How Some Pennsylvania Firms Compensated for the Bad Economy
Pennsylvania law firms that compensated for the bad economy share one trait: They have a broad range of practice areas.
That’s the assessment of the Philadelphia Inquirer. “If financial services or real estate plummets, then bankruptcy and, in some cases, litigation often compensate,” the story says. “Firms that have the resources to wait out the bad times can gobble up business when things turn around.”
One firm that did some gobbling is Cozen & O’Connor, which hired several lawyers from the failed law firm Wolf, Block, Schorr & Solis-Cohen. Cozen has relied on higher-end insurance work and litigation to help weather the downturn, according to the story.
Other law firm strategies:
• Reed Smith used its international offices as a hedge. Business in China is so good that the firm is planning to add a Shanghai office. It also relied on bankruptcy work and “a new hyper-attentiveness to client concerns,” the story says.
• Schnader Harrison Segal & Lewis has attracted business by offering lower hourly rates.
• Morgan, Lewis & Bockius has “relatively recession-proof” energy and employment practices.
Updated to reflect that law firms were from Pennsylvania, as opposed to being Philadelphia-based.
