Legal Industry News

Report Predicts More Equity Partners Will Be Axed, Sees More Outsourced Work

Source: ABA Journal Top Stories
Most law firms cut equity partners the first half of 2010, but the bloodletting may not be over. A new survey of 187 law firms by Citi Private Bank shows flat revenues in the first six months of the year and slightly lower demand, according to a summary in the American Lawyer by Dan DiPietro, chairman of Citi’s Law Firm Group, and senior client adviser Gretta Rusanow. “At best, we may have reached a bottoming out,” they write. Law firms have cut expenses, largely through cuts in lawyer head counts, leading to increases in productivity and contribution per lawyer, defined…
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