Report: More firms will fail

Image via Wikipedia"Heller Ehrman and Thelen won't be the only firms to fail amid the floundering economy."

That prediction comes from the latest report issued by Hildebrandt International, which examines the reasons that law firms fail. 'Recognizing that the legal market is continuing to segment, we expect that we will continue to see a steady number of both mergers and dissolutions, even after the recovery from the current economic downturn,' the report reads.

The report isn't all doom and gloom, though. It concludes that firms tend to fail for several specific reasons, and dissolution can be avoided if leaders are able to recognize those problems early on.

'The seeds of most law firm failures are sown long before the actual dissolutions,' the report reads. 'In our experience, early diagnosis and action can usually prevent the fundamental flaws . . . from deteriorating into full-blown law firm failures.'"

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