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Law Firm Capital

By Stephen M. (Pete) Peterson

The business world is facing significant economic challenges, and it is not entirely clear when these challenges will subside. Law firms have been reacting to this situation by layoffs, de-equitizing partners, discretionary cost reductions, postponement of associate start dates, and more. Just as important, firms are reassessing their capital needs and structures.

Another challenge facing most firms is the pending retirement of partners from the baby boomer generation. It is estimated that partners in this category represent 40% to 50% of all law firm partners. Furthermore, firms have also increased the barrier for entry to equity partnership, thereby increasing the capital burden that the other equity partners must shoulder.

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