Law Firms Report Decline in Profits but Remain Optimistic for Future Growth Law firms experienced a decline in profits per equity partner of nearly 4% last year, according to a report by Wells Fargo & Co. The report found that the cost of hiring new lawyers to cope with a surge in work in 2021 dampened the increase in revenue. The hours billed per lawyer also fell 6% to 1,568, marking the first time in 15 years that the figure dropped below 1,600,... (17 views)
How To Reduce Billable Hours & Increase Profitability For Law Firms Back in the late 80s, Stephanie Morris graduated from law school, clerked for a federal judge, and then started practicing as an associate in a reasonably sized, big city law firm. ''It was mandatory that every associate bill 1,800 hours a year,'' she remembers. She labored in the firm, before a trip to the doctor confirmed her belief that her work environment ''was crazy... (611 views)