US firms are set to reduce partner ranks, says survey
Wells Fargo Private Bank has published the results of a new survey, reporting the finding that15 percent of US law firms plan to reduce their partner ranks in the first quarter of 2013.
The survey, which includes data from 115 firms, found modest growth in revenue in the third quarter of this year, but concluded that overall growth is limited by the poor billing performance of some partners. Jeff Grossman, the national managing director for Wells Fargo’s legal specialty group, told Thomson Reuters that the problem of underused partners is “one of the biggest challenges the industry is facing.”
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