Mega-firm Reed Smith had a rough year in 2015, The American Lawyer reports–a year that perhaps led to the highly publicized 45-lawyer layoff in January 2016. According to their annual Am Law 100 report, gross revenue fell 2.5 percent, revenue per lawyer went down by 1.4 percent, and profits per partner declined an alarming 8.3 percent.
However, global managing partner Sandy Thomas called the results “solid,” and told press that the layoffs were simply an “efficiency measure,” although he also referred to the slumping commodities market, noting that “we are not immune,” (as quoted in The American Lawyer).
The world’s largest law firms are still feeling the heat from their stagnated approaches, as discussed in last week’s po...
Seeming to defy the laws of supply and demand, hourly billing rates at national corporate law firms have increased 3 ...
Certain Midwest and second-tier markets, in terms of population, have garnered particular interest from large law firms, especially ...