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The financial crisis of 2008 brought the legal profession to a crossroads. Indeed, it brought the profession to so many crossroads that we awoke to find ourselves in a surreal cityscape that seemed to consist of nothing but dangerous intersections. Law firms faced tough decisions about which way to go: Should we get smaller, or stay the course, or take advantage of the buyer's market for new and lateral hires? Should we jettison struggling clients or stand beside them? Should we cut budgets for business development, or do we need them now more than ever? Should we pursue some practice areas and clients that the downturn has made more attractive, or will we regret doing so once the economy rebounds?


2014, Published in Litigation Journal 40, no. 4, Summer (2014), by the American Bar Association. Reproduced with permission. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or downloaded or stored in an electronic database or retrieval system without the express written consent of the American Bar Association