Major US law firms are shrinking

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.

Major US law firms are shrinking www10.nytimes.com Mon, Jun 8, 2009