Major Firms, Markets Take Economic Blow: Survey

Law360, New York (December 15, 2008, 12:00 AM EST) -- Large law firms in major markets have reported more damage from the economic distress than their counterparts in smaller cities, including harsher credit conditions and a greater openness to laying off partners and cutting associate salaries.

Even so, the economic impact on law firms across the board was not as severe as some consultants had predicted.

“We expected to see more distress from law firms,” said James Cotterman, a principal at legal consulting firm Altman Weil Inc., which released the results of a survey about the...
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