Law Firms May Cut Partners Amid Economic Woes: Wells Fargo

Law360, New York (November 15, 2012, 6:30 PM EST) -- Equity partnerships saw an uptick of 1.2 percent this year but a prolonged economic downturn may now have law firms looking to cut down on their partner ranks, according to a survey released Thursday by a division of Wells Fargo Private Bank.

Some 15 percent of U.S. law firms indicated plans to cut down their partners amid low business volumes and shrinking hours by partners, according to the nine-month check-in survey spanning January to September and conducted by the Wells Fargo Private Bank Legal Specialty Group....
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