Survey: Profits down at US law firms in Q3

According to a surveyby the Wachovia Legal Specialty Group, New York law firms experienced a 9 percent drop in revenue in the third quarter 2009 and nearly a 5 percent drop in net income compared to the third quarter in 2008. Total hours by attorneys at New York law firms fell 10 percent. Industrywide, gross revenue fell 6.9 percent and net income fell 6.1 percent, Wachovia said.