Partner Profits

Reading the Revenue Writing on the Wall

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The New York Law Journal is reporting that 2009 revenue numbers are going to be ugly.

New York law firms experienced a 9 percent drop in revenue through the third quarter, according to a new survey.
The data, gathered by the Wachovia Legal Specialty Group, also showed that net income at law firms based in New York was down 4.9 percent through September, compared to the same period a year ago.

Do these numbers help explain the 50% drop in associate bonuses?
Firms might be making less money, but at least lawyers are working fewer hours.


The Wachovia survey reveals that lawyers had more personal time on their hands:

Total hours by attorneys at New York law firms fell 10 percent through the third quarter compared to 2008, Wachovia said. The hour drop-off was steeper than the legal industry as a whole, which experienced a 6.9 percent drop-off.

Well, that’s good, right? Back in the day, I remember associates saying all kinds of crazy things about how they would take less money to work fewer hours. That is kind of what is happening now.
So, enjoy?
Survey Finds Revenue, Profits Down at Law Firms [New York Law Journal]

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