Revenue gap between large and small firms widens
There’s good news out there for large law firms, and poor news for small law firms, according to the Survey of Law Firm Economics by the National Law Journal and ALM Legal Intelligence. The Survey found that revenue per lawyer is up by 8.5 per cent at firms with more than 150 lawyers, while firms with nine or less lawyers saw revenues per lawyer decline 8.1 per cent. comments powered by Disqus
The average revenue per lawyer at the surveyed firms revenue was up 1.1 percent, compared to a 4.3 percent decline the prior year.
Large law firms have managed to achieve better outcomes because they have had greater capacity to cut staff and overhead costs than their smaller counterparts, and because their clients are more likely to have greater cash reserves to pay legal bills in tough times.