Big Law: “Skate to Where the Puck is Going to Be”

The picture is bleak. After years of tremendous revenues and profit per partner growth, upheaval in the credit markets all but dried up the flow of M&A deals, the lifeblood of corporate law practice and a substantial source of revenues for large law firms everywhere. With so much pain and fear, should law firms do anything but batten down the hatches? As the owner of a professional services organization myself, I understand the need to be cautious. But I also see an industry that is heading for renewed growth sometime in the next 6-18 month.