Layoffs

Partner Layoffs Haven't Ended in BigLaw, Surveys Indicate


The layoffs aren’t over for partners in some large law firms, two surveys show.

The planned cuts are a reaction to partner billables that remain “stubbornly low,” the Wall Street Journal (sub. req.) reports. Some partners bill less than 1,300 hours a year, compared to a benchmark of 1,900 hours set before the recession. At the country’s top 200 law firms, many partners struggle to bill 1,700 or even 1,500 hours, law-firm consultant Paula Alvary told the newspaper.

A survey of about 120 law firms by Wells Fargo Private Bank’s Legal Specialty Group found that about 15 percent are planning partner cuts in the first quarter, the story says. A second survey by the American Lawyer of 113 law firm leaders found that 55 percent plan to cut between one and five partners, and 5 percent intend to cut between 11 and 20 partners.

The newspaper interviewed a partner asked to leave a large law firm during the recession. He lost his new job at a law firm last year. “You’re only as secure as the amount of money you bring in,” he said.

Previous:
Former Law Firm Bookkeeper Gets 21 Months for Embezzling $500K

Next:
Some Suspect Rise in Petty Crime in California Is Tied to Supreme Court Decision


We welcome your comments, but please adhere to our comment policy. Flag comment for moderator.

Commenting is not available in this channel entry.