Recession May Give Law Firms Chance For Change

Law360, New York (February 2, 2009, 12:00 AM EST) -- The recession will likely eat away at law firms' profit margins and keep client demand low through 2009, a new report from Citi Private Bank and Hildebrandt International Inc. predicts, but the downturn has also created a ripe opportunity for law firms to make fundamental structural changes with major long-term benefits.

In a 2009 client advisory released Monday, Citi Private Bank and Hildebrandt conceded that U.S. law firms will face a tough time at least through the end of the year, but they said the legal...
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