With turbulent economic times seemingly ahead, all companies and businesses have a reason to be on high alert - However, the legal industry and other professional services businesses have reason to be especially concerned. After all, the recessions in 1987, 2001 and 2008 historically led to devastating collapses of the world's top law firms.
Economic dislocation is always challenging, but partnerships and other non-public companies, of which law firms are a major component, have built-in structural weaknesses that make them particularly vulnerable to a “run on the bank” scenario.
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