Report: Law Firms Struggling to Keep Up with Rising Expenses

, The Am Law Daily

   |2 Comments

A survey of 115 law firms conducted by Wells Fargo's Legal Specialty Group found that while, collectively, revenue at those firms inched up during the first half of 2012 compared to the same six-month period last year, profits were down—and will only bounce back if firm leaders can effectively rein in their costs.

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What's being said

  • TooBad

    Greed is finally catching up to you, folks! Now, if you only get rid of high-paid older partners (65 yo & up) and their high-paid CEOs, that would hopefully alleviate the high cost of maintaining a law firm.

  • LAB

    What surprises me is the arrogance of some attorneys in negotiating pay packages and bringing with them staff from their previous firms who demand higher pay than those already at the firm and who demand to keep large vacation allowances. Lateral attorneys have value; I would never say their staff have no value--just that bringing more people to staff a firm that is already laying off non-lawyer staff members is improper at best. Also, law firms must get away from growing themselves by laterals alone. Who's training the new lawyers graduating?

    The other biling problem comes about when clients demand coded billing and if the narrative is improperly coded or if the wrong person (lawyer instead of paralegal) did the work, the client simply refuses to pay for that service. Those are clients nobody needs.

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