Law Firms Demote Partners as Pressure Mounts Over Profits

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.

Faced with client pressure to keep down costs and industry competition to achieve the highest profits, law firms now frequently assess…

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