Law Firms Face Tepid Economic Outlook In 2013

Law360, New York (January 1, 2013, 4:09 PM EST) -- Following a 2012 marked by sluggish economic growth and punctuated by the largest law firm collapse in U.S. history, legal industry consultants and managers say mounting pressure on law firms has made for a tepid economic outlook in 2013.

Slowing demand for high-priced legal counsel, continued pressure to cut costs and increased competition from corporate legal departments and third-party legal service providers — which have built up sophisticated operations to rival those of traditional law firms — have all contributed to what legal consultants have described...
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