Mergers between law practices will continue at 'their newly-accelerated pace' all year and, in January and February, there will be 'an unusually high number of lateral partner moves', according to Aon's litigation head. Writing in Above the Law, Mark Hermann, chief counsel - litigation and global chief compliance officer, predicts that ' the corporate world may well continue to prosper in 2014, but at least a few law firms will be in for a hard year'. He believes that several law firms are having to cut partner income at the moment, and that in the worst cases this might affect 2013 earnings. He says: 'If firms are again experiencing financial distress sufficiently severe to force them to retroactively cut partner pay, then the law firm herd is once again about to thin.' Source: Above the law
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