LawFuel.com – The Law Firm Newswire Service –
NEW YORK (May 17, 2010) – ALM Legal Intelligence, a leading source of business intelligence for the legal profession, today released a new qualitative study, “Changes In Staffing Structure of Law Firms,” that examines the impact of the current economic recession on large law firms. Based on in-depth research interviews with senior decisionmakers at Am Law 100/200 law firms across the country, the report indicates that law firms have taken a wide variety of steps to adjust their staffing, business and operating models, including reducing both partner and associate ranks; cost cutting and outsourcing; and increasing use of alternatives to traditional hourly billing arrangements. The report also utilizes supporting data from a variety of recent ALM Legal Intelligence studies. For more information, visit www.almlegalintelligence.com.
Among the findings of the study:
De-equitization of partners and continued growth of non-equity partnerships is seen as an ongoing trend.
Firms are actively exploring new approaches to associate hiring and promotion policies that offer more flexibility in adjusting staffing to economic conditions. Associates’ billable hour requirements, however, have not changed in the majority of firms despite the economy.
Due to economic pressure and lower demand, many top tier firms are reaching down for clients and projects. Some leading firms have been prepared to work at deep discounts or even for no fee in order to maintain market share and position.
Cost reduction on all operating business fronts is viewed as a priority, with cutbacks in travel, marketing and entertainment being initial targets. More firms are examining and implementing outsourcing programs as an important element of their cost reduction programs.
ALM Legal Intelligence offers detailed business information for and about the legal industry, focused on the top U.S. and international law firms. The division’s online research Web service, www.almlegalintelligence.com, provides subscribers with direct, on-demand access to ALM LI’s extensive database of surveys, rankings and lists related to law firms and the legal industry. The
site also includes an online store where non-subscribers can, on an individual basis, purchase and download preformatted individual law firm reports, research reports and selected current-year survey data. ALM Legal Intelligence is a division of ALM.
ALM, an integrated media company, is a leading provider of specialized business news and information, focused primarily on the legal and commercial real estate sectors. ALM’s market-leading brands include The American Lawyer, Corporate Counsel, GlobeSt.com, Insight Conferences, Law.com, Law Journal Press, LegalTech, The National Law Journal and Real Estate Forum. Headquartered in New York City, ALM was formed in 1997. For more information, visit www.alm.com.