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).
In a recent article, “The Rise of the Non-Equity Partner: Short Term Gain for Long Term Pain?,” James Willer, writing for Law.com, r...
Crain’s reported their annual list of Chicago’s largest law firms. The report, consisting of the top 25 firms in the city...
In the latest March 2014 issue, Chicago Lawyer checks in on the state of ‘midsize’ law. Drawing from the recent success ...