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).
Law firms continue to expand in lower-cost areas with large talent pools, while growth in dominant markets such as New Yor...
The American Lawyer reports that the U.S. law firm industry had another strong year in 2019 and revenues for 2020 are predicted...
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Current and prospective lawyers who want to maximize their earnings potential should know which areas of the law pay the most. The l...