“Greatest turmoil in law firm sector…”
[Posted November 25th, 2009] by Sumit Chakravorty, Director at Marsden InternationalPwC reports that “this year has seen the greatest turmoil in the law firm sector since our survey began in 1991…” The recently released report states that profit at the 100 highest-grossing U.K. law firms fell 30% on average during the past year as deal work declined with the recession. The large law firms in the U.S. and U.K. have responded to the economic crisis by cutting costs across the board and at times, doing so in an innovative fashion. For example, this year has seen lawyers being let go, reducing pay and granting extra vacation time in return, deferring the hiring of first-year attorneys, secondment at cost to clients of the firm and unpaid or part paid sabbaticals. For most lawyers this has proved to be an obstacle in moving their careers forward but some lawyers have embraced the opportunity to travel, gain additional qualifications and explore other opportunities.



















