"Any firm that is New York-centric and under $1 billion in revenue is exposed. You are already seeing some larger firms, like Latham, like Kirkland, like Paul Weiss grabbing talent."
"Those smaller firms are exposed to what is happening in the industry right now: Profitability at scale. They need to strike while the iron is hot and consider a merger, especially if their profitability has tapered out."
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