Major US law firms are shrinking

June 8, 2009 As a result of the credit crisis — which has pulverized the need for traditional practice areas like structured finance, mergers and acquisitions and private-equity transactions — at least 10,000 employees at major firms across the United States have lost their jobs so far this year.

The nation’s 20 top-grossing law firms average profit per partner and revenue per lawyer both dropped in the first quarter of 2009, for the first time since 1991, writes The New York Times.


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