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Struggling Law Firms May Face Dissolution Risk in Recession

Meghan Tribe BLOOMBERGLAW.COM

LeClairRyan recently joined the ranks of major law firms that have shut their doors over the last decade, a group that could grow in number if a predicted economic downturn arrives and catches firms unprepared.

While law firms can and have gone bust for a multitude of reasons, the looming economic downturn will have law firms of all sizes reflecting on their future.

“The lesson to take away is no matter how old you are, no matter how revered you are or how long you’ve been around, you can’t count on being around five years from now, 10 years from now, or certainly 20 years from now if you don’t adapt,” said Jeffrey Lowe, head of Major, Lindsey & Africa’s law firm practice.

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