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Addressing the Fraying Partnership

By Joseph B. Altonji

We are now in the sixth year of intense structural pressure on the legal industry, and it has become clear to everyone that we are not going back to the way things were. Lawyers are not alone, of course. Most other industries have experienced similar or in many cases far more significant pressures on their business models. But in many ways, law firms have struggled far more than have other industries to “adapt” to the new realities of the marketplace. Not all firms are struggling with change, of course, but many are. This helps to explain the current reality that while “on average” the industry remains fairly flat, there seem to be fewer “average” firms out there than ever before. That flat average is made up of a lot of firms doing quite well, and many others that seem to be in some form of long-term struggle, leaving the middle ground under-populated.

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