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Article

Abstract

The term "restructuring" has become a buzzword for law firm efforts to improve the bottom line by altering the composition of the firm's personnel. In many instances, this is accomplished by "downsizing," a word more easily spoken than "firing." As opportunities for ownership interest in law firms evaporate, firms talk about "nonequity partners" and "rainmaking" skills. Such euphemisms are often used to sugarcoat the bitter medicine of economic reality. It may be useful to look more closely at the phenomenon of restructuring, although cynics might say lawyers should look at structuring first. In either case, taking a look at the big picture of law firm restructuring may help resolve more immediate concerns.

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