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Client Speak: Capturing the Current Mood

By Allan Colman

There's a big theme underlying current legal business headlines. Implicit in all the stories about layoffs or hourly versus value billing, the fundamental question is whether the severity of the economic downturn will permanently change what law firms look like and how they operate. Can they ever again support the notorious salary structures and leverage strategies of the past?

The question was not asked in past recessions. It may have been shocking when, in the early 1990s, the biggest names in the legal business laid off associates for the first time in history. But there was never any real thought that the retrenchment was permanent, nor was such a thought justified.

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