How One Small Firm Is Coping With the Economic Crisis

In 23 years, Los Angeles firm Richardson & Patel had never let anyone go. Even during the dot-com bust, the firm, which focuses primarily on corporate and securities work, had continued to grow. But in September, the firm laid off five associates and six staff members. "It was the hardest thing I've ever done," says partner Nimish Patel. Back in August 2007, the firm took some steps in response to a perceived slowdown, but things didn't improve. Eventually, Patel realized he'd have to do something drastic.