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Large Law Firms See More Revenue
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As we are now in Q3, large law firms comparing against 2012 results see revenue per lawyer increasing. Total Employment is also on the rise. According to Law.com, the Survey of Law Firm Economics showed that firms with more than 150 attorneys had an increase of 8.5 percent revenue per lawyer compared to data from 2012. For smaller law firms, those who average one to nine attorneys, revenue dropped by around 8 percent. Per lawyer gross income at a large firm averaged at $499,518, while at small firms the per lawyer gross income averaged at $302,818.

For firms of all sizes, the per-lawyer income increased by 1.1 percent during 2012. This is good news to hear, relative to the overwhelming amount of chatter regarding downsizing and the apocalyptic end-winter for the legal industry and the U.S. economy in general. PPL or profits per lawyer also increased slightly by .3 percent. This increase may seem small, but compared to the 2011 decrease of 4.2 percent and the picture changes drastically.

  
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The good news is that compensation for all attorneys rose by 1.5 percent in 2012 to an average of $296,010. To see the picture formed more clearly, a midlevel associate’s compensation was averaged at $133,193, a midlevel partner’s compensation was at $194,036, and a senior partner’s compensation was averaged at $351,290. For firms of all sizes, its good to hear that 80 percent of firms were optimistic of the future regarding their growth forecast.

The 2013 Survey of Law Firm Economics is in its 41st year. Firms with one to 150 lawyers provided information and responses regarding financials, hourly rates, billable hours, personnel ratios, and compensation.

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Article images from The American Lawyer.





 

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