Survey Warns of Pending Partner Bloodbath: Over 33% of Responding Law Firms May De-equitize

Accompanying bad news that more than 25 percent of law firms responding to an Altman Weil survey de-equitized partners in 2009 is worse news:

More than 33 percent of the respondents intend to or might de-equitize partners in 2010, reports the New York Law Journal in an article reprinted in New York Lawyer (sub. req.).

"We are already seeing a focus on reductions of chronically unproductive partners and nonequity partners who are unable to contribute at a high level," the report states.

Additional details about the survey are provided in a previous ABAJournal.com post:

Law Firms Express 'Growing Enthusiasm' for Contract Lawyers