Tuesday, September 24, 2013
ABA Journal: Who’s Eating Law Firms’ Lunch?, by Rachel Zahorsky (Director of Marketing, Novus Law) & William D. Henderson (Indiana):
2012 revenue for the top 100 U.S. firms totaled more than $70 billion, according to American Lawyer magazine. Since the recession hit the legal profession in 2007, these firms have grown in headcount, often through mergers and the absorption of lawyers from several law firm failures. But on a per-lawyer basis, revenue has been essentially flat.
Novus Law, by contrast, is tripling its revenue year over year. And as Novus and many other legal vendors snatch millions of dollars in work typically done by traditional law firms, the growth of the Am Law 100 could disappear completely.