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&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;?xml:namespace prefix=&quot;o&quot; ns=&quot;urn:schemas-microsoft-com:office:office&quot;?&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/p&gt;Here is a very recent survey excerpt from a &lt;?xml:namespace prefix=&quot;st1&quot; ns=&quot;urn:schemas-microsoft-com:office:smarttags&quot;?&gt;&lt;st1:state w:st=&quot;on&quot;&gt;&lt;st1:place w:st=&quot;on&quot;&gt;New York&lt;/st1:place&gt;&lt;/st1:state&gt; associate at a UK-based firm: &lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&amp;nbsp;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&amp;#8220;Business at [my firm] has been extremely slow for at least two years. The [&lt;st1:state w:st=&quot;on&quot;&gt;&lt;st1:place w:st=&quot;on&quot;&gt;New York&lt;/st1:place&gt;&lt;/st1:state&gt; office] has brought in a large number of partners in that time in an attempt to expand their practice areas, but so far this has not produced significant additional business. This also makes the firm very top-heavy, with little room for advancement from within. Associates and Of Counsel have been leaving in a steady stream, and there have been rumors of layoffs.&amp;#8221;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&amp;nbsp;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;(As far as I can tell, reports or even rumors of layoffs at this firm have not been published anywhere.)&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&amp;nbsp;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;In contrast with&amp;nbsp;the foregoing firsthand account, here is an article from article from the &lt;i style=&quot;mso-bidi-font-style: normal&quot;&gt;Times &lt;/i&gt;(&lt;st1:city w:st=&quot;on&quot;&gt;London&lt;/st1:city&gt;) about the just-announced and surprisingly positive half-year revenue numbers for the larger &lt;st1:country-region w:st=&quot;on&quot;&gt;&lt;st1:place w:st=&quot;on&quot;&gt;UK&lt;/st1:place&gt;&lt;/st1:country-region&gt; firms.&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;Our survey respondent&amp;#8217;s firm is prominently featured.&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;Any guesses?&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;(Hint: &amp;#8220;15%&amp;#8221;)&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&amp;nbsp;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;This dissonance could mean some combination of three things:&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp; &lt;/span&gt;a.) our correspondent is wrong; b.) &lt;st1:state w:st=&quot;on&quot;&gt;&lt;st1:place w:st=&quot;on&quot;&gt;New York&lt;/st1:place&gt;&lt;/st1:state&gt; is just out of the loop these days; and/or c.) those half-year revenue numbers are a swan song.&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&amp;nbsp;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;span style=&quot;mso-spacerun: yes&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/span&gt;-posted by brian&lt;/p&gt;

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Does not compute

Here is a very recent survey excerpt from a New York associate at a UK-based firm:  “Business at [my firm] has been extremely slow for at least two years. The [New York office] has brought in a large number of partners in that time in an attempt to expand their practice areas, but so far this has not produced significant additional business.

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