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 reports on several key trends from this year and what we can expect for the legal industry in 2018. According to...
The American Lawyer reports that law firm demand in 2018 was the highest on record since 2011, according to a recent report by ...
The American Lawyer reports that as 2018 came to a close, it was on pace to become the busiest year ever for law firm mergers, ...