Law firm revenue increased 4.6% through the third quarter of the year, thanks to a hike in billing rates, according to a survey of more that 120 firms by Wells Fargo’s Legal Specialty Group.
Talent wars helped push the national median salary for class of 2022 law graduates to a record high of $85,000, according to figures released Wednesday by the National Association for Law Placement.
Demand for legal services is down slightly, while lawyer head count is increasing—a combination that is resulting in a decline in average billable hours, according to a survey of BigLaw firms by Wells Fargo’s Legal Specialty Group.
Law firms looking for a way to save money without layoffs are increasingly adjusting associate class years, according to legal recruiters in California and New York who spoke with Law.com.
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