Finance fiasco slows business at US law firms

September 29, 2008 A recent Citibank survey of the nation's top 160 law firms found the number of hours billed by lawyers to their clients for the first half of the year was down as much as 10 percent.

At Wolf Block, in reaction to the downturn, delayed the arrival of recent law school graduates by two months. Dechert has sublet some of its New York office space. Reed Smith has cut back on travel and entertainment costs.

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