Top US firms see growth in revenue, net income and profits in first half of 2011
The first half of 2011 saw revenue, net income, and profits per partner rise marginally in top US firms, according to a new survey by Wells Fargo Wealth Management's Legal Specialty Group.
Collectively, revenue at the surveyed firms increased 4.5 percent, while net income climbed 2.5 percent. Firms with profits per partner of above $1.8 million saw particularly strong results with a 7.6 per cent increase in revenue during the first six months of 2011.
The survey was not all good news, however. According to the results, between 5 and 10 per cent of firms plan to reduce their ranks in categories including equity partners, staff attorneys, and staff at some point in the future.
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