Law Firms
Revenue per Lawyer at Big Firms is Up, But Layoffs are the Reason
Posted Dec 10, 2008 7:32 AM CST
By Debra Cassens Weiss
Revenue per lawyer at large law firms is up 1.5 percent, but it would likely have been in the negative numbers if the calculation had included lawyers laid off this year.
The survey by Wachovia’s legal specialty group found that gross revenue at large firms was up 7 percent through September, but only because larger groups of lawyers were billing time, the American Lawyer reports. Hours per lawyer were actually down by an average of 4.5 percent.
The survey also found that equity partners brought in 4 percent less revenue. Jeffrey Grossman, managing director of Wachovia's legal specialty group, told the American Lawyer the decline is remarkable. “That's the first time we've seen that in a long time," he said.
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Comments
B. McLeod
Dec 10, 2008 8:24 AM CST
The great thing is, they don’t care about the expendable SOC8s that were cut adrift, so that’s no problem. More money to keep for the pointy-haired partners!
And, on the study by Wachovia’s “legal specialty group,” one wonders, are these the same clever rascals who did the analysis on Wachovia’s $12.6 million loan to Dreier?
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Peter
Dec 10, 2008 9:00 AM CST
the same clever rascals create more work - they don’t serve the clients. The only serve to make money for the firm.
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