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10 Years Out, Report Says Recession’s Impact on Firms is Clear
By Nell Gluckman, The Am Law Daily, February 4, 2017
This post has been viewed 2,691 times.
This post has been viewed 2,691 times.
In 2017, it’s a buyer’s market when it comes to legal services, according to a report released Thursday by the Center for the Study of the Legal Profession at the Georgetown University Law Center and Thomson Reuters’ Peer Monitor.
The report examines the challenges the legal industry has faced in the 10 years since the start of the Great Recession, and how law firms have had to change the way they operate to accommodate their clients’ budgetary needs.
Perhaps the most significant challenge has been clients’ insistence on predictable and manageable bills, the report’s authors said.
Only 10 to 20 percent of law firm revenues come in the form of traditional billable hours that are not discounted, estimated the report’s authors.
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