Partnership More Elusive and Tenuous; Contract Lawyering Up

Firms will maintain their profitability in the coming year by making fewer partners and by de-equitizing under-performing partners.    These are some of the key findings in a report issued by consulting firm AltmanWeil.

Nearly 40% of firms made fewer partnership offers in 2009, and 50% indicated that they will or might do so in 2010.  Over a quarter of all law firms reported de-equitizing partners in 2009 and 37% will or might do so this year. An additional 14% extended the partnership track in 2009 and 20% will or might do so in 2010.  The majority of firms expect each of these trends to be permanent going forward.

In addition, the report goes on to say that use of contract lawyering is expected to rise while many firms remain resistant to overseas outsourcing.

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