Wednesday, April 18, 2018
James Park (Lowell Milken Institute for Business Law and Policy, UCLA), Law Firms in Los Angeles After the Financial Crisis (Mar. 2018):
- While the L.A. legal market has recovered from the economic slide of 2008, large L.A.-based firms now have 20 percent fewer lawyers here than they did in 2008.
- Since 2008, several firms based in other major cities have opened in Los Angeles or increased the number of lawyers here. Overall, these firms have about 1,000 more lawyers in Los Angeles than they did in 2008.
- Los Angeles firms have increased leverage by significantly reducing their associate-to-partner ratios.
- Firms with their largest offices in Los Angeles have seen substantial increases in profits per partner and revenue per lawyer in the last decade.