A survey by the Wilmette, Ill.-based consultancy Rosenberg Associates has revealed that managing partners from $5M-to-$20M firms across the country, surveyed in February, say that "quite a few" of their clients were teetering on bankruptcy or have already shuttered. Virtually every firm was also experiencing increased receivables and slower collections, and 40 percent of firms were planning layoffs. Almost half the firms also said they were scaling back M&A plans, and 61 percent planned to trim salary bumps.

Most firms were still raising rates, a third planning regular increases. Slightly more than a quarter of the firms expected to keep rates unchanged. Eighty-two percent of firms said they plan to take advantage of the glut on the talent market to upgrade staff with experienced new hires, and 54 percent of firms have stepped up marketing.

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