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Reconciling The Practice With The Business Of Law

Law360, New York (August 31, 2016, 9:01 AM EDT) -- The U.S. legal industry enjoyed double-digit growth for five decades until the Great Recession of 2008, when demand for services dropped by 5 percent and outside counsel spending declined by 11 percent. It was a serious crisis that led firms to forgo annual hourly billable rate increases, sever marginal practices, buy out equity partners, suspend promotions, lay off associates, and aggressively move to contain costs. Such measures were unprecedented in an industry that had enjoyed so much munificence for so long.

But law firms are remarkably...
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