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 American Lawyer released its annual A-List rankings of the top 20 “most well-rounded” law firms in the United States. According ...
Law360 recently released their annual Glass Ceiling report, ranking ten firms above their peers based on the percentage of...
Law firms have a lot of room to increase leverage, despite clients pushing back against the use of more junior lawyers, reports ALM ...