Law Firms Demoting Partners as Profits Pressure Mounts

Major, Lindsey & Africa and the Wall Street Journal report on law firms demoting partners due to profits-related pressures:

“New York law firm Shearman & Sterling LLP said recently it plans to cull the ranks of lawyers who share in its profits, by demoting some partners to a lower-paid rung of the law firm’s hierarchy. The move, unthinkable a generation ago, has become a reality of modern-day legal practice…’It’s very difficult for firms to deal with this issue,’ said Jeffrey Lowe, head of the law firm practice at recruiting firm Major, Lindsey & Africa. ‘But the business pressure is forcing them to do so.'”

Read: Law Firms Demote Partners as Pressure Mounts Over Profits | Major, Lindsey & Africa

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