Lawyers

Altman Weil Reports Says Law Firms Still Lack Work
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

attorneys need work

Summary: The latest survey conducted by Altman Weil shows that law firms are still trying to recover from the 2008 recession.

A new survey by legal consulting firm Altman Weil claims that law firms are still struggling to have enough work to support their lawyers. Prior to 2008 law firms were flourishing with more work than they could handle. Now law firms are seeing minimal amounts of work.

  
What
Where


In the survey, law firms had several reasons as to why they were receiving less work – the biggest reason being that clients want more of their work done in-house. Analyst for Altman Weil, Eric Seeger, said of the report, “Demand has been relatively flat, up in some firms and down in others. Firms have overcapacity, and that has been the case for several years now.”

Read Altman Weil Announces Law Firm Merger Numbers to learn more.

The survey included 356 law firms from across the country. Chairman of Duane Morris, John Soroko, hints that firms have to find ways to adapt such as alternative billing methods if they want to keep up with industry trends.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Other firms have responded to the lack of work by reducing their number of equity partners. However the survey found that doing this did little to fix overcapacity issues. Of the law firms surveyed, only 38 percent say they are back to prerecession levels.

See Many Law Firm Partners Not Busy Enough.



The study found, “Firms are having trouble keeping their lawyers utilized, with half of all firms reporting their equity partners are not sufficiently busy. Overcapacity and underutilization are worst among non-equity partners.”

Corporate law is one area that has experienced big changes. When the recession hit, corporate clients were tightening their legal budgets causing law firms to do the same. This meant laying off lawyers and not hiring law school graduates. Corporate law has since begun to pick back up.

Why do you think there are conflicting reports on the financial statuses of law firms? Tell us in the comments below.

To learn more about Altman Weil’s surveys, read Altman Weil Survey Finds CLOs Do Not Like Legal Service Delivery Models.

Photo: youtube.com



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Creditor’s Rights Associate Attorney

USA-IL-Chicago

Chicago office of our client seeks creditor’s rights associate attorney preferably with 2-4 ye...

Apply Now

Creditor’s Rights Associate Attorney

USA-GA-Atlanta

Atlanta office of our client seeks associate attorney with ideally 3-5 years of experience in credit...

Apply Now

Civil Litigation Attorney

USA-KY-Lexington

Lexington office of our client seeks civil litigation attorney with 5+ years of experience having an...

Apply Now

RELEVANT JOBS

Employee Benefits (ERISA) Associate Attorney

USA-MN-Minneapolis

Felhaber Larson, a mid-sized law firm located in downtown Minneapolis, is seeking an associate attor...

Apply now

Associate Attorney

USA-NY-New York City

McGivney, Kluger & Cook is seeking to hire an entry-level Associate in our Downtown Manhattan office...

Apply now

Associate Attorney

USA-NJ-Florham Park

Our Company is seeking to hire an Associate Attorney in our Florham Park, NJ office for our asbestos...

Apply now

Attorney

USA-CA-Sacramento

Looking for motivated attorney who wants to work part-time and possibly full-time in a variety of ar...

Apply now

SEARCH IN ARCHIVE

To Top