Recession hits top law firms' profits

The Chicago Tribune reports:

Partners at Chicago law firms may look back longingly at 2008.

American Lawyer magazine on Wednesday released its annual ranking of the nation's 100 highest-grossing law firms, which offers a picture of the financial health of the legal industry.

Amid weak results across the country last year, Chicago firms scored some bragging rights against their New York rivals. But business at the start of 2009 was so dismal that law firm managers and industry consultants have put last year's results in the rear-view mirror. In the first quarter, big firms made unprecedented cuts that put thousands of attorneys and staff on the street.

"The big story is what are this year's numbers going to look like," said Kay Hoppe, a Chicago-based legal consultant. "This is the first year in my memory that almost every law firm would take last year's numbers."

If you are a lawyer,you'll want to read this one.