"[Law] Firms in financial ‘intensive care’ told to merge, divest or restructure as cash dwindles from accounts"

OK, this is a UK story but so what!  What reason do we have to believe that law firms around the world will not encounter similar challenges (perhaps they already are but are keeping it between themselves and their bankers).

This is from today’s TheLawyer.com:

Banks are emerging as key players in reshaping the legal market, stepping in to ­convince cash-strapped firms of the need to merge, sell off or restructure their businesses.

Around 500 firms have been referred to the so-called intensive care units (ICU) of their banks because they are facing financial difficulties. It is understood that 21 of the UK’s top 150 firms are being treated in Barclays’ ICU, which is known as ‘business banking support’, although the bank refused to confirm this number.

Read the full story here: Banks force troubled law firms to rethink structures

PUNCHLINE:  Managing Partners – maybe you had better have a candid chat with your banker before they surprise you with an ambulance and dictating the terms of your Intensive Care.