‘Turnover for vanity, profit for sanity.’ How many times have you heard that phrase or variations of the theme espoused in the legal industry? A lot since the banking crisis recast the profession.
Commercial firms are forever chasing the grail of higher profitability to the extent of fashioning strategy around the notion of slashing the business to achieve it. People used to forecast consolidation and the dawn of the $10bn law firm – now it is as common for law firm leaders to talk of City-bred institutions getting smaller.
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