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Partnership in Troubled Economic Times

By Joel A. Rose

There certainly is no conventional wisdom in today's economy on the depth, length, or severity of the current recession. Firms are actively engaged in significant analysis of economics and profitability management, expenses, marketing, and personnel.

Many law firms have announced and implemented cuts in both lawyer and staff personnel, and there is reason to believe that our economy may well worsen. In addition, as to existing lawyer populations, firms have had to eliminate or diminish associate bonuses, freeze salaries, cease or modify otherwise usual and customary hiring, delay start dates for associates to whom commitments have already been made, and generally reduce the scope and magnitude of all lawyer-related expenses.

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