Specter Of Recession Looms Large For Law Firms

Law360, New York (December 21, 2007, 12:00 AM EST) -- As the economy seems poised on the brink of a downturn, and the lingering credit crunch threatens to put the kibosh on new-year cheer, some are starting to wonder how lawyers will fare in a tough economy, and if the industry really is ready to weather a possible recession.

“I think law firms have historically proven to be recession-resistant, not recession-proof,” cautioned Danilo DiPietro, client head of the law firm group at Citi Private Bank.

As 2007 drew to a close, Wall Street analysts spent countless...
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