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Expert Analysis

How Healthy Is Your Law Firm? Time For A Stress Test

Law360, New York (November 29, 2012, 11:27 AM EST) -- It's been four years since the financial crisis, and the legal industry is still facing significant economic challenges. Although revenues are up in 2012, margins have not kept pace due to expense growth and a continuing productivity gap as firms are under pressure to discount fees or offer alternative fee arrangements. On top of that, the profession is aging and is entering a period of capital drain from retiring senior partners. These challenges may result in more of the law firm failures that we have seen over the past few years. In our experience, law firm failures typically have a common thread: breakdown or lack of appropriate governance, inaccurate financial reporting and/or excessive leverage....

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