In Vegas, an End to ‘Era of Opulence’ that Produced Law Firm Mergers
The legal market in Las Vegas is changing, and that means an end to lucrative inducements that lured local law firms into mergers with large national law firms.
“Gone are the days, at least for now, of law conglomerates coming into Las Vegas and throwing cash at local firms to induce a merger,” the Las Vegas Business Press reports. “That very recent era of opulence will be replaced by more downsizing and frugality. A client going into one of the newer, no-frills startup law offices may be directed to a stack of Dixie cups and the water cooler rather than receiving a brand-name beverage.”
Lawyers told the publication that the economic downturn means they are freezing rate increases or keeping them low, and offering more alternatives to hourly fees. One lawyer predicted more layoffs, and said this time they will be hitting some well-known lawyers.
“If the market trends continue, I would expect that they would go after the higher-paid lawyers,” Dennis Kennedy, of Bailey Kennedy, told the Las Vegas Business Press. “You can’t just keep cutting the low-paid associates from the bottom. Those are the people who generate money.”
