Amid news late last week that Dickstein Shapiro had capital requirements more than twice the size of most other firms, and predictions by Citi Private Bank’s Law Firm Group that 2016 will be another challenging year for many firms, we called Altman Weil Inc.’s longtime consultant James Cotterman, an expert on law firm compensation and capital systems, to ask about the implications for law firm finances.
Cotterman said that several factors point to a continuing contraction of demand at large firms. He also spoke about the effect that baby boomer partner retirements will have on most law firms’ finances, as well as the impact of the growing nonequity partner tier on associate opportunities for advancement.
