Taking the shears to equity partnerships in 2011
2011 will be another slow year for law firms, according to the 2011 Client Advisory released by consultants at Hildebrandt Baker Robbins and the Citi Private Bank division of Citigroup, Inc.
The report predicts that demand will pick up very slightly this year, while client pressures for enhanced value are set to increase. Firms will need to employ innovative methods of cost-cutting and achieving efficiency just to attain modest profitability. The report suggests that firms may choose to reduce the size of their equity partnerships to make the savings.
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