Firms Need To Toe Economic Line During Slump

Law360, New York (October 9, 2008, 12:00 AM EDT) -- Law firms that have long relied on their cozy relationships with bankers and status as low credit risks need to keep an eye on the bottom line as available credit dries up amid the economic slump.

Experts said that law firms that have enough cash on hand to pay for a few months' worth of operating expenses are following good billing practices and aren't paying partners with loaned money should be well-positioned to weather the storm. But prudence is required in an environment where banks aren't...
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