Amid economic uncertainty, the legal industry will continue to grapple with shrinking demand and productivity and rising expenses and inflation, according to a report published Tuesday.
Revenue growth for law firms was “a modest” 4.1% for the first nine months of 2022, compared to growth of 14.7% in the same period last year, according to a client advisory by Citi Private Bank’s law firm group and Hildebrandt Consulting.
The possibility of cyberattacks is cited most often as a high concern for law firm business leaders, followed by risks caused by high associate salaries and general economic pressures, according to a report released Thursday.
Despite concerns about an economic downturn, many small law firms are bullish about their prospects and expect moderate-to-high growth in the next three years, according to a report published Thursday.
Law firm profitability slowed in the third quarter of 2022, according to new data released Monday, as large firms faced rising expenses driven by higher wages and overhead costs.
Updated: Several law firms are dropping, shunning or no longer representing rapper Kanye West, now known as Ye, following his antisemitic remarks. Ye caused a stir when he tweeted that he wants to go “death con 3 on Jewish people.”
The average male law firm partner earns 34% more than the average female partner, which is less of a differential than in prior years, according to a survey by recruiting firm Major, Lindsey & Africa in association with Law360.
Updated: The Madison Square Garden Entertainment Corp. violated New York law when it used a “flimsy” ethics rationale to ban nearly 60 lawyers from Madison Square Garden venues, according to a lawsuit filed last week.
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian has deferred start dates for new associates, a development that prompted Above the Law to wonder whether a trend is in the offing.
Growth in demand for legal services is greater, on average, for midsize law firms than for the nation’s 100 top-grossing firms, according to a new report by the Thomson Reuters Institute.
Top-level administrative professionals in law firms make anywhere from $77,000 to $2.7 million in total compensation, according to a recently released survey.
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