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Legal Work This Year Down Five Percent
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According to The AM Law Daily, law firm hours decreased by five percent this year. The fewer number of clients include financial services, industrials, technology and health care. The companies are part of the Fortune 500 and Fortune 1000; they are clients that constantly hire many firms. The law firm hours were 6.1 million in 2012 and 5.8 million in the first nine months of 2013. The total spending amount went from $1.886 billion to $1.847 billion, a drop of about two percent. The smallest and biggest firms were affected the most. The AM Law Second Hundred firms were the only ones to show an increase with 6.2 percent and hours in 3.3 percent. The firms did not show a dramatic increase in market share value despite their tiny gains. Though there was a decrease in hours, the payment rate increased by three percent, including a mixed offering of timekeepers including associates, paralegals, and partners. AM Law 100 firms went from $466.49 per hour to $480.29. The increase in Second Hundred firms went from $338.37 to $348.39. Both Citibank and Wells Fargo showed an increase in gross revenues. Citibank showed a 2.7 percent increase and Fargo presented a 2.5 percent increase. This does not include the full year, but those reports will be available in February.

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