Law firms across the United States and internationally face many of the same challenges. In 2008 over half of the managing partners surveyed at the UK’s top law firms said they were concerned about the impact a worsening global economy would and will have on their business (Herman, 2008).

Challenges Facing Law Firms

Flattening revenues and increasing costs from salaries and other expenses were predicted to hurt law firm profits. Many law firms are finding then and also in today’s economy that the increasing costs are due to increased employee salaries and rising property costs.

In 2007 the chairman of the law firm Dechert told the Legal Intelligencer that it had been a “difficult” year with booming salaries driving the largest cost increases he had ever seen (Herman, 2008). So why were salaries increasing so much?

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