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Today’s global economic climate is fueling uncertainty across many industries, and the global market for legal services is no exception. For the better part of a decade, from 2000-2008, law firms enjoyed increasing growth and profitability. Merger and acquisition activity was healthy, the global capital markets were liquid, and commercial real estate investment, a large consumer of legal services, reached an all time high in 20081. Many law firms used this period of strong economic growth to make significant investments in personnel, bulking-up on their Associate ranks and luring Partners and other valuable talent with large compensation packages, high-end office space, and the promise of firm equity. The industry was focused on growing, both in terms of the number of lawyers and in geographic scope. During this period, many large law firms grew their international presence via acquisitions or cross-border expansions.
Source : Cushman & Wakefield
