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<blockquote data-quote="James Carrabino" data-source="post: 115193" data-attributes="member: 16764"><p>I think that the firm can protect itself by having a broad range of departments and not have them all centred around the M&A work. For example, having litigious and advisory practices which do their own work unrelated to the deals that the firm is currently working on is a good way of ensuring diversification of income so that the firm does not suffer too much during low M&A periods.</p><p></p><p>[USER=17155]@AvniD[/USER] makes a great point in that you often see a rise in restructuring and litigation work during downturns in M&A, which is somewhat intuitive. I am not entirely sure the extent to which lawyers get transferred to other departments, although I am sure there is some flexibility for lawyers who work in similar areas of law to do so but on the whole I think that primarily this would manifest itself in the way that trainees and paralegals are allocated.</p><p></p><p>There will always be some costs associated with an upturn or downturn in the market but law firms plan for this in advance by being very strategic with the number of lawyers they hire in each practice area.</p></blockquote><p></p>
[QUOTE="James Carrabino, post: 115193, member: 16764"] I think that the firm can protect itself by having a broad range of departments and not have them all centred around the M&A work. For example, having litigious and advisory practices which do their own work unrelated to the deals that the firm is currently working on is a good way of ensuring diversification of income so that the firm does not suffer too much during low M&A periods. [USER=17155]@AvniD[/USER] makes a great point in that you often see a rise in restructuring and litigation work during downturns in M&A, which is somewhat intuitive. I am not entirely sure the extent to which lawyers get transferred to other departments, although I am sure there is some flexibility for lawyers who work in similar areas of law to do so but on the whole I think that primarily this would manifest itself in the way that trainees and paralegals are allocated. There will always be some costs associated with an upturn or downturn in the market but law firms plan for this in advance by being very strategic with the number of lawyers they hire in each practice area. [/QUOTE]
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