Hildebrandt and Citi Private Bank 2009 Client Advisory on Trends in Legal Market

“Hildebrandt and Citi Private Bank…present this 2009 Client Advisory highlighting the trends that we perceived in the legal market in 2008, as well as the trends that we believe will impact the market in 2009.”

  • “…firms have turned to fairly aggressive measures to reduce their costs, improve their cash positions, and shore up their capital base. In recent months, firms have imposed strict controls on discretionary spending, cut bonuses, frozen associate salaries, postponed new initiatives, and engaged in a number of layoffs of both professional and administrative staff. Some firms have revamped their partner compensation schedules to slow distributions and improve their cash positions. And many firms have embarked on serious efforts to winnow out underperforming lawyers andunprofitable practices.”
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