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The top US law firms are now paying their London partners significantly more than their British rivals, in another sign of American dominance in the UK legal sector. Partners in the London offices of the top 15 US law firms took away 25 percent higher payouts than their counterparts in the UK’s top 15 firms...
A survey from the Thomson Reuters Institute found that US lawyers are billing fewer hours than they have in decades amid a sharp decline in dealmaking, as more law firms announce redundancies. Thomson Reuters Institute, which tracked data from 170 US-based firms, found that average hours worked per lawyer fell to 119 billable hours per...
Falling demand, declining profits and rising expenses have created a challenging climate for law firms in 2023, a new industry report warned, with more layoffs likely as clients tighten their belts and move work to lower-priced firms. Profits per equity partner at large and midsized law firms fell 4.2% over the 12 months ending in...
A report from Citi’s Global Wealth at Work Law Firm Group and Hildebrandt Consulting concludes that many law firms will see a decline in profitability by year’s end, as they head into 2023 with a “high” likelihood of a recession and a higher cost structure due to inflation. Confronting those challenges, some law firms may...
According to the Wolters Kluwer Future Ready Lawyer Survey 2022, these are the top five legal trends heading into 2023: Tech: 79% of legal professionals report that the increasing importance of legal technology is a top trend. More than ever, the use of technology is important – to law firm selection and retention, day-to-day operations...
Profits at many of the largest international law firms are shrinking rapidly because of an increase in costs and a decline in the number of mergers and acquisitions and public offerings, leading some to scale back hiring as they prepare for a deep global recession. Research from the Thomson Reuters Institute, which tracks internal data...