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Wells Fargo Survey Predicts Massive Law Firm Layoffs in 2013

published November 20, 2012

By CEO and Founder - BCG Attorney Search left
Published By
( 1 vote, average: 2.4 out of 5)
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11/20/12

Wells Fargo Survey Predicts Massive Law Firm Layoffs in 2013


According to a recently released survey by Wells Fargo, 15 percent of American law firms have said that they are planning to reduce partnerships in the first quarter of 2013. The reason being given is that these firms have a number of underused partners who are not pulling their weight.

The survey looked at the finances of 115 major law firms and also found that for the third quarter of 2012, firms had modest revenue gains while struggling to rein in their expenses. The firms reported that their growth was being constrained by partners who were not billing enough hours.

The number of hours billed by attorneys at all levels in the surveyed law firms were also down by 1.5 percent in the third quarter compared to the same period last year. The survey showed that associates billed an average of 1,768 hours, which was considered an acceptable level although that was still a decrease of 0.5 percent. But hours billed by equity partners dropped by 1.7 percent to just 1,602 hours and non-equity partners billed just 1,533 hours, a drop of 1.6 percent.

Alternative Summary

Harrison is the founder of BCG Attorney Search and several companies in the legal employment space that collectively gets thousands of attorneys jobs each year. Harrison’s writings about attorney careers and placement attract millions of reads each year. Harrison is widely considered the most successful recruiter in the United States and personally places multiple attorneys most weeks. His articles on legal search and placement are read by attorneys, law students and others millions of times per year.

More about Harrison

About LawCrossing

LawCrossing has received tens of thousands of attorneys jobs and has been the leading legal job board in the United States for almost two decades. LawCrossing helps attorneys dramatically improve their careers by locating every legal job opening in the market. Unlike other job sites, LawCrossing consolidates every job in the legal market and posts jobs regardless of whether or not an employer is paying. LawCrossing takes your legal career seriously and understands the legal profession. For more information, please visit www.LawCrossing.com.

published November 20, 2012

By CEO and Founder - BCG Attorney Search left
( 1 vote, average: 2.4 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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