acquiring an Entertainment Practice Helps Downsized Firm
[Editor's Note: The economic downturn that began in 2008 has been called a "100-year flood" for the legal profession. Layoffs, downsizing and even disappearing firms became common as lawyers sought to survive. The entertainment bar looked for workable survival strategies, too, especially, for example, as the traditional business base of many music lawyers shrank along with the declining recording revenues of the digital era. This article focuses on a law firm that, with income shrinking, nevertheless increased its entertainment practice as a way to stabilize and grow.]
Five years ago, nearly 100 lawyers worked at Los Angeles-based Liner Grode Stein Yankelevitz Sunshine Regenstreif & Taylor (www.linerlaw.com), many of them specializing in big-ticket business litigation. Today, the firm's total headcount is nearly half that size. And its focus has shifted away from big cases toward contingent-fee and alternative-fee litigation.
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