Tuesday, July 30, 2013
National Law Journal: Revenues Up at Larger Law Firms, by Leigh Jones:
The revenue picture for law firms in 2012 was bright for large law firms — and bleak for smaller shops.
The Survey of Law Firm Economics, a joint project of The National Law Journal and ALM Legal Intelligence, shows that at law firms with more than 150 attorneys, revenue per lawyer (RPL) rose by 8.5 percent last year. But at law firms on the other end of the spectrum — those with one to nine attorneys — revenue plunged by 8.1 percent. The average per-lawyer gross receipts at larger firms were $499,518, compared with $302,818 at the small firms.
Overall, per-lawyer revenue inched up by 1.1 percent at law firms of all sizes during 2012 — welcome news compared with 2011, when it sank by 4.3 percent.
At the same time, profits per lawyer were up ever so slightly — by 0.3 percent — but that still represented an improvement over 2011's decline of 4.2 percent. A 2.6 percent increase in expenses per lawyer in 2012 contributed to the basically flat profits number, compared with a decrease in expenses by 4.4 percent during 2011.
- ABA Journal, Revenue Per Lawyer Jumped More Than 8 Percent at Larger Law Firms in 2012
- Above the Law, Biglaw: Still Nice Work If You Can Get It
- Wall Street Journal, Earnings Gap Between Big and Small Firms Grew in 2012