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Law firms told to 'embrace reality'
The legal sector will never return to the good times experienced before the recession and must react to changes in the marketplace to survive in the future, a report warned this week.
Georgetown University: bleak report
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The report, jointly produced by the Centre for the Study of the Legal Profession at Georgetown University Law Centre and Thomson Reuters Peer Monitor, draws on a range of other studies over the last three years to paint a bleak picture of the legal profession.
Modest growth
The report describes 2012 as ‘another year of only modest growth’, adding that firms in the Am Law 100 saw profits rise by just 2.45 per cent, while non-Am Law 100 firms took an average profit increase of 4 per cent.
The Law Technology News web site noted that several firms exceeded the average profit figures, but also reports that some firms saw their profits slide.Los Angeles law firm Irell & Manella enjoyed a 19 per cent surge in profits to $3.42 million per equity partner while Ohio’s Baker & Hostetler saw its profits jump 10 per cent, to $930,000. Global firm DLA Piper also saw profits per partner rise 6.9 per cent to $1.3 million.
However, profits at Chicago firm McDermott Will & Emery dropped 2.7 per cent, to $1.46 million, while fellow Chicago firm Jenner & Block suffered a 3.6 per cent slip to $1.49 million.
