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Law Firm Debt Levels Shrink as Partners Put More Skin in the Game

What Does Widespread ‘Deleveraging’ Mean for Law Firm Health?

Industry watchers say law firms have become less reliant on bank debt over the past decade, as they explore other funding options. Often, that means raising capital from partners, or turning to other, less common sources.

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A recent examination of major law firm failures showed how expansion and revenue gains can sometimes mask the struggles of law firms saddled by massive debt. Eventually, the debt load becomes too heavy, choking off growth and hastening collapse. (see, “Warning Signs: How Big Law’s Greatest Failures Unfolded,” The American Lawyer (Oct. 29, 2019).

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