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If Cash Is King, Do Law Firms Need to Change Their Business Model to Keep Up?

Jun 23, 2020 - Legal Week

Self-sacrifice, at least of the rhetorical variety, is the order of the day among partners in a number of top law firms. As firms began to feel the financial effects of the COVID-19 pandemic in the early weeks of lockdown, scarcely a day went by without news of a major firm making cutbacks, almost always including reductions to partner compensation. 

Couched as preparations for an uncertain future, a small number of firms have pared back nonlawyer staff. More have zeroed in on comp...