It is striking how much more susceptible US firms are to sudden collapse than their rivals across the pond. For Brobeck Phleger & Harrison, Altheimer & Gray, Pennie & Edmonds and Coudert Brothers read, er, DJ Freeman. There are several reasons for this. The legal market is bigger in the US, so there are more places for disgruntled partners to go, clients are more portable in the States and contracts that prevent key personnel from upping sticks are few and far between.
If a US firm had landed itself in the position Hammonds found itself in early last year – dodgy finances, plunging profits and waves of defections – it would have been curtains. As it is, Hammonds has reached a position where it can be cautiously optimistic about the future.
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