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)