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).
Crain’s reported their annual list of Chicago’s largest law firms. The report, consisting of the top 25 firms in the city...
The American Lawyer reports on several key trends from this year and what we can expect for the legal industry in 2018. According to...
Frustration with high legal fees and demand for local regulatory knowledge may give small and medium-sized law firms an edge with la...